Japan’s Mizuho in the clear over loans to yakuza October 28, 2013 MIZUHO Financial Group did not intentionally cover up loans to yakuza mobsters, an outside panel said yesterday, a verdict that increases the likelihood Japan’s second-biggest bank by assets will escape serious penalty over the scandal. Mizuho said its president and CEO, Yasuhiro Sato, would keep his job but have his pay suspended for six months. [...]
Best of the Brokers for 21 October 2013 October 20, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS HSBC has kept its “overweight” rating on the online fashion store and hiked its target from 4,380p to 7,160p ahead of full-year results on Wednesday. The broker moved its target after changing its value measure to enterprise value and sales growth. DEBENHAMS [...]
Bottom Line: Hot competition in retail revolution November 5, 2013 PRIMARK doesn’t sell food, but if it did, it’s unlikely the range would compete with Marks & Spencer. Unfortunately for the 129-year-old high-street stalwart, its younger rival does sell clothes – a lot of them. Yesterday’s contrasting results from the two retailers were a stark reminder of just how much the British high street has [...]
Japan looks to private help with reserves October 13, 2013 THE JAPANESE government is set to look for private sector assistance in managing its enormous foreign currency reserves, according to the country’s finance ministry. Prime Minister Shinzo Abe’s government wants to lift the current ban on private involvement, enlisting the services of financial institutions. The country holds around $1.27 trillion (£795.8bn) in foreign exchange reserves, [...]
Former M&S exec joins hotel group August 28, 2013 Former Marks & Spencer finance head Ian Dyson has added a new non-executive role to his portfolio by joining the board of Intercontinental Hotels. Dyson, who is a non-executive at Punch Taverns and is joining the Asos board in October, spent several years as the financial controller of Hilton Group.
Bumper Christmas boosts ASOS January 17, 2013 ONLINE fashion retailer ASOS yesterday said its retail sales rose 41 per cent to £78.1m in December, helped by a strong showing in its home market over Christmas. UK retail sales were up by a better-than-expected 34 per cent to £35.7m, driven by its decision to the trim prices of its own-branded products. International sales [...]
As one fashion door closes the next one opens July 16, 2013 THERE has been a mass exodus in the retailing world lately – with British fashion label Nicole Farhi going into administration last week and two female retail powerhouses bowing out of their high-powered jobs this week. My-wardrobe.com founder Sarah Curran left her role as board member and face of the firm on Monday, and only yesterday [...]
London Report: GDP figures and housing prices reveal recovery October 20, 2013 GROSS domestic product (GDP) figures due on Friday are expected to reveal the UK’s solid recovery prospects, coupled with further good news from Nationwide and Rightmove housing figures earlier in the week. Analysts predict further improvement in the economy, with third quarter GDP expected to rise. “We expect GDP to rise 0.8 per cent quarter-on-quarter. [...]
APR Energy to buy GE rental unit for £194m October 23, 2013 TEMPORARY power provider APR Energy yesterday said it has agreed to buy General Electric’s power rental business for $314m (£194m), in a deal which its chief executive called “transformational” for the company. John Campion told City A.M. that the acquisition of GE Power & Water in Houston, which rents mobile gas turbines to provide temporary [...]
Entrepreneurs now have their own pressure group – at last November 18, 2013 LISTEN up, entrepreneurs: you are about to get your own trade union. Yes, you read that right – a union, or at least a pressure group, specifically set up to fight for those who create and set up businesses. This new Entrepreneurs’ Alliance is an excellent idea. There are lots of groups that support established [...]