Hammerson keeps focus on retail ambition July 23, 2012 ANGLO-FRENCH property developer Hammerson said yesterday it is eyeing opportunities to invest in Europe’s depressed property market after recently selling the bulk of its London office portfolio for £518m. The FTSE 100 company, whose portfolio is now 97 per cent retail following the deal with US group Brookfield Office Properties in June, said it had [...]
Great Portland buys Piccadilly site from Capco joint venture July 23, 2012 GREAT PORTLAND ESTATES yesterday announced it has bought out Capital and Counties’ half share in the Jermyn Street estate in Piccadilly for £60m, giving it control of nearly 200,000 square feet of property in the area. The £120m estate, held by the two developers’ joint venture Great Capital Partnership, is made up of five properties, [...]
Jimmy Choo hires new CEO July 23, 2012 LUXURY shoe brand Jimmy Choo has appointed Pierre Denis as chief executive, replacing Joshua Schulman, who left the business at the beginning of the year. Shulman’s departure followed swiftly after that of Jimmy Choo’s joint founder and former chief creative officer Tamara Mellon, who quit when the brand was bought by Swiss company Labelux for [...]
ANALYST VIEWS | WERE HAMMERSON’S RESULTS IN LINE WITH EXPECTATIONS? July 23, 2012 ALISON WATSON LIBERUM CAPITAL NAV and earnings were marginally ahead and dividend in-line. The underlying portfolio was broadly flat with UK retail parks the poorest performer. Yield expansion across the portfolio was offset by both rental growth from its index linked leases and development surpluses in its French portfolio. JAMES CARSWELL PEEL HUNT Today’s figures [...]
Business group slams plan for energy reform July 23, 2012 BUSINESS leaders and MPs yesterday criticised the government’s draft Energy Bill, saying that in its current form it will fail to provide a secure and affordable supply of energy. “The bill does not bring the clarity and certainty that investors require. This could mean a higher cost of capital and potentially higher bills,” said Corin [...]
Rothschild blames deal drought for lower income from advisory July 23, 2012 ROTHSCHILD, the centuries old banking dynasty, has posted a nine per cent drop in its advisory and banking business due to a slowdown in global M&A activity last year. Results from the family firm’s holding company, Paris Orleans, show revenues for its Global Financial Advisory and Corporate Banking arms dropped to €768.1m (£600.6m) for the [...]
Better outlook for companies July 23, 2012 BUSINESS confidence is on the up in July, after dipping sharply into January, according to a report from Lloyds TSB today. The balance of confidence – positive responses minus negative responses – grew to 12 per cent in July, compared to just eight per cent in January. But aside from January 2012, the figure has [...]
Private equity eyes up UT unit July 23, 2012 PRIVATE equity firms Carlyle Group and BC Partners have teamed up and are in advanced talks to buy United Technologies’ industrial businesses, according to three people familiar with the matter, in a deal that could be valued at more than $3.5bn. The private equity consortium has emerged as the leading candidate to buy the pump [...]
RUSSIA BECOMES 156TH MEMBER OF WTO July 23, 2012 Russia formally notified the World Trade Organisation that it had ratified its membership agreement yesterday, meaning it will on 22 August become the 156th member to the trade rules club. President Vladimir Putin (above) signed the bill at the weekend. Russia’s $1.9 trillion GDP had made it the largest economy outside the group.
Cuts pay off for Philips as sales beat forecasts July 23, 2012 PHILIPS Electronics surpassed expectations yesterday by posting a five per cent sales rise and a €167m (£130m) net profit, in a sign that the manufacturer’s aggressive cost-cutting and restructuring operation is reaping rewards. The Dutch firm’s €5.9bn revenue in the three months to July was driven by strong performances in its healthcare and lighting divisions. [...]
