US fiscal cliff seen as a bigger threat to funds than Eurozone September 18, 2012 A US fiscal crisis has surpassed Eurozone sovereign debt funding as the number one fear among European fund managers, as Europe begins to mount a comeback in investors’ portfolio, a poll published yesterday shows. Fears over the US’s so-called fiscal cliff at the start of January 2013, which could reduce aggregate demand in the country [...]
Hermes shareholder activists jump ship to join RWC Partners September 18, 2012 HERMES Fund Managers, one of the largest asset managers in the UK, has sold its $800m (£492.5m) activist shareholder division Hermes Focus Asset Management to London-based boutique fund manager RWC Partners. The three team division, owned by Hermes’ parent company the BT Pension Scheme, will transfer to RWC next month. The funds use shareholder activism [...]
Debenhams up on online sales September 18, 2012 DEBENHAMS, the high street department store, yesterday bucked the retail gloom by reporting a strong summer of sales growth, propelled by a 40 per cent annual increase in online sales. The group increased like-for-like sales excluding value added tax by 3.7 per cent between 24 June and 1 September this year, helping boost annual sales [...]
Analyst Views | How does Debenhams’ strategy compare to rivals such as Next? September 18, 2012 RICHARD HUNTER | HARGREAVES LANSDOWN The overall strategy is similar to many of its rivals in what remains a fiercely competitive environment and, along with the ongoing economic malaise, Debenhams will need to be at the top of its game as time progresses. JEAN ROCHE | PANMURE GORDON We think that the main reason for [...]
No austerity bite at Conran restaurants September 18, 2012 REVENUES at the London outposts of Terence Conran’s restaurant group, D&D London, have grown by four per cent over the past year as customers flocked to his eateries including Quaglino’s, Coq D’Argent (roof terrace pictured) and Bluebird. Overall, turnover rose 2.5 per cent to £75.5m.
JD Sports profit hit by losses at Blacks Leisure September 18, 2012 JD SPORTS reported an expected 82 per cent drop in first half pre-tax profit yesterday as operating losses from its Blacks Leisure acquisition weighed on the group, but said it remained well positioned to hit full-year targets. The clothing and footwear firm, which sells merchandise from top brands such as Nike and Adidas, said yesterday [...]
Two sides go to war over a giant defence tie-up – both must win September 18, 2012 A BATTLE between political and commercial interests is being played out over the proposed merger of BAE and EADS. The captains of industry want to test out their strategic vision by creating the world’s largest defence group; the politicians claim the right to protect their assessment of the national interest whatever the commercial consequences. Unlike [...]
Serica farms out to JX Nippon September 18, 2012 ■ Serica Energy yesterday sold an 85 per cent interest in the UK central North Sea block 22/19c to Japan’s JX Nippon for $250,000 (£153,900). JX Nippon will carry Serica’s share of future costs associated with the licence for the drilling of an exploration well in the area. Serica previously drilled in the prospect with [...]
Stobart appoints deputy CEO September 18, 2012 ■ Logistics group Stobart has appointed Avril Palmer-Baunack as executive director and deputy chief executive. Palmer-Baunack joined the group following Stobart’s recent acquisition of Autologic Holdings. William Stobart has been reappointed as executive director of the group and will rejoin the board, while Richard Butcher becomes chief executive of Stobart Estates. All three appointments are [...]
MPs demand more action on youth jobs September 18, 2012 THE GOVERNMENT’S flagship jobs programme will not do enough to tackle the problem of youth unemployment, a leading group of MPs has said in a report out today. Members of the work and pensions select committee say the coalition’s £1bn Youth Contract is a good start but “not enough on its own” given the scale [...]
