US Treasury to make $7.6bn in sale of remaining AIG shares December 11, 2012 THE US Treasury’s sale of its remaining stake in American International Group (AIG) will fetch $7.6bn (£4.7bn), bringing the government a total profit of $22.7bn from its crisis-era bailout of the insurer. The share offering will close the chapter on one of the most politically contentious rescues of 2008, which ultimately gave AIG up to [...]
Do you rent or own the property where you live? December 11, 2012 KEVIN LAWRENCE PEMBROKE MANAGING AGENCY I own my house with a mortgage. I’m very lucky that I got a fixed rate mortgage at two per cent above base so it’s very easy. I’m probably overpaying my mortgage right now! ABDUL DAKHIL DAIWA SECURITIES I rent. It’s difficult to buy first time, and I’ve only been [...]
Costa buzzing as fury over rival boosts sales December 11, 2012 CONSUMER anger over the tax affairs of its main rival was highlighted as a reason for better-than-expected sales figures from Costa Coffee yesterday. The UK’s largest coffee chain saw a 7.1 per cent rise in like-for-like sales in the 13 weeks to 29 November, Costa’s parent company Whitbread said yesterday. Commentators put some of this [...]
Flooring retailer Carpetright profits from store makeover December 11, 2012 CARPETRIGHT posted a rise in operating profit for the first half, as a small increase in UK sales counteracted a continued decline in its European business, the retailer said yesterday. Like-for-like revenue at its UK business, which accounts for about 80 per cent of group sales, grew by 0.7 per cent in the 26 weeks [...]
BHP Billiton exits Browse for $1.6bn December 11, 2012 BHP Billiton said last night it is selling its interest in the troubled Browse liquefied natural gas project to an arm of PetroChina for $1.63bn (£992m). The London-listed miner is the second joint venture partner to exit the $30bn project after Chevron’s disposal in August increased the stake held by Shell. Browse has faced opposition [...]
What did you make of Whitbread’s trading update? December 11, 2012 JAMES HOLLINS INVESTEC No change to our forecasts, although there is also no change to our view that the shares are pricing in an outlook for substantial group returns improvements that, Costa-aside, we do not think exists. We retain our “sell” guidance and 1,650p target, with better value elsewhere in the sector. SIMON FRENCH PANMURE [...]
ASOS strides ahead thanks to jump in American sales December 11, 2012 A 57 per cent jump in US sales boosted fashion retailer Asos yesterday, as it posted a 30 per cent rise in sales over its first quarter. Asos, which reported sales of £165.8m in the three months to November, was flattered by a 34 per cent increase in its international business. Chief executive Nick Robinson [...]
Arsenal boss backs flops despite cup humiliation December 11, 2012 BRADFORD CITY 1 vs ARSENAL 1 AET; BRADFORD WIN 3-2 ON PENS CRESTFALLEN Arsenal manager Arsene Wenger refused to blame his players after one of the most humiliating defeats of his 16-year tenure raised further questions about his long-term future at the club. League Two Bradford’s 3-2 penalty shoot-out victory sent them into the last [...]
Culture lessons plan to prevent Suarez repeat December 11, 2012 FOREIGN footballers playing in England could be asked to take cultural awareness lessons in an attempt to prevent a repeat of the racism controversy that enveloped Liverpool’s Luis Suarez last season. The proposal is part of a response from football authorities to the government’s demands for a crackdown on episodes of discrimination, following a number [...]
Farrell ascends to Lions staff as Edwards partnership cut short December 11, 2012 ENGLAND defence coach Andy Farrell is today set to complete the latest chapter in his meteoric rise by being named a key figure in Warren Gatland’s backroom team for next year’s British and Irish Lions tour. Gatland is poised to name Farrell alongside England forwards specialist Graham Rowntree and Wales backs expert Rob Howley, who [...]
