Chinese auditors launch urgent assessment of mounting debt July 29, 2013 THE CHINESE national audit office is to undertake a review of the government’s debts, following instruction from the government’s State Council, which is chaired by Premier Li Keqiang. The office released a one-line statement announcing the review. The People’s Daily, a Chinese communist party newspaper, followed with an article suggesting that the project may require [...]
Hammerson upbeat on signs of UK recovery July 29, 2013 HAMMERSON, the Anglo-French property firm that owns shopping centres including London’s Brent Cross, said it had seen a pick-up in overseas retailers looking to launch in the UK in a sign of returning confidence in the market. Chief executive David Atkins said despite the continued squeeze on household budgets, macro-economic conditions were showing encouraging [...]
Analyst Views: What did you make of Hammerson’s half-year results ? July 29, 2013 JAMES CARSWELL | PEEL HUNT Value Retail is the reason Hammerson’s results show it is outperforming its retail property peers – the valuation was down slightly in the first half excluding Value Retail but when included its valuation is up. The rise in dividend is also worth noting as it shows management are quite confident [...]
Travelodge warns on taxes July 29, 2013 TRAVELODGE yesterday warned the government that plans to build new hotels across London could become “unviable” because of “extortionate charges” it faces from the community infrastructure levy (CIL). In a letter to Eric Pickles, the local government secretary, Travelodge managing director Paul Harvey said that the budget hotel chain plans to develop 95 hotels across [...]
Tribunal: Shiret faced age bias July 29, 2013 CITY analyst Tony Shiret was unfairly dismissed and suffered age discrimination by employer Credit Suisse, a tribunal has ruled. Shiret could now be in line for a seven figure payout as compensation. The retail analyst was made redundant in June 2011 at the age of 55. He had been working at the bank for 18 [...]
Cough and cold products boost Reckitt’s sales July 29, 2013 RECKITT Benckiser chief executive Rakesh Kapoor said the company’s focus on expanding its health and hygiene arm was paying off as strong demand for brands such as Durex and Nurofen helped boost half-year sales. Kapoor, who took over as chief executive in 2011, has changed the company’s strategy to concentrate on high-margin health and hygiene [...]
Creditors see £11m losses after Modelzone collapse July 29, 2013 LENDERS and suppliers to defunct retailer Modelzone are owed almost £11m, after the chain collapsed into administration last month. According to a report from administrators Deloitte, more than £9m was owed to its lenders Lloyds Banking Group and Lloyds’ private equity division LDC at the point of administration. The retail chain, which had 47 UK [...]
Co-op call for mag cover up July 29, 2013 THE CO-OPERATIVE supermarket yesterday said it would stop stocking racy magazines if they failed to cover up their front pages. The group said images of scantily-clad women depicted on covers of so-called lads’ mags had led to complaints from customers. The magazines will have to censor their front pages with so-called modesty bags by 9 [...]
Londonmetric sells one fleet place for £113m July 29, 2013 LONDONMETRIC has sold One Fleet Place in the City to an undisclosed Far Eastern multinational corporation for £112.5m. The property firm said yesterday that following the sale it will repay the debt facility on the office building, which is mainly let to the law firm Dentons, and One Carter Lane – leaving it with net [...]
Europe growth boosts Danone July 29, 2013 FRENCH food group Danone yesterday posted better than expected sales growth in the second quarter, helped by an improvement at its core dairy business in recession-hit Europe, sending its shares up 3.15 per cent. The world’s largest yoghurt maker kept its full-year forecast for higher sales but weaker profitability. Danone posted like-for-like sales growth of [...]
