Luxury firms take a tumble March 14, 2011 THE DISASTER in Japan pummeled manufacturing and luxury goods stocks yesterday, alongside insurers and energy firms, as markets across the world ended lower. Burberry, which says it makes a significant portion of its profits from its Japanese licenses, fell 4.3 per cent in London trading yesterday. Hermes, which makes 19 per cent of its sales [...]
ROBERT THE LIONHEART SERENADES SELFRIDGES March 14, 2011 ROBERT Tchenguiz will henceforth be known as Robert the Lionheart, after the billionaire property developer was spotted singing The Lion Sleeps Tonight from the film The Lion King in Selfridges. The sighting took place at 5.30pm on the evening of the now infamous yacht party at MIPIM in Cannes last Thursday, when a social contemporary [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 13, 2011 FINANCIAL TIMES GREEK BANK SCUPPERS HOPES OVER DEAL Alpha Bank, Greece’s third-largest lender, has killed hopes of a merger deal with larger rival National Bank of Greece, scotching the push by regulators and the government for the country’s troubled banking sector to strengthen itself through consolidation. RETAILERS RUN OUT OF IPAD 2 WITHIN HOURS Many [...]
Lloyds TSB unveils 5.5 per cent bond for retail investors March 8, 2011 LLOYDS TSB launched a five-year corporate bond for retail investors yesterday, following its first offering to private bond investors last June. The bonds will pay 5.5 per cent interest at a fixed rate until the notes mature in September 2016. Lloyds and Royal Bank of Canada are underwriting the scheme. Lloyds expects to raise at [...]
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 [...]