William Hill cheers Spain rules June 5, 2012 BETTING group William Hill welcomed Spain’s new gambling laws and licences yesterday, saying the plans to tax gaming firms “will be beneficial for all” as the industry expands. Cash-strapped Spain hopes to raise money by taxing firms 25 per cent of their gross gaming revenue, having already raised €70m (£56.7m) by collecting back-taxes in recent [...]
GYM GROUP SWEATS OUT RECORD REVENUES June 5, 2012 The Gym Group, the low cost gym, has grown annual turnover by 88 per cent to £13.5m in what it said was an “outstanding” year. Chief executive John Treharne said membership at its gyms rose 67 per cent to 96,000. With six new sites now open, The Gym Group expects 35 centres to be open [...]
CITY MOVES WHO’S SWITCHING JOBS June 5, 2012 VAT Consultancy The VAT and customs duty advice firm has appointed Julie Park (right) as its new managing director, responsible for the daily running of the business and corporate expansion. Park is a former director at Deloitte and will work alongside VAT director Steve McIntyre. RSM Tenon Tim Ingram has been appointed as chairman at [...]
BEST of the BROKERS June 5, 2012 JOHNSON MATTHEY Deutsche Bank rates the chemicals group “buy” with a target price of £24.50. The broker expects good second-half results when the firm reports tomorrow, with a 14 per cent rise in pre-tax profit driven by higher demand for automotive products and precious metals. NEXT Nomura rates the high street retailer “buy” and has [...]
EUROPE REPORT June 5, 2012 THE euro fell and German bond prices gained yesterday as the Eurozone debt crisis showed signs of escalating after Spain said it was being shut out of credit markets. The treasury minister of Spain, the Eurozone’s fourth biggest economy, said high borrowing costs meant credit markets were closing to his country, and he made an [...]
NEW YORK REPORT June 5, 2012 US stocks rose yesterday, recovering some ground from last week’s sharp selloff as investor angst about the Eurozone’s fiscal crisis was offset by data showing the US economy’s services sector grew faster than expected in May. However the technical rebound was expected to be temporary and weak. Financial stocks ranked among the best performers. The [...]
Singaporean feng shui firm to list on Aim June 5, 2012 A SINGAPORE-BASED consultancy firm that advises blue-chip companies using the ancient Chinese philosophy of feng shui is to float on London’s junior stock market to raise £1.5m. New Trend Lifestyle Group, which counts Citibank and Standard Chartered among its clients, announced yesterday its intention to float on Aim at the end of June to fund [...]
THL buys big stake in Party City June 5, 2012 Thomas H Lee Partners has struck a deal to buy control of Party City in a deal that values North America’s largest retailer of party goods at $2.69bn (£1.75bn), the private equity firm said yesterday. The retailer’s current private equity owners – Advent International, Berkshire Partners and Weston Presidio – as well as Party City [...]
Former Generali chief dies at 87 June 5, 2012 French financier Antoine Bernheim, who two years ago stepped down from the helm of Italian insurer Generali, died yesterday aged 87, according to a statement from a former colleague. Bernheim had served as chairman of Generali, Europe’s third largest insurer, for many years but his term was not renewed at a shareholder meeting in April [...]
Sara Lee renamed Hillshire June 5, 2012 Sara Lee will change its name to Hillshire Brands later this month to reflect its focus as a North American meat company after it spins off its coffee and tea unit. Sara Lee revealed the company’s name and its financial and strategic goals in a meeting yesterday with investors in New York. The business being [...]
