IRELAND’S BANKS NEED EXTRA €24BN March 31, 2011 IRELAND yesterday confirmed that there is a €24bn (£21bn) black hole in its banks’ funding and outlined a radical overhaul of the sector that will see five main banks consolidated into two. The plan, announced after markets closed, effectively nationalises Ireland’s entire banking system and brings the cost of state support to a stunning €96bn [...]
Housing market faces years of gloom April 26, 2011 IT may not feel that way in some parts of Greater London but the housing market remains stuck in the doldrums. This is not surprising: the great housing bubble of the noughties hasn’t finished deflating yet. The readjustment process is continuing, with prices falling in real terms – and there is still a decent way [...]
House prices and mortgage approvals drop in January February 1, 2011 HOUSE prices and mortgage approvals both fell in the first month of 2011 sparking fears of a sluggish year for the property market, according to closely watched data published yesterday. Mortgage lender Nationwide, the first to publish figures for January, indicated that house prices declined by a seasonally adjusted 0.1 per cent last month after [...]
The clock is ticking to keep your savings from the taxman March 30, 2011 IF YOU are in the 20 per cent of Londoners who, according to research from Fidelity, put off getting their individual savings account (Isa) to the last week of the financial year, now is the time to shelter your savings from taxation. You will have to act quickly to pick up the best deals. Of [...]
THE TIPSTER March 20, 2011 WITH world soft commodity prices rising, there is one that has been difficult to get exposure to – rice. Origo, a private equity investor in China, has acquired approximately a 25 per cent stake in China Rice. This firm, a processing and distribution group, plans to create a nationwide brand associated with good margins. Exposure [...]
Diageo seals £1.3bn deal for Turkish spirits firm February 21, 2011 Diageo, the world’s biggest spirits maker, has confirmed a deal to buy the Turkish spirits group Mey Icki for £1.3bn to give it access to this fast-growing emerging market. The London-based maker of Johnnie Walker whisky and Smirnoff vodka is buying Turkey’s biggest spirits company from investment firms TPG Capital LP and Actera. The agreement [...]
Diageo seals £1.3bn deal for Turkish spirits firm February 21, 2011 Diageo, the world’s biggest spirits maker, has confirmed a deal to buy the Turkish spirits group Mey Icki for £1.3bn to give it access to this fast-growing emerging market. The London-based maker of Johnnie Walker whisky and Smirnoff vodka is buying Turkey’s biggest spirits company from investment firms TPG Capital LP and Actera. The agreement [...]
John Lewis sales stall again February 18, 2011 John Lewis JLP.UL posted a fourth consecutive week of lacklustre sales, adding to evidence consumers are cutting back on spending in the face of macro economic headwinds. The employee-owned group, which has been outperforming the broader retail sector for over a year, said on Friday sales at its department stores increased 1.4 per cent to [...]
Japan reactor crisis raises nuclear fears March 14, 2011 JAPAN fought to keep control of its damaged nuclear power plants yesterday, as explosions at two more of the Fukushima plant reactors fuelled fears of a partial meltdown from failed cooling systems and hammered the markets this morning. Japan’s Nikkei 225 index fell six per cent in the first hour of trading this morning, after [...]
Japan reactor crisis raises nuclear fears March 14, 2011 JAPAN fought to keep control of its damaged nuclear power plants yesterday, as explosions at two more of the Fukushima plant reactors fuelled fears of a partial meltdown from failed cooling systems and hammered the markets this morning. Japan’s Nikkei 225 index fell six per cent in the first hour of trading this morning, after [...]