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 [...]
CITY MOVES | WHO’S SWITCHING JOBS February 21, 2011 Chalsys Capital Partners Chalsys Capital Partners has appointed General Sir Mike Jackson as a special adviser, effective immediately. Jackson will provide specialist advice on renewable energy investments at the investment firm focused on clean tech, green infrastructure and natural resources. Jackson served as the UK’s chief of the general staff 2003-2006 after 45 years in [...]
Targetfollow administrators ready to finish last round of asset sales February 20, 2011 ADMINISTRATORS of two Targetfollow portfolios put into administration last autumn are set to wrap up the final asset disposals, City A.M. can confirm. Deloitte last week appointed agents to sell Targetfollow’s residential and retail buildings on Prince of Wales Road, Norwich. In a separate sale, Deloitte is considering options and offers for nearby Harford Place, [...]
City: No justice in FSA reforms February 17, 2011 TOUGH new powers planned for Britain’s new financial watchdog provoked angry exchanges yesterday in the City, with some lawyers calling the measures an affront to natural justice. Lawyers and firms have warned that the City’s new regulatory regime is being given powers that could reverse the ‘innocent until proven guilty’ rule of law. Under proposals [...]
London is world’s shopping capital February 17, 2011 London beat Tokyo, New York and Paris to be the highest grossing city for retail sales in 2010, according to a study of 22 major worldwide shopping destinations by Britain’s Centre for Retail Research. The study, commissioned by comparison website Kelkoo, found London generated £64.2bn of non-food retail sales last year.
What the other papers say this morning February 16, 2011 FINANCIAL TIMES OAKTREE RETURNS INVESTOR’S CASH Oaktree Capital’s distressed investment fund has returned $3bn of the $10bn it raised from investors, reflecting its difficulties in finding opportunities as the economy improves, people familiar with the matter say. The fund, run by Bruce Karsh, was among the most aggressive buyers of distressed debt after the failure [...]
Commodities dent FTSE 100 despite strong banking stocks February 15, 2011 BRITAIN’S s top share index closed lower yesterday as strength in banking stocks, inspired by forecast-busting results from Barclays, was outweighed by a broad retreat in the mining sector on commodity price wobbles. The FTSE 100 index closed down 23.01 points, or 0.4 per cent, at 6,037.08. The FTSE 250, FTSE 350 and AIM 100 [...]
Uncertainty hinders euro performance February 15, 2011 DISAPPOINTING US retail sales figures announced yesterday lunchtime failed to produce the increased yields on US Treasuries anticipated by traders, with the news allowing the euro to reach an early afternoon high of $1.3551. Combined with strong euro demand from Asia and the Middle East, the common currency stabilised itself against the dollar, rising 0.14 [...]