INSURANCE COMPANY OF THE YEAR | The Shortlist day eight June 28, 2011 Insurance companies have endured an exceptionally costly year so far thanks to a bitter winter in Europe and devastating earthquakes in New Zealand and Japan. Insured losses in the first quarter alone are at a record level, testing the discipline of firms’ risk management. As the largest insurance hub in Europe, the City’s insurers play [...]
Banks and commodities lift FTSE June 28, 2011 The FTSE 100 tracked gains in Asia and on Wall Street this morning as fears of an economic meltdown in Greece were eased with France moving to give the country a reprieve. Banking and commodity sectors saw a lift as new life was breathed into global markets. French President Nicolas Sarkozy said his country’s banks [...]
Ocado slumps despite profit June 27, 2011 OCADO shares took a hit yesterday, falling 9.1 per cent despite the company reporting its first profit and unveiling a deal to deliver a range from French supermarket giant Carrefour. Chief executive Tim Steiner admitted the online delivery retailer had issues with capacity but said its growth plan was on track. In the six months [...]
RETAIL BANK OF THE YEAR | The Shortlist day seven June 27, 2011 Retail banking in Britain is in the throes of monumental change this year, as the big-name players grapple with the reforms being drawn up by the Independent Commission on Banking. The shifting landscape has also allowed newcomers to gain a foothold in the market, giving our list of top retail banks this year a fresh [...]
Europe’s debt disease threatens contagion June 27, 2011 THE Eurozone’s banks look perilously weak. Regulatory uncertainty and the Greek debt disaster present a bleak outlook. While the UK’s banks are much stronger, with less direct exposure to Greece, they too would be affected by a larger Eurozone implosion. Yet even if things go bad, there are opportunities for traders in Contracts for Difference [...]
CRUNCH TIME FOR THE HIGH STREET June 26, 2011 FASHION retailer Jane Norman was on the brink of collapse this weekend, after all of its stores across the UK were closed for business, signalling imminent insolvency. Zolfo Cooper, the US accounting firm, has been lined up to put the distressed fashion retailer into a pre-pack administration, which could be approved in court as soon [...]
Regent Street branded new Fifth Avenue June 26, 2011 SUPERGROUP chief executive Julian Dunkerton has labelled Regent Street – where it is to have its flagship store – as “the UK’s answer to Fifth Avenue”, as some of the world’s most famous brands line up to set up shop there. In a changing of the guard among retailers, SuperGroup has bought the lease on [...]
Home Retail buys slice of Habitat for £24.5m June 24, 2011 Home Retail Group has announced that it has bought parts of the Habitat chain for £24.5m. The Argos and Homebase owner has bout the rights are for the exclusive use of the Habitat brand, its brand designs and intellectual property in the UK and the Republic of Ireland. It has also acquired the Habitat UK [...]
Harry Potter and the publishers of fury June 23, 2011 JK ROWLING yesterday delivered a warning shot to the publishing industry that it must adapt to the rapidly-changing online world or risk becoming marginalised. The Harry Potter author revealed she will offer her record-breaking children’s books for download through her own website, circumventing the need to visit digital bookshops like those owned by the likes [...]
Home Retail Group looks to bid for Habitat stores June 23, 2011 HOME Retail Group, the owner of the Argos and Homebase retail chains, is in talks to buy Habitat. The luxury furnishings company is now owned by restructuring specialist Hilco. It has 71 stores worldwide, including 35 in the UK, 26 in France, five in Spain and five in Germany, employing 2,100 staff. It is understood [...]