£140m deal for Makro UK will boost Booker May 30, 2012 FOOD wholesaler Booker aims to turn around the loss-making cash and carry firm Makro UK after taking it off the hands of German retailer Metro in a £140m deal. It will hand Metro £15.8m and a 9.99 per cent stake in Booker as the two firms agree to work together on improving their supply chains [...]
FTSE lurches towards worst month since August May 30, 2012 The FTSE 100 dipped this morning as the Eurozone’s debt woes continued to cast a shadow and hopes that China would trigger further fiscal stimulus were dealt a blow. Investors are awaiting the European Commission’s economic strategy on how austerity measures can be introduced without quashing the growth required for recovery. Concerns about Spain’s ability [...]
CITY MOVES | WHO’S SWITCHING JOBS May 29, 2012 Hermes Fund Managers Saker Nusseibeh has been appointed chief executive of the fund manager. He joined Hermes in 2009 as main board director and head of investment. He has also held senior roles at Trust Company of the West, Societe Generale Asset Management, and latterly Fortis Investments. Nikko Asset Management The Asia-focused asset management firm [...]
FSA moves to ward off threat of bank runs May 28, 2012 BRITISH banks will be obliged to display information in branches about how the government insures their deposits up to a value of £85,000, the FSA said yesterday. From September onwards, all retail deposit takers will have to display posters and stickers letting customers know they are insured if their bank goes bust and giving details of the [...]
Dixons braces for looting and riots in Greece May 28, 2012 DIXONS has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riots. Dixons, Europe’s second biggest electrical retailer, owns Greece’s market leading but loss-making Kotsovolos chain, which has a 25-per cent market share selling iPads and laptops as well as washing machines, televisions and air [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 27, 2012 FINANCIAL TIMES Hedge fund upbeat over economy The economy is positioned for apowerful recovery in the coming years and by 2050 will overtake Germany to become Europe’s biggest, according to a leading UK hedge fund. The Eurozone crisis could be a significant boon for the country, says the London based Toscafun. Newedge to leave Greek [...]
Graff gets lots of interest in its $1bn float May 27, 2012 THE Mayfair-based luxury jeweller Graff Diamonds has seen tremendous interest for its Hong Kong IPO of up to $1bn (£640m), sources close to the company said this weekend. Graff’s flotation is entering its final stretch in the shadow of a global stock market rout. Famous for its giant and rare gems, Graff will today test [...]
Soho House group to open five new venues after profits surge May 27, 2012 SOHO House Group, a members-only chain of luxury clubs, has confirmed ambitious plans to open five new venues by 2014 after reporting a jump in full-year revenue and profits. The owner of Shoreditch House and Dean Street Townhouse in London, which famously shuns City executives in favour of artists, said yesterday it will open new [...]
Bargain hunters help lift FTSE May 25, 2012 The FTSE 100 nosed up this morning as bargain hunters snapped up stocks which have been hit in recent sessions. On Monday the blue chip index was at a six-month low but has clawed back ground since then. Gains in Asia and on Wall Street overnight also served to lift sentiment. Insurer Aviva was the [...]
FTSE edges up but Eurozone gloom continues May 24, 2012 The FTSE 100 staged a tentative recovery in early trading although an inconclusive meeting of Eurozone leaders offered little prospect of a plan to save Greece. Overnight the EU said it wanted Greece to stay in the fold but contingency plans are already underway for an exit from the euro for the debt laden country. [...]