Top banker jumps ship to Merrill from Swiss rival July 26, 2011 IN a blow to UBS’s UK investment bank, Bank of America/Merrill Lynch has poached one of its top managing directors. Jonathan Bewes, whose client list boasts Capital Shopping Centres, Rentokil, Home Retail Group and Carphone Warehouse, will start at his new post in October. The move forms part of a broader strategy to grow Merrill Lynch’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 24, 2011 FINANCIAL TIMES CHINA EYES BARTER PLAN TO BYPASS US SANCTIONS ON IRAN PAYMENTS Tehran and Beijing are in talks about using a barter system to exchange Iranian oil for Chinese goods and services, as US financial sanctions have blocked China from paying at least $20bn for oil exports. The US sanctions against Iran, which make [...]
Six parties in Lloyds talks for branches July 24, 2011 LLOYDS is in talks with six interested parties over the sale of its 632 branches, City A.M. understands, despite only two of them having submitted formal bids so far. However, some of those involved are only interested in chunks of the £68bn in assets on sale, which could prove a headache for regulators who want [...]
More shop chains winding up July 24, 2011 THE number of retail companies which plunged into administration in the second quarter of this year increased by eight per cent compared with same period last year, according to figures from Deloitte. A total of 43 were affected, with household names like Oddbins and Focus being hit by the downturn in consumer spending. Moben, Habitat [...]
FTSE gains fuelled by Eurozone deal July 22, 2011 The FTSE 100 tracked other global markets upwards as the sealing of a second bailout for Greece produced a collective sigh of relief from investors, governments and financial institutions. Leaders of the Eurozone threw a lifeline to debt-stricken Greece that includes an extra €109bn of government money as well as a significant contribution from private [...]
Great Portland boosts its NAV July 21, 2011 GREAT Portland Estates (GPE) said the value of its property assets increased by 3.8 per cent in the first quarter this year, driven by demand for West End offices and near-term development schemes. The London property developer said its portfolio valuation increased by £58.4m to £1.6bn in the three months through June. Net asset value [...]
Spending spree plans at London & Stamford July 21, 2011 LONDON & Stamford Property (L&S) has stepped up plans to expand its residential portfolio, agreeing to buy more than 100 residential properties in north London for £49.1m. The real estate developer announced yesterday it had bought 107 private residential units and 31 car parking spaces in Islington from Seward Street Developments, bringing its total portfolio [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
Vacancy rate falls at Land Securities July 19, 2011 LAND Securities, the UK’s largest real estate investment trust by value, said vacancy rates fell in the past quarter as it confirmed it was stepping up its development activity as stronger retailers look to take new floor space. The firm said yesterday it had cut its vacancy rate to 3.9 per cent at the end [...]
RICE KING’S SHARWOODS BID GOES OFF THE BOIL July 19, 2011 THE RETAIL industry has been on tenterhooks over the last month to see whether rice tycoon Moni Varma, the chairman of Veetee Food Group, would succeed in expanding his processed foods empire by buying Sharwoods from Premier Foods. However, The Capitalist can reveal that Varma’s audacious bid for the sauces manufacturer is no longer likely [...]