Chinese shoppers splash out after fashion week October 9, 2011 THE West End was boosted last month by record sales to Chinese shoppers in a wave of spending triggered by London Fashion Week. There was a 59 per cent increase in tax free shopping sales to tourists from the country in September compared with the previous month. The figures from Global Blue, which analyses shopping [...]
Key week for Burberry amid China worries October 9, 2011 INVESTORS will be eagerly awaiting first half figures from Burberry this Wednesday, as the luxury fashion house seeks to reassure that its expansion remains on track despite uncertainty in key Asian markets. Amid general market turmoil and fears over a slowdown in the Chinese economy, which accounts for 15 per cent of the company’s retail [...]
Spirits dampened by struggles in Asia but strong sales should boost morale October 9, 2011 THERE’S no need to panic just yet. Shares in Burberry may be down 25 per cent over the past ten days alone, but the drop is put into context by the massive 900 per cent they’ve risen since their lowest point during the 2008 crisis. And rather than retreating at the first sign of a [...]
Citic fails to impress as its shares float in Hong Kong October 6, 2011 CITIC Securities, China’s largest listed brokerage, made a weak debut in Hong Kong yesterday, underscoring poor appetite for new share sales in the face of global market volatility. Its stock fell as much as 10.5 per cent before closing unchanged, while the broader Hong Kong index ended up nearly six per cent. The disappointing start [...]
Microsoft may bid for Yahoo October 5, 2011 SOFTWARE giant Microsoft is considering making a fresh bid for Yahoo in its second attempt to buy the troubled internet company in three years, sources close to the situation told Reuters yesterday. Microsoft joins a number of other potential buyers looking at Yahoo, which has a market value of about $18bn (£11.7bn). Among the interested [...]
AUSSIE COULD FALL BEYOND EXPECTATIONS October 4, 2011 VISTING Australia on business I am astounded at the cost everything. For an American, Sydney is now as prohibitively expensive as Zurich. A simple cup of coffee and a mineral water cost more than $12 at any sidewalk café. The high cost of living is a testament to the Aussie’s strong appreciation over the past [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2011 FINANCIAL TIMES M&S ASKS SUPPLIERS TO AID STORE REVAMPS Marks and Spencer has asked its top clothing suppliers for a multimillion-pound contribution to its store revamp plans and a step-up in advertising. At a gathering on Friday of M&S’s top 60 clothing and homewares suppliers, Marc Bolland, chief executive, asked them for a one-off contribution [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 2, 2011 FINANCIAL TIMES BTG GAINS TOP BANKER AS IT EYES EXPANSION Roger Jenkins, the high-profile former Barclays executive, has joined BTG Pactual as a managing partner as Brazil’s largest independent investment bank and asset manager gears up its ambitious expansion plans. Jenkins, a star banker best known for orchestrating a £7bn fundraising for Barclays from Middle [...]
Luxury goods maker Hermes sees no sign of affluent cutting spending October 2, 2011 FRENCH luxury goods maker Hermes sees no sign yet of affluent buyers tightening their purse strings in spite of a sombre global economic outlook. Speaking at the brand’s show at Paris Fashion Week yesterday, chief executive Patrick Thomas said: “For the moment, there is no impact on our sales.” He added that he believed the [...]
WALL STREET WEEK AHEAD October 2, 2011 INVESTORS are worried US earnings growth may finally fall back to earth as turmoil in Europe and signs of a less robust Chinese economy hurt foreign support. The Eurozone’s debt crisis and weakness in China have fuelled investor concern that the global economy could tip back into recession, possibly dampening US earnings growth at a [...]