European arm of Paulson has profit slump January 9, 2013 THE EUROPEAN arm of hedge fund Paulson has posted a collapse in profits for the year to March 2012. Turnover at Paulson Europe LLP fell 64 per cent to £13.3m, leaving its members with just £3.7m profit, down from £26.5m the previous year. The firm, whose main activity is listed as “the provision of investment [...]
Owner of Frankie & Benny’s cashes in on austerity dining January 9, 2013 RESTAURANT Group said yesterday its turnover rose nine per cent last year as more people opted to eat out at its casual dining chains rather than high-end restaurants. The company, which owns the Frankie & Benny’s chains, said it expects to slightly beat analysts’ average forecast for pre-tax profit in the 52-week period of £64m. [...]
Punch Taverns to sell 65 pubs in bid to pay down its debts January 9, 2013 EMBATTLED pub company Punch Taverns has put 65 properties on the market as the company tries to pay down its colossal debts. The sales, managed by property agents Christie + Co, are the first wave of a plan to sell off around 400 pubs. The company is saddled with more than £2bn of debt. Shares [...]
StanChart to hit record profits despite US woe January 9, 2013 STANDARD Chartered has overcome its regulatory troubles comprehensively and is on track to record a tenth consecutive year of record profits, analysts predicted yesterday. The bank was hit by surprise accusations of breaking US sanctions on Iran last August, paying US authorities more than $600m (£374.5m) to settle the claims. But analysts expect a better [...]
Aggrieved RBS shareholders to launch legal suit imminently January 9, 2013 CAMPAIGNERS hope to launch a legal suit against RBS within weeks, arguing the bank and key bosses misled them about the strength of the institution in a major rights issue in 2008. The RBoS Shareholders Action Group plans to launch claims totalling almost £4bn. RBS said it will “defend itself vigorously” from the suit. Now [...]
2016 deadline for tough new bank risk rules January 9, 2013 THE WORLD’S biggest banks must reorganise and centralise their risk analysis by 2016, the Basel Committee on Banking Supervision revealed yesterday, as part of a drive to make sure the sector can react more quickly in any future crisis. Globally systemically important financial institutions (G-SIFIs) were criticised in the credit crunch for being unable to [...]
Hunger for profits takes a bite from Chiquito owner’s shares January 9, 2013 THE FTSE 100 is at a four-year high, but you’d still have been better off plumping for mid-range dining rather than blue chip heavyweights over the last six months. The index hasn’t even managed a 10 per cent increase since mid-July, but the Restaurant Group’s shares have risen some 30 per cent over the same [...]
Greggs blames weather and shorter days for flaky sales January 9, 2013 GREGGS chief executive Ken McMeikan said fewer trading hours and the miserable weather had caused the bakery chain’s like-for-like sales to fall 2.9 per cent in the five weeks to 7 January. The fact that two of the busiest trading days fell on Sundays, when shopping hours are restricted, dragged like-for-like sales down two per [...]
EAT hires new chief from Costa January 9, 2013 EAT has poached former managing director of Costa Coffee’s retail arm Adrian Johnson to be its new chief executive, the chain said yesterday. It has also bolstered its board by appointing Waitrose veteran Tony Solomons as a senior non-executive.
Schroders replaces its auditor January 9, 2013 FTSE 100 investment firm Schroders has chosen KPMG as its new auditor, replacing PwC after more than 50 years. Schroders began a tender process in September for its auditor, a mandate that rarely changes hands in Britain’s largest companies.
