London is top global city for visitors June 1, 2011 LONDON has fought off both New York and Paris to be crowned the world’s number one destination city, with an expected 20.1m inbound passengers visiting the capital this year, according to a survey out yesterday. Foreign visitors to London are expected to pull in a record $25.6bn (£15.58bn) this financial year alone. “London has yet [...]
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2011 Wainbridge The property investment and asset management firm has appointed Graham Langlay-Smith as chief financial officer. Langlay-Smith joins from Credit Suisse, where he was a director of the European team of DLJ Real Estate Capital Partners. Prior to Credit Suisse, Langlay-Smith was chief financial officer of real estate developer TrizecHahn Europe, and has also held [...]
Adidas braced for sales dip May 30, 2011 SPORTSWEAR giant Adidas said it is braced for further blows to its sales in Japan if there are more power cuts over the summer. The German company said that although the earthquake and nuclear crisis at the Fukushima plant “could have been worse” the state of the country’s power network was unclear. Adidas has said [...]
Burberry sees profits surge as Asia booms May 26, 2011 BURBERRY is stepping up spending on new stores to cash in on a boom in demand for luxury goods in Asia as it met forecasts with a 39 per cent jump in full-year profit. Profit for the 12 months to the end of March were £296m with revenues up 27 per cent to £1.5bn. The [...]
London & Stamford to invest £1bn May 26, 2011 BRITISH property investor London & Stamford yesterday said it saw investment opportunities in retail, logistics and London residential for its £1bn war chest, after reporting a rise in 2010 net asset value (NAV). The company, which moved from the London Stock Exchange’s junior AIM market to the main board last October, said its NAV per [...]
ALL CHANGE AT LLOYD’S AS IT RINGS 25 YEARS May 26, 2011 IT MAY seem like only yesterday for many City veterans, but today marks 25 years since the first managing agents moved into the landmark Lloyd’s building on Lime Street. So happy anniversary to the insurance giant, which still shows traces of more than 300 years of Lloyd’s history, such as the famous Lutine Bell, which [...]
Strong miners give FTSE a boost May 26, 2011 STRENGTH in heavyweight mining stocks helped Britain’s top share index edge higher yesterday, countering slippage by banks on Eurozone debt concerns. At the close, the FTSE 100 was up 10.9 points, or 0.2 per cent at 5,880.99, well below a morning spike above the psychologically important 5,900 level to 5,910.77. “The overall impression … is [...]
CITY MOVES | WHO’S SWITCHING JOBS May 25, 2011 Cable & Wireless The telecoms company has appointed Ian Gibson as chief financial officer and executive director, with effect from 21 July. Gibson joined the group in 1995 and has held a number of senior management positions, most recently deputy chief financial officer. In 2009 he was appointed as acting chief financial officer and played [...]
Banks bolster FTSE at the close May 25, 2011 London stocks struggled to gain ground today as poor economic data on both sides of the Atlantic dismayed investors. A rally led by banking stocks late in the afternoon helped push the FTSE back into the black, with the FTSE 100 just 0.2 per cent higher at 5,870.14 at the close. Miners made muted gains [...]
FTSE dips on eurozone fears and slipping commodities May 25, 2011 The FTSE 100 dipped today as jittery investors lost confidence in commodities and remained nervous over the eurozone debt crisis. With raw material prices dropping amid concerns over a slowdown in China, riskier assets were being shunned. Shares in commodities giant Glencore fell as much as three per cent on their Hong Kong trading debut [...]