Firms turning to bond market to raise money October 17, 2012 LARGE companies are turning to the bond market in growing numbers as more traditional sources of cash remain in the doldrums, research out today claims. In the first eight months of the year, non-financial firms raised $75bn (£48bn) in corporate bonds, compared to £35bn raised in syndicated loans, according to TheCityUK, an interest group for [...]
City A.M. Awards 2012 Winners October 17, 2012 City A.M.'s third annual awards celebrating the best and brightest of London's business, financial and investment communities. Over 500 guests from 116 different firms attended the celebration, held at the Grange Hotel in St Paul's. PERSONALITY OF THE YEAR Lord CoeLocog chairman Former Olympic middle distance runner and politician Lord Coe was a clear stand-out [...]
McBride issues profit warning as sales slide October 15, 2012 MCBRIDE, Europe’s biggest maker of retailer own-brand cleaning products, yesterday warned that first-half profits will be hit by a sharper than expected dent in sales after the wind- down of its contract manufacturing business. The firm said trading profit in the year to the end of June 2013 will be about £2m lower than previously [...]
WH Smith boss Kate Swann to leave retailer October 11, 2012 WH Smith yesterday announced Kate Swann is to step down as chief executive next year after heading the retailer for almost a decade. Swann will hand over the reins to Steve Clarke, managing director of the group’s high street division, next July after overseeing its crucial Christmas period and ensuring “a smooth transition” of the [...]
Paralympic win for Sainsbury’s as its sales rise October 9, 2012 J SAINSBURY’S sponsorship of the Paralympic Games and Brand Match campaign has helped the British supermarket steal market share from its three biggest rivals. New figures from industry experts Kantar Worldpanel showed that Sainsbury’s sales rose 5.6 per cent in the 12 weeks to 30 September, boosting its share of the UK grocery market to [...]
Champagne: is bigger better? October 8, 2012 City A.M.’s wine industry expert When you think about buying a bottle of Champagne, which names immediately spring to mind? Bollinger? Moet & Chandon? Brands like these carry a hefty price tag but whether their wines are better than the cheaper alternatives is up for debate. You can buy a bottle of Tesco-branded Champagne for [...]
Best of the Brokers October 7, 2012 BSKYB Numis rates the media group “add” with a target price of 865p ahead of first quarter results due on 1 November. The broker expects to see strong subscription growth following a summer of sport, though earnings growth is likely to be muted at around one per cent, after the firm bought a string of [...]
Best of the Brokers October 4, 2012 TESCO UBS maintains its “neutral” rating for Tesco while raising the target price to 350p from 325p, despite first-half trading profits that slightly missed consensus estimates. SPORTS DIRECT Seymour Pierce has upgraded the athletics retailer from “hold” to “buy,” and raised its target price from 285p to 420p, saying the firm is well placed to [...]
FTSE treads waters as lack of action from ECB leaves investors nervous October 4, 2012 BRITAIN’S FTSE 100 share index stalled near the top of its recent range yesterday, supported by prospects of global central bank stimulus but struggling to break fresh ground ahead of a potentially gloomy earnings season. The European Central Bank reaffirmed its commitment to the euro and its plan to buy bonds to bring down their [...]
Clarke: Tesco at start of journey to its recovery October 3, 2012 TESCO chief executive Philip Clarke insisted that the group’s £1bn turnaround plan was paying off, yesterday, stressing “it was just the beginning” despite the group suffering its first profit fall in nearly 20 years. Although half-year profits fell 10.5 per cent to £1.6bn due to the cost of the recovery plan, Clarke highlighted that the [...]