City survivors are helped by reduced competition November 22, 2009 Many of my colleagues in the financial services industry, particularly those working in sectors that had little or nothing to do with the financial crisis, feel they have been unfairly castigated. Of course parts of the financial services industry fully deserve the approbation that has been heaped upon them but the majority do not. It [...]
Westinghouse says Shaw deal won’t hit UKjobless November 22, 2009 NUCLEAR company Westinghouse hit out at claims yesterday that an impending power plant contract would cost the UK thousands of jobs. The group, which Japanese firm Toshiba bought three years ago from the government, is set to announce a deal with Shaw Group, one of its largest shareholders, in the next fortnight. US-based Shaw Group [...]
FLOWER POWER November 22, 2009 CATH Kidston, the homeware brand famed for its floral patterns, is believed to have received a number of approaches from private equity buyers. The retailer, which has bucked the downturn due to a revival in consumers’ affections for nostalgia, is believed to be looking for cash to fund its Far East expansion.
King to give evidence in Lords November 22, 2009 Bank of England governor Mervyn King will tomorrow be called before the House of Lords economic affairs committee to give evidence on the current outlook for the UK economy. The committee is preparing to grill King on the Bank’s economic growth forecasts, the economic impact of the growing fiscal deficit, the policy of quantitative easing [...]
John Lewis sales up boost November 22, 2009 High street retailer John Lewis yesterday reported it had rung £78.54m through its tills last week – 15 per cent more than the same week last year. The retailer said that it was boosted by a jump in toy sales, games and men’s fashions – helped by the start of Christmas shopping. The group also [...]
Shell in Essar stake buy talks November 22, 2009 Royal Dutch Shell is in talks to buy 10 per cent of India’s Essar Oil as part of a deal where it would sell three European refineries to the Indian firm. At current market prices, the stake would be worth $364m (£220m). Besides the stake sale, Essar is also looking at raising $1.5bn in debt [...]
Shop owners to give nod to Blacks deal November 22, 2009 LANDLORDS are expected to today accept a proposal by embattled retailer Blacks Leisure that will allow it to exit leases on 89 stores in a bid to turn around its business. Landlords, both independent and the listed real estate companies like British Land and Land Securities , are said to be “spitting blood” that they [...]
ITV and M&S bosses can add long-term value November 22, 2009 Last week two of the UK’s biggest companies named new leaders. The appointments added hundreds of millions of pounds to the value of the businesses. But how much long-term value can a new boss add? Consider the pedigree of the men in question; both undoubtedly impressive. Marks & Spencer snared Marc Bolland as its new [...]
Wealth manager targets family offices November 22, 2009 WEALTH management firm Spencer-Churchill Miller Private (SCM Private) , run by star fund manager Alan Miller, plans to target family offices, expecting them to outsource more of their investment management. Meetings are arranged with ten family offices, with collective assets of around £15bn, and further London presentations are planned in the first quarter of 2010. [...]
CITY MOVES WHO’S SWITCHING JOBS November 22, 2009 Legal & General PropertyThe property investment group has hired Simon Russian as senior fund manager of retail development.Russian was previously head of retail and development director at Wilson Bowden Developments, which he joined in 1995. In his new role, he will be responsible for strategically managing the firm’s retail development projects and working with the [...]
