Taylor Wimpey cuts costs through a bond buyback September 14, 2011 HOUSEBUILDER Taylor Wimpey is expected to save approximately £8.3m in debt interest costs on an annual basis after drawing strong demand for a buyback offer on its outstanding 10.4 per cent bond maturing in 2015. The company announced yesterday it would buy back £82.4m of the outstanding £250m bond. It had initially set out to [...]
WHAT IS YOUR OUTLOOK FOR THE HOUSEBUILDING SECTOR? September 14, 2011 CHRIS MILLINGTON | NUMIS The housing sector, at such a low level of activity, is showing a remarkable level of resilience. If we don’t get an interest rate rise it is very unlikely that we will see a big onset of foresellers in the market — so if that is the case, I think pricing [...]
Avis Budget drops bid for Dollar Thrifty September 14, 2011 CAR rental company Avis Budget Group has dropped out of the race to buy Dollar Thrifty, after a prolonged bidding battle with rival Hertz Global Holdings. Avis said it had made significant progress in obtaining regulatory clearance for the Dollar Thrifty acquisition, but had decided not to pursue a transaction due to current market conditions. [...]
Spain pushes ahead with IPO of state lottery September 14, 2011 SPAIN’S plans to sell a stake in its state lottery operator are on course to be completed before a November general election, despite volatile markets and opposition from the likely new government. Loterias y Apuestas del Estado said in a statement it had not changed plans for what would be Spain’s biggest-ever initial public offering [...]
AVON CELEBRATES 125TH BIRTHDAY September 14, 2011 COSMETIC group Avon, which has 300m customers worldwide, celebrates its 125 year anniversary today. Avon is the world’s largest direct seller, with over 3.5bn products sold each year in more than 100 countries. The cosmetics giant has 6.5m independent representatives – its famous “Avon ladies” – and profits of £2.9m a year. Avon was launched [...]
John Lewis profits hit in price squeeze September 14, 2011 JOHN Lewis yesterday revealed a slump in profits as discounting in the face of the tough consumer climate took its toll. The retailer, which also owns the Waitrose chain, said first half pre-tax profits plunged by 18 per cent to £90.4m. Its Never Knowingly Undersold pledge – meaning that they will offer the lowest prices [...]
WILL THE NEW WESTFIELD CENTRE ENCOURAGE YOU TO SHOP IN EAST LONDON? September 14, 2011 KIM WAKE | ETHOS COMMUNICATIONS “Yes I think so. It’s only a short trip from London and colleagues who have already been have told me it’s really impressive. I think it can be a real asset for London and really expand on what’s already on offer here.” JAMES MILNE | LLOYDS “It’s completely out of [...]
Next upbeat on 2012 while earnings rise September 14, 2011 NEXT yesterday said there was a chink of light amid the retail gloom as it forecast a pick-up in sales in 2012. The retailer said there had been a “perfect storm” in 2011 with customers squeezed by surging energy bills, the slowdown in government spending and a hike in VAT. However, pre-tax profits for the [...]
Directory arm saves the day September 14, 2011 HOW does Next do it? As a mid-market retailer with a presence in most town centres, you’d expect it to be suffering from the gloom on the high street, not bucking it. It is Next’s catalogue and internet business, Next Directory, that has proved the firm’s saviour, providing exposure to both the surge in online [...]
Gulf Keystone to seek main market listing September 14, 2011 GULF Keystone Petroleum, the Kurdistan-focused oil explorer listed on the alternative investment market, said yesterday it is targeting a move up to the main listing in the first half of next year. “As at 12 September 2011, the company had a market capitalisation of £1.2bn which would place it comfortably in the higher echelons of [...]
