Merlin spells out future IPO on FTSE100 September 6, 2009 MADAME Tussauds owner Merlin Entertainment Group is in the last stages of planning a £2bn main market listing. JP Morgan Cazenove, Deutsche Bank, BNP Parabis, Citi and Merrill Lynch are all believed to be vying for the position of bookrunner. The string of banks are now just waiting for a decision by Merlin and its [...]
Banks drag down the FTSE as miners and energy drop October 13, 2009 BRITAIN’S top shares closed 1.1 per cent lower yesterday, as weakness in banks outweighed strength in defensive issues, while sentiment was dampened by falls on Wall Street after disappointing corporate earnings. The benchmark FTSE 100 closed 56.02 points lower at 5,154.15, slipping below the 5,200 level which it hit for the first time in more [...]
BEST OF THE BROKERS September 8, 2009 MARKS & SPENCERAfter reviewing the autumn merchandise and its own forecasts, Investec raised its full-year 2010 pre-tax profit estimate for Marks & Spencer to £530m, from £475m, based on stronger gross margin progress than in previous guidance. However, the broker believes that some of the margin recovery booked in 2009/10 will make 2010/11 progress harder, [...]
CITY MOVES WHO’S SWITCHING JOBS September 30, 2009 ERNST & YOUNGThe accountancy firm has hired Luke Reeve as a director and Chris Lowe, pictured, as an associate director to beef up its capital markets advisory group in the face of the ongoing liquidity challenges faced by firms in the downturn. Reeve was previously head of private debt capital markets for the EMEA region [...]
CITY MOVES WHO’S SWITCHING JOBS September 24, 2009 F&C Commercial Property TrustThe trust has appointed John Stephen, currently an independent non-executive director, as its new chairman, effective from 31 October. Stephen will replace Peter Niven, pictured, who steps down as chairman after four years and will remain on the board as a non-executive director. Niven is also a director of Resolution, which recently [...]
CITY MOVES WHO’S SWITCHING JOBS September 28, 2009 HSBC Private BankThe bank has appointed Chris Allen, currently head of real estates at HSBC Alternative Investments Limited (HAIL), as managing director and head of the HAIL division. Prior to joining HSBC in 2007, Allen spent ten years at real estate services company Colliers International, latterly as an executive director in its investment division, before [...]
NEW YORK REPORT September 8, 2009 US stocks advanced yesterday on an uptick in corporate deal activity while the weak dollar led to gains in commodities, lifting shares of oil and mining companies. Although Kraft’s stock fell nearly 6 per cent, other food companies rose, including Hershey, which added 1.3 per cent to $39.14. The dollar fell to its lowest this [...]
IMF chief scandalised by large bonuses at US banks July 29, 2009 THE return of large bonuses for employees of US banks is a scandal, International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said yesterday. “Frankly, I’m scandalised by what I’m seeing,” he said in an interview with France 24 television when asked whether he was concerned about large bonuses. He said they encouraged risky behaviour that [...]
IMF chief scandalised by large bonuses at US banks July 29, 2009 THE return of large bonuses for employees of US banks is a scandal, International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said yesterday. “Frankly, I’m scandalised by what I’m seeing,” he said in an interview with France 24 television when asked whether he was concerned about large bonuses. He said they encouraged risky behaviour that [...]
SWEETPICKINGS The ADVISERS September 13, 2009 Fittingly for one of the largest M&A deals to be proposed so far this year, Kraft and Cadbury have appointed an army of advisers to stand behind them in their respective quests – a move which could cost the two firms upwards of $90m (£54m) in fees. Cadbury is taking advice from Goldman Sachs, UBS [...]