CITY MOVES | WHO’S SWITCHING JOBS February 28, 2011 Amlin The insurance group has appointed Andreas Luberichs, formerly of Chubb Europe, to the new role of group head of underwriting. Luberichs joins on 7 March as a member of the group executive management team and will be based in the London headquarters. Luberichs has spent the past seventeen years of his twenty year career [...]
AB Foods profit to rise but Primark stalls February 28, 2011 Associated British Foods said it expects a rise in half-year operating profits despite a slowdown at its discount fashion retailer Primark and flat profits at its UK sugar operations. The London-based company said Primark’s like-for-like sales will be three per cent ahead while its operating profit margins will be lower reflecting a tax hike in [...]
HMV in talks with Russian billionaire over sale of bookseller Waterstone’s February 27, 2011 HIGH street bookseller Waterstone’s could be sold to a Russian billionaire by its owner HMV. The retailer is said to be holding talks over a potential sale to oligarch Alexander Mamut, a wealthy businessmen best known in Britain as the backer of blogging website LiveJournal. Mamut has already built a 6.1 per cent stake in [...]
POLO COMES TO THE O2 AS PONIES AND PLAYERS LINE UP TO IMPRESS February 24, 2011 FOR the first time ever, polo ponies took to the floor at the O2 arena last night at the inaugural Gaucho International Polo event. Teams from England, South Africa, Argentina and Scotland (flying the flag for City A.M.) met in North Greenwich last night to bring a touch of the country to urban London, in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 23, 2011 FINANCIAL TIMES N IRELAND’S ECONOMIC WOES BOOST TERROR GROUPS, WARN OFFICIALS The parlous state of Northern Ireland’s economy is acting as a recruiting sergeant for dissident republican groups, senior police and security figures warned, raising questions about the pace of spending cuts in the region. The province’s power-sharing executive has been told to find savings [...]
FTSE 100 sinks again over fears of Middle East unrest February 23, 2011 POLITICAL turmoil in Libya and the threat of contagion across the Middle East and North Africa sent Britain’s leading shares lower yesterday, testing seven-month technical support levels. The FTSE 100 index was 73.23 points, or 1.2 per cent, lower at 5,923.53, extending its declines to more than 2.5 per cent on the week. London’s blue [...]
Minerva values rise but lettings remain elusive February 22, 2011 PROPERTY developer Minerva remained tight-lipped over possible tenants for its Walbrook and St Botolph developments yesterday, as it reported a 6.2 per cent rise in net asset value. The London-focused firm made £10.4m profit in the last six months of 2010, while the value of its properties rose 3.2 per cent to £1.2bn “Our short [...]
FTSE falls below 6,000 level as Middle East woes weigh February 22, 2011 BRITAIN’S top share index closed lower yesterday as troubles in the Middle East clouded sentiment, but bumper consumer confidence figures from the US spurred a late rally and boosted commodity stocks. The FTSE 100 closed down 18.04 points or 0.3 per cent lower at 5,996.76, having finished at a two-week closing low on Monday. “The [...]
Hammerson plans more acquisitions February 21, 2011 REAL ESTATE owner Hammerson surprised the market with a 17.6 per cent rise in net asset value yesterday, lifted by a spike in its UK properties’ values. The retail-focused firm’s portfolio in the UK and France rose in value to £5.3bn in 2010, helping to lift net asset value per share to 495p. The company [...]
Lloyds must pay £500m in refunds February 21, 2011 BRITISH bank Lloyds will take a £500m provision after reaching a deal with the Financial Services Authority which will see it give partial refunds to 300,000 mortgage customers. Lloyds, the UK’s biggest retail bank, said it had reached a voluntary agreement with the FSA over initiating a customer review and contact programme with regard to [...]