Our nation of shoppers is not about to quit the habit yet July 14, 2010 SINCE the onset of the recession, the pressure has increased to turn the UK economy into a manufacturing centre of excellence and at the same time become a nation of savers. But has the nation really turned its back on its former favourite pastime, shopping? Well, the hard data would suggest no. According to the [...]
Ocado hits back at critics July 11, 2010 OCADO’S advisers reacted furiously last night to suggestions its £1bn flotation may be in trouble. The firm spoke out against a number of high-profile fund managers it claims are attempting to undermine the pricing of its IPO. The float, in which the grocery delivery firm hopes to raise £200m, appears to be on a knife [...]
Quest: Shares in Ocado are overvalued by 46 per cent July 8, 2010 Analysis firm Quest has delivered another slap in the face to Ocado, as the grocery delivery firm attempts to justify its £1.1bn IPO valuation to investors. The Collins Stewart subsidiary says it values shares in Ocado at just 128p – a staggering 46 per cent under the mid-point put forward in its prospectus. It says [...]
Amazon set to sell groceries July 7, 2010 Ocado’s £1.1bn float was dealt another blow yesterday when internet giant Amazon launched a competing grocery delivery business. Amazon has long toyed with the idea of branching into food delivery, and already does so in the US and Germany, but the timing of the decision heaps pressure on Ocado. Analysts have already questioned the value [...]
Tesco raises £950m from sales July 7, 2010 Tesco, Britain’s largest supermarket chain, has raised £950m after agreeing a sale-and-leaseback arrangement for 41 of its stores. The company said the move was part of its long-term plan to “release value” from its UK real estate portfolio. The deal is structured as a 50/50 joint venture with the trustees of Tesco’s pension fund, and [...]
THE TIPSTER July 7, 2010 GOLD has sold off sharply although rather than the usual risk appetite explanation, fingers are pointing towards central banks offloading the asset to the Bank of International Settlements. However, with the risk a double-dip still looming, there’s no shortage of reasons why the foray below $1,200/ per oz will be short lived. The current IG [...]
NEWS | IN BRIEF July 6, 2010 Billionaire retailer Sir Philip Green said yesterday he was considering opening more retail schools after the success of London’s Fashion Retail Academy. Speaking at the Academy’s 2010 awards ceremony, the Arcadia owner pledged to approach the new coalition government about the possibility of an expansion. Green said: “My aim is to open another two or [...]
M&S readies for investor anger on pay July 4, 2010 A STRONG set of first-quarter figures from retail bellwether Marks and Spencer this week looks set to be overshadowed by animosity at the firm’s annual shareholder meeting, with investors set to clash with executives over the eternally thorny issue of pay. Sir Stuart Rose will officially hand over the chief executive’s reins to ex-Morrisons man [...]
Goldman and TPG close in on Ontex July 4, 2010 GOLDMAN Sach’s private equity wing is close to completing the purchase of nappy-manufacturer Ontex in partnership with American buy-out house TPG for more than €1.2bn (£990m), reports the Sunday Telegraph. The deal to purchase Ontex from Candover nearly collapsed when Goldman Sach’s original equity partner pulled out, but the late addition of TPG has kept [...]
Pick a moment and hold on for property gains June 30, 2010 WITH the trajectory of the UK real estate market far from clear, property investment might seem like a risky business. But many UK property-tracking exchange-traded funds (ETF) have nonetheless seen steady asset inflows in the last year since prices began to recover in 2009. ETFs offer exposure to property without the long-term commitment of buying [...]