WHAT THE OTHER PAPERS SAY THIS MORNING March 28, 2010 THE SUNDAYS The Sunday Telegraph OCADO TO HIT PROFIT IN TWO YEARS Ocado’s imminent plans for a £1bn stock market flotation have been given a boost after a detailed research note from an expert retail analyst firm said that the online retailer would be making pre-tax profits within “a two-year time frame”. The note said [...]
BEST OF THE BROKERS March 14, 2010 HOME RETAIL GROUP Charles Stanley said the group’s fourth quarter trading update covering the eight weeks to 27 February was mixed. Trading was impacted by poor weather in January, but the impact on profits has been limited as the period is traditionally a low volume one. The broker remains cautious especially over the growing threat [...]
Provident looks to float Kabel Deutschland February 22, 2010 Private equity firm Providence Equity Partners is thought to be considering listing German cable TV operator Kabel Deutschland on a stock exchange, abandoning its plan of a €1bn (£882m) sale to a buy-out firm. The listing could lead to a higher valuation of the company than an outright sale. Providence, which owns 88 per cent [...]
US banks in homes fire sale February 16, 2010 MAJOR US banks are preparing to clear their books of troubled mortgages through “short sales”, where homeowners settle debts by selling their properties for less than the mortgage value. Short sales at banks such as Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are expected to rise this year as house prices continue to [...]
Persimmon back in profit March 2, 2010 HOUSEBUILDER Persimmon swung back into profit last year after writing up the value of its landbank by almost £75m. Pre-tax profits came in at £77.8m compared to a £780m loss in 2008 when lower property valuations took their toll as the sector was ravaged by the recession. The UK’s largest housebuilder completed 8976 homes last [...]
Blockbuster puts Euro arm up for sale March 14, 2010 FILM rental chain Blockbuster has put its European arm up for sale, it emerged yesterday. The indebted US company wants to sell its European division, which it values at about £50m, to raise cash, a report said. Blockbuster has hired corporate finance house Winchester Capital to find a buyer for the European arm, which has [...]
HOW THE AGREEMENT AFFECTS THE CITY May 20, 2010 BANKING • The coalition has agreed to impose some kind of levy on the banking industry, although its exact form has yet to be decided. The Tories want to introduce a fee on banks’ wholesale funding, while the Liberal Democrats would prefer a tax on profits. • There is a vague commitment to tackle “unacceptable [...]
US markets flourish as positive news floods in April 5, 2010 Shares of natural resources companies led the gains on expectations that an improving economy would drive up demand. US front-month crude oil futures topped $86 a barrel and gave a big lift to energy shares, with Exxon Mobil Corp up almost 1 per cent and Chevron Corp up 1.3 per cent. The S&P energy index [...]
New piracy law is not a magic bullet April 8, 2010 THE thud of the Digital Britain bill hitting the statute books yesterday drowned out a collective sigh from the music industry. They shouldn’t be so relieved. Legislating to punish pirates will do nothing to address the massive challenges that record labels face in a digital age. Forcing internet service providers like TalkTalk to disconnect customers [...]
Green investment bank will invest in renewables March 24, 2010 AMONG the more eye-catching proposals in the Budget was the plan for a £2bn state-backed investment bank to develop infrastructure and renewable energy projects. Chancellor Alistair Darling confirmed the widely-trailed idea, which will be half-funded by the sale of the government’s interest in the Channel tunnel and in half with private cash. The bank will [...]