Business has won already March 8, 2011 That much of the debate over the Olympics has focused on what happens to its venues after 2012 speaks volumes for the efficiency with which the games have so far been organised. Instead of the endless speculation of whether venue X or Y will be ready on time that is normal territory in the months [...]
Shoppers hit as oil surges on Gulf fears March 7, 2011 HIGH STREET confidence faces a double battering, with the spiralling conflict in Libya pushing oil prices higher and new figures suggesting a 0.4 per cent like-for-like sales slump in February. Oil prices hit fresh highs again yesterday, coming after reports that fighting in Libya had closed the oil ports of Ras Lanuf and Brega. Brent [...]
LVMH makes Bulgari move to crack Asia March 7, 2011 LVMH will take over Italy’s Bulgari in a €3.7bn (£3.18bn) deal to fuel more sales in emerging markets. The offer could herald a flurry of consolidation in the luxury market, which has bounced back from the 2009 slump much faster than analysts expected. Bulgari shares were up 58 per cent at one point after yesterday’s [...]
Hannam left out in the cold for Glencore IPO March 7, 2011 BANKERS are already salivating over the sizeable fees associated with the upcoming flotation of the Swiss-based commodities group Glencore. The IPO, if it goes ahead (some think it may yet stumble), will be listed in London and Hong Kong and will bring in fees of £300m-plus to a group of banks that is likely to [...]
CITY MOVES | WHO’S SWITCHING JOBS March 7, 2011 Nomura Holdings The Asian investment bank has made a number of changes to its management team. David Benson, Nomura’s former chief risk officer, will become vice chairman of Nomura Holdings. Wholesale president and COO Jesse Bhattal (pictured) will become deputy president of Nomura Holdings and CEO of the Wholesale division, and Yasuo Kashiwagi, currently senior [...]
Boris to HSBC: Don’t leave UK March 6, 2011 LONDON Mayor Boris Johnson has urged HSBC to consider the long-term benefits of staying in London amid growing signs that the bank is eyeing a move to Hong Kong. HSBC’s line has hardened recently, with chairman Douglas Flint criticising George Osborne’s balance sheet levy on banks as a “tax on being head-quartered here” and saying [...]
London architect finds record height March 6, 2011 LONDON-based architect group Farrells has hit a new record-breaking high with the topping of the Kingkey Finance Tower in China. The 100-storey skyscraper stands at 441 metres (1,440ft) and is the tallest building designed by a British architect to date towering over any construction in the UK. The Kingkey tower is twice the height of [...]
John Lewis issues £50m retail bond March 6, 2011 THE John Lewis Partnership has issued a retail bond for its cardholders and Partners in a bid to raise £50m of funds by April. Customers who hold either the Partnership or Account cards, as well as current Partners in the employee-owned firm, can invest lump sums of between £1,000 and £10,000 into the John Lewis [...]
ACWHAT THE OTHER PAPERS SAY THIS MORNING March 3, 2011 FINANCIAL TIMES HEDGE FUNDS HEAD FOR MALTA TO ESCAPE REGULATION Some of London’s biggest hedge fund managers are shifting their operations to Malta in response to both the rising costs of business and the growing regulatory burden in the UK. The Mediterranean island is emerging alongside traditional rivals to London, such as Swiss towns Geneva [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 2, 2011 FINANCIAL TIMES US OIL PRODUCTION REVIVES US oil production last year rose to its highest level in almost a decade, thanks to an increase in the use of “unconventional” extraction techniques. As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is [...]