What the other papers say this morning – 4 February 2014 February 3, 2014 FINANCIAL TIMES Scottish finance fears regulation bill Fund managers based in Scotland face a multimillion-pound bill to pay for a new financial regulator if Scots vote for independence in the September referendum, the trade body for Scotland’s financial services industry has warned. The public intervention by Scottish Financial Enterprise underlines growing concern in a crucial [...]
Rexam sells healthcare units for £1bn February 3, 2014 REXAM’S shares rose around 1.4 per cent yesterday, after the manufacturer confirmed the sale of two healthcare units for £492m, leaving it free to focus on its core drinks can business. The FTSE 100-quoted firm has sold the pharmaceutical devices and prescription retail packaging divisions of its healthcare business to Montagu Private Equity and plans [...]
Russian retail giant Lenta set for London float February 3, 2014 RUSSIA’S second biggest hypermarket chain Lenta has become the latest retailer to take part in this year’s IPO revival after announcing plans to float on the London Stock Exchange as early as next month. Lenta, which has 77 hypermarkets and 10 supermarkets in 45 cities across Russia, is aiming to raise finance as it looks [...]
Amazon sales growth halves February 3, 2014 AMAZON’S sales only grew by 12.6 per cent to £4.5bn in the UK last year, a slowdown from its previous growth of 21 per cent in 2011 and 2012. The online retailer’s UK sales rose by around $800m compared to sales a year earlier, but came in under 2012’s rise of $1bn and 2011’s $1.4bn. [...]
Best of the Brokers for 4 February 2014 February 3, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com SUPERGROUP Cantor Fitzgerald has raised its target price for the owner of the Superdry fashion label to 1,650p from 1,400p and kepts its “buy” recommendation. The broker expects the retailer to report third quarter like-for-like sales growth of three per cent and retail [...]
Rexam shares climb on $805m sale February 3, 2014 British multinational packaging maker Rexam has announced this morning that Montagu Private Equity – a European firm – has agreed to pay $805m (£490m) in cash for its healthcare packaging unit. The deal will see “around £450m” returned to shareholders. The business in question has three divisions. Rexam added that it’s still in discussions over [...]
Dip in confidence reveals risks to economic growth February 3, 2014 CONSUMER confidence dropped slightly in the fourth quarter of last year, adding a gloomier edge to a UK recovery which has so far been driven by an increase in consumer spending, according to figures released by Nielsen today. The UK’s confidence level fell from a score of 87 to 84, with any number above 100 [...]
Waterstones’ new owner cuts full-year losses February 2, 2014 HIGH street bookseller Waterstones has narrowed its losses by more than a third in its first financial year since being snapped up by Russian billionaire Alexander Mamut. Accounts filed last week on Companies House show that pre-tax losses fell to £23m in the year to 27 April from £37.3m the previous year. This includes £5.4m [...]
How Martin Gilbert is poised to challenge the US giants February 2, 2014 A painful experience in the past has helped Aberdeen Asset Management build for the future. Its CEO tells David Hellier how his latest deal can be a catalyst for US expansion WHEN Martin Gilbert and his board first discussed the acquisition of Scottish Widows Investment Partnership (SWIP) from Lloyds last March, they turned the deal [...]
Best of the Brokers for 03 February 2014 February 2, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com SUPERGROUP Peel Hunt has a “buy” rating and 1,200p target ahead of the fashion retailer’s quarterly update on Thursday. The broker points out that SuperGroup has not historically done well after Christmas as it tends not to discount, but nevertheless forecasts 14.6 per [...]