FTSE mining and auto stocks hit by China tightening fears January 20, 2011 BRITAIN’S top share index sank to its lowest closing level in more than five weeks yesterday, weighed down by mining stocks on concerns over potential further monetary tightening by China and its impact on demand. The FTSE 100 closed down 108.79 points, or 1.8 per cent, at 5,867.91, its lowest close since December 13. Miners [...]
Paulson eyes up Taylor Wimpey’s US business January 19, 2011 HOUSEBUILDER Taylor Wimpey has received at least three bids for its North American assets, which could be worth about £600m, according to reports last night. Hedge fund billionaire John Paulson’s Rain Tree Investment, Barry Sternlicht’s Starwood Capital Group and a private US homebuilder have submitted bids for Taylor Morrison, the firm’s arm in North America. [...]
FTSE 100 falls back as bank, mining and retail stocks slide January 19, 2011 BANKING and mining stocks weighed on London’s top share index yesterday as concerns over the global economic recovery resurfaced, while sentiment among retailers was dented after some disappointing updates. The FTSE 100 closed down 79.73 points, or 1.3 per cent lower at 5,976.70, ebbing away from Tuesday’s fresh 31-month high. “The market moved a long [...]
Starwood and Paulson bid on Taylor Wimpey US arm January 19, 2011 Housebuilder Taylor Wimpey has received at least three bids for its North American arm, Taylor Morrison, which could be worth up to $950m (£595m). Rain Tree Investment, one of hedge fund billionaire John Paulson’s vehicles; Starwood Capital and a private US homebuilder have submitted bids for Taylor Morrison, several sources have said. Both Rain Tree [...]
Taylor Wimpey thanks stabilisation in the US and Canada for higher wins January 18, 2011 BRITISH housebuilder Taylor Wimpey said stabilisation in the US market helped lift 2010 profit and led to several approaches for its North American unit, which is under the hammer. Volumes and margins beat expectations in Canada and the United States, driving group underlying operating profit and pre-tax profit above expectations, the company said yesterday. “Relative [...]
Strong US performance boosts Taylor Wimpey January 18, 2011 Housebuilder Taylor Wimpey has said stabilisation in the US market helped lift its 2010 profit and led to several approaches for its North American unit, which is under the hammer. Volumes and margins beat expectations in Canada and the US, driving group underlying operating profit and pretax profit above expectations, the company said in its [...]
Tesco trading update sends investors running for cover January 13, 2011 BRITAIN’S leading share index fell yesterday as a disappointing trading update from Tesco upset food retailers and tobacco stocks were hit by a broker’s downgrade. At the close, the FTSE 100 was down 26.84 points, or 0.4 per cent, at 6,023.88, after hitting a 31-month closing peak on Wednesday. Tesco was the biggest FTSE 100 [...]
BEST OF THE BROKERS January 13, 2011 CARPHONE WAREHOUSE RBS rates the retailer “sell” with a target price of 244p. The broker expects a decline in like-for-like sales when the firm reports its third quarter results on 18 January, with only rapid growth in the US driving the shares at the moment. Conditions will remain tough, RBS believes, with economic hardship in [...]
Asda to sell 47 of Netto UK shops to rivals January 12, 2011 ASDA, owned by Wal-Mart, has agreed to sell 47 of the stores it plans to buy from Netto UK to rivals including Morrisons and Iceland in order to win regulatory clearance for the deal. Asda has already lined up buyers for 25 of the stores, the Office of Fair Trading (OFT) said yesterday. The OFT [...]
M&S sales rise but year ahead set to be harsh January 11, 2011 MARKS & SPENCER saw sales rise in the key Christmas period but the retailer warned that 2011 would be tough, with austerity measures and the spectre of inflation rises to take their toll. Same-store sales rose 2.8 per cent in the UK in the 13 weeks to 1 January despite the impact of the snow. [...]