What Tesco’s US debacle tells us about the wisdom of markets September 10, 2013 EVER since the nineteenth century, the leaders of businesses quoted on the stock exchange have bemoaned investors’ supposedly fickle nature, inability to understand their firms, general competence, and more recently, their relative youth and inexperience. So when back in 2010, Sir Terry Leahy, Tesco’s then boss, complained that fund managers were too risk averse and [...]
Tesco relief as US tycoon takes on Fresh & Easy September 10, 2013 TESCO has finally put an end to its ambitious bid to crack the US market after agreeing yesterday to sell its Fresh & Easy business to American billionaire Ron Burkle. The supermarket giant is expected to take a £150m hit on the divestment to Buckle’s investment vehicle Yucaipa, which will take on 150 [...]
It’s time we ended the pretence that planning rules come without a price September 6, 2013 MOST agree that the UK housing market has long been stuck in an affordability crisis. Despite a fall in prices since 2007, Nationwide recently calculated that the typical house now costs 5.1 times average earnings, up from 3.9 a quarter of a century ago. In London, the ratio has risen from 5.7 to 7.7. And [...]
Eggsclusive: We use the Walkie Scorchie light beam to fry an egg | City A.M. September 6, 2013 (Laura Lean/City AM) The developers of the Walkie Scorchie skyscraper – aka 20 Fenchurch Street – had hoped their building would be known for its striking design and its blue chip clients. But instead over the week City A.M. has revealed how the building has begun emitting a curious ray of light, started melting cars, set [...]
Kennedy Wilson and Varde buy UK shopping centres for £250m September 5, 2013 US PROPERTY investment and services firm Kennedy Wilson and debt specialist Varde Partners yesterday agreed to buy a portfolio of eight UK shopping centres out of administration for $388m (£250m). Kennedy Wilson did not disclose which shopping malls they had acquired but said they were spread across England and Scotland and spanned a total of [...]
British Land snaps up mall September 4, 2013 BRITISH Land has bought a 50 per cent stake in Bath’s SouthGate shopping centre for £101m. The property giant, has been on a spending spree since raising almost £1bn in March through its placing and the sale of Ropemaker Place. In April it paid £48m for Tesco’s 50 per cent stake in Surrey Quays shopping [...]
Best of the brokers for 05 September 2013 September 4, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com PACE Numis tells investors to “sell” shares in the set-top box maker, warning that a glut of disruptive TV platforms from Apple, Intel and Sony is threatening to unsettle the firm’s market. The broker has a target of 200p. SALAMANDER ENERGY Morgan Stanley [...]
Eggsclusive: We use the Walkie Scorchie light beam to fry an egg September 3, 2013 The developers of the Walkie Scorchie skyscraper – aka 20 Fenchurch Street – had hoped their building would be known for its striking design and its blue chip clients. But instead City A.M. has revealed how the building has begun emitting a curious ray of light, started melting cars, set a carpet on fire and cracked [...]
It’s time we ended the pretence that planning rules come without a price September 2, 2013 MOST agree that the UK housing market has long been stuck in an affordability crisis. Despite a fall in prices since 2007, Nationwide recently calculated that the typical house now costs 5.1 times average earnings, up from 3.9 a quarter of a century ago. In London, the ratio has risen from 5.7 to 7.7. And [...]
King of the supermarket: The long-serving boss of Sainsbury’s talks shop September 1, 2013 Justin King speaks to Elizabeth Fournier as he nears 10 years at the top of the UK’s third-biggest retailer IT’S not been an easy 2013 for Britain’s supermarkets. From January’s discovery of horsemeat in the UK food chain to the disastrous collapse of a Bangladeshi clothing factory in April, retail bosses have been forced to [...]