EU credibility on the line in stress tests July 14, 2011 AT LEAST two Spanish banks are set to fail the EU’s second set of stress tests this evening, with some bankers saying that their publication could spark a market meltdown on Monday. CatalunyaCaixa and Pastor admitted that they will fail after Spanish finance minister Elena Salgado warned that the tests would show up several failures, [...]
Businesses warn against Olympia tube line closure July 14, 2011 A CONSORTIUM of businesses has joined forces to warn the government against its proposed closure of part of the district line in west London, arguing that it will have “dire consequences for the local economy.” In a letter to Transport for London’s managing director Mike Brown, several members of the events industry have said that [...]
Melrose ups Charter offer July 14, 2011 ENGINEERING turnaround firm Melrose has increased its offer for Charter International to 840p per share, valuing the welding equipment supplier at about £1.4bn. The improved offer comes after Charter rebuffed a 780p per share approach from Melrose late last month, the board stating that the bid undervalued the company. The struggling firm, which saw the [...]
Rents in London now average more than £1,000 per month July 14, 2011 RENTAL costs have soared past £1,000 per month in London, a survey of letting agents revealed this morning. London’s rents were up an average of 6.9 per cent per property in June compared to the same time the previous year, the Buy-to-Let Index from LSL Property Services said. While rent inflation is particularly intense in [...]
ARE YOU WORRIED ABOUT RISING RENTS? July 14, 2011 TOM SCARLETT | GFT “I am willing to pay more rent, because whilst it is expensive, it does allow me to live reasonably well within the city. If I was to get on the property ladder, my wife and I wouldn’t be able to afford anything central, and I am not ready for the commute [...]
MAN GROUP ROLLS OUT THE BARREL FOR NEW HQ July 14, 2011 IT HAS only been three months since George Osborne spent the morning at Nomura to declare the Japanese bank’s new offices officially open. But the chancellor was yesterday back in the Lower Thames Street area for the unveiling of Man Group’s new global HQ at Riverbank House, next-door to Nomura at 2 Swan Lane. “I’m [...]
Asos gets boost from overseas sales July 14, 2011 ONLINE fashion retailer Asos saw sales soar in the first quarter, but boss Nick Robertson dismissed speculation that the company was being seriously eyed as a takeover target. Asos, which targets young trendy customers, said its retail sales increased 69 per cent to £104.2m in the three months to 30 June. International sales soared 160 [...]
Sports Direct profit rises as staff pocket a £40k bonus July 14, 2011 SPORTS Direct yesterday reported a surge in full-year profit figures yesterday, triggering a bonus pot for staff. The retailer posted a 25 per cent rise in underlying profit for the year to 24 April – making £200.4m. The firm, controlled by Newcastle United owner Mike Ashley, grew like-for-like retail sales by 6.6 per cent while [...]
AB Foods boosted by sales at Primark July 14, 2011 ASSOCIATED British Foods said yesterday said it was on track to meet its full-year earnings targets as its budget clothing chain Primark helped to shore up its profit. AB Foods, whose brands include Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twinings tea, cut its full-year earnings forecast to a flat out-turn in April. [...]
ANALYST VIEWS: HOW WELL IS AB FOODS MANAGING RISING COSTS? July 14, 2011 ANDREW WOOD | BERNSTEIN Slowing results have seen a poor stock performance. While the management update may drive a relief rally that guidance was not reduced, we see little justification for a sustained rally in the stock. GRAHAM JONES | PANMURE We remain bullish about the opportunity for Primark to continue its roll-out in Iberia, [...]
