UK set for a decade of deleveraging November 14, 2011 WELCOME to modern Britain, a nation of over-leveraged debt junkies only just waking up to the urgency of mending its ways. Realising the scale of the UK’s long-standing addiction to credit is vital to understanding why growth forecasts are being cut left, right and centre. The real drag on demand in the UK won’t come [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 14, 2011 FINANCIAL TIMES FSA faces challenge in appeal against fine The ability of the City’s watchdog to punish senior executives for insufficient supervision is being challenged in a test case by a former head of UBS’s wealth management operations in the UK. A tribunal yesterday heard an appeal by John Pottage, UBS’s former head of wealth [...]
CITY MOVES | WHO’S SWITCHING JOBS November 14, 2011 BTG The specialist healthcare company has appointed Garry Watts to succeed Dr John Brown as non-executive chairman, effective from 1 January 2012. Watts is chairman of the Spire Healthcare group of private hospitals, a senior independent director at Stagecoach Group and a non-executive director of Coca-Cola Enterprises. He was chief executive of SSL International for [...]
HMV turns the music off to open first tech store November 13, 2011 HMV HAS launched its first store dedicated to technology in London’s Square Mile in a bid to reverse its declining CD and DVD sales in the run up to the crucial Christmas trading period. The so-called techshop, located in Land Securities’ One New Change mall near St Paul’s, comes after the troubled retailer’s recent expansion [...]
CITY MOVES | WHO’S SWITCHING JOBS November 13, 2011 Crest Nicholson The house builder has appointed Trevor Selwyn as managing director of a newly formed London division. The new division will have an annual turnover of £100m, developing mid-range sites in and around the capital. Selwyn was formerly at Countryside Properties, and spent his last seven years there as land director for subsidiary Copthorn [...]
Westfield eyes third London shopping mall November 10, 2011 AUSTRALIAN developer Westfield is in exclusive talks to turn a south London shopping centre into a third mega-mall in the city. The developer of the blue-chip Stratford City mall in east London and the Westfield London mall in Shepherd’s Bush said it was in talks with UK charity Whitgift Foundation to explore the possible redevelopment [...]
Markets choppy on Eurozone fears November 10, 2011 The FTSE 100 opened down today as Italy’s deepening debt crisis threatened to topple the Eurozone and plunge the world economy into uncharted waters. The cost of borrowing on Italian government bonds jumped to seven per cent yesterday — a level considered unsustainable by economists. Italy today launches an auction of as much as €5bn [...]
Ducati appoints banks for IPO in Hong Kong November 9, 2011 ITALIAN motorcycle maker Ducati has appointed Deutsche Bank, Goldman Sachs and Mediobanca to manage its prospective Hong Kong IPO, sources told City A.M. yesterday. Reports of the banks’ appointment for a Hong Kong IPO come 24 hours after the London-based retailer of diamonds, Graff Diamonds, was reported to be considering a $1bn IPO in Hong [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 8, 2011 FINANCIAL TIMES GRAFF PLANS $1BN HONG KONG IPO Graff Diamonds, retailer of some of the world’s most expensive jewellery, is planning a Hong Kong initial public offering that could raise $1bn and value the company’s equity at about $5bn. The London-based company, known for high-end jewellery items such as 100-carat diamond tiaras, is raising capital [...]
Hammerson to start on office tower in April November 8, 2011 ANGLO-FRENCH property developer Hammerson plans to begin construction on its £485m Principal Place office scheme in April next year after the group said it expected to sign its first pre-let deal before Christmas. Hammerson said yesterday negotiations are progressing with law firm CMS Cameron McKenna to take up one-third of the 600,000 square feet of [...]