THE PEOPLE’S SUPERMARKET September 15, 2010 TESCO chief executive Sir Terry Leahy was on hand at the Economist Emerging Markets Summit in London yesterday to hear his designated successor Philip Clarke predict China will become profitable for the retailer during his tenure. The supermarket giant is planning to invest around £2bn into developing shopping malls in the People’s Republic.
Credit Suisse spends $425m on York Capital September 14, 2010 CREDIT Suisse said yesterday it has bought a minority interest in hedge fund York Capital for $425m (£273.3m), following a year of talks. The stake, thought to be around 30 per cent, is a non-controlling interest, and Credit Suisse won’t invest in any of York’s funds. The bank has been in touch with US authorities [...]
FTSE edges up as hunger for mining shares boosts trading September 14, 2010 BRITAIN’S leading shares edged higher yesterday, matching modest gains on Wall Street following above-forecast US retail sales data, with commodity issues standing out. At the close, the FTSE 100 index was up 1.88 points, or 0.1 per cent, at 5,567.41, marginally extending Monday’s four-month closing high. “The last-minute push higher by bulls gives further evidence [...]
FUND MANAGEMENT NEWS September 14, 2010 GROSVENOR FUND’S £110M LLOYDS DEAL Grosvenor Fund Management UK announced earlier this week the completion of a new £110m debt facility with Lloyds TSB Corporate Markets for its £400m Grosvenor London Office Fund. The three-year deal replaces the existing facility with Lloyds Banking Group, which expires this month. The fund’s loan-to-value ratio is low at [...]
CITY MOVES | WHO’S SWITCHING JOBS September 13, 2010 Secure Trust Bank Arbuthnot’s retail banking business has appointed Paul Lynam, a former senior banker at the Royal Bank of Scotland, as its new chief executive. Lynam, 42, was a managing director at RBS and was responsible for over 1m SME customers and almost 7,000 staff in the retail bank. He also previously held the [...]
COMPANY OF THE YEAR | The Shortlist September 12, 2010 IT has been another tough year for business. The sovereign debt crisis rocked already shaky market confidence, while uncertainty has kept consumers from splashing out. It is in hard times that reputations are made, though, and over the past year the best have bounced back. Both retailers on our list have, in their different ways, [...]
Lion Capital set to sell Dutch retailer Hema September 9, 2010 PRIVATE equity group Lion Capital said yesterday it had appointed Citigroup and RBS to explore selling retailer Hema, the second Dutch retailer to be placed up for sale this year. Lion Capital bought Hema, a household name in the Netherlands, for an undisclosed sum in July 2007 from Dutch retail group Maxeda, and has since [...]
KPMG looks to hand over Connaught jobs September 8, 2010 HOUSING repair firm Connaught formally appointed KPMG as its administrator yesterday, as rival property companies looked to take over the collapsed firm’s contracts. KPMG will keep the firm’s property maintenance arm trading until it has farmed out its contracts to other providers. Around 4,400 people face redundancy. Richard Heis, joint administrator, said the group had [...]
PROPERTY FIRM OF THE YEAR | September 8, 2010 THE City’s skyline is changing. Skyscrapers are springing up – okay, more slowly than before, but they are coming. Added to that the commitment to opening retail space and the whole character of the Square Mile is changing. At a time when it might have been easier to abandon their projects, they have shown confidence [...]
RETAIL BROKER OF THE YEAR | THE SHORTLIST September 8, 2010 WITHOUT brokers like the ones on our list, money would sit in bank accounts gathering dust. They are the soul of the UK’s investment strategy. At the moment, when people are looking for stability, they are more vital than ever. Innovative, forward-looking and offering great personal service, these five are stars. Don’t miss the City [...]