Default risks keep cost of lending high September 19, 2010 AN INCREASE in financial institutions’ perceived riskiness and their need to shore up balance sheets in the wake of the credit crisis has kept the cost of borrowing high despite the Monetary Policy Committee (MPC) slashing headline interest rates to historic lows, the Bank of England will say today in its latest quarterly bulletin. Despite [...]
China’s Mr Private Equity explains the new frontier’s hopes and risks October 17, 2010 VICTOR ZHIKAI Gao is staying at the Langham Hotel, down the road from the Chinese Embassy. Just off a plane from Beijing, and sipping green tea to stay ahead of his jet lag, he is in London to brief an investment bank on China’s rapidly developing private equity sector. Although jaded, he manages to be [...]
Pendragon profit up 48pc after luxury car sales soar August 10, 2010 CAR dealer Pendragon reported a 48 per cent rise in first-half profit, helped by growing revenues at its premium cars and aftersales businesses, and said it would deliver further growth in the second half. The UK’s largest motor retailer on Tuesday posted a pre-tax profit of £15.7m on sales 15 per cent higher at £1.83bn [...]
Eurozone loans to households surge in July August 26, 2010 LOANS to European households and businesses grew at the fastest pace in more than a year in July as optimism about the currency bloc’s economic recovery grew, the European Central Bank (ECB) reported yesterday. The central bank said that lending to the private sector increased 0.9 per cent on July 2009, building on a 0.5 [...]
Property price slide starts to feed through to companies August 15, 2010 RENEWED weakness in the housing market pushed more real estate services companies to the brink in July, according to the latest monthly City A.M./Begbies Traynor health monitor for the Square Mile. As economists look to September as the “crunch time” for Britain’s struggling property sector, our survey shows 945 firms across London including estate agents, [...]
Kingspan to reinstate its dividend in bullish move August 23, 2010 IRISH building materials group Kingspan beat earnings forecasts and resumed dividend payments yesterday as firm orders defied fears of a slump back in to recession in the United Kingdom, United States and Europe. “There’s a fierce amount of negativity out there but it’s not evidenced in our order books,” chief executive Gene Murtagh said. “For [...]
Resolution posts profit and eyes new acquisitions August 17, 2010 Insurance buyout vehicle Resolution said on it would hunt out further acquisitions in a consolidating sector, as it posted an interim profit compared to a loss a year earlier. Resolution made an operating profit before tax of £203m for the six months ending June, compared to a loss of £7m a year earlier. Its earnings [...]
ANALYST VIEWS: WHAT IS THE OUTLOOK FOR IHG AND THE HOTEL SECTOR AS BUDGET CUTS BITE? August 10, 2010 KEITH BOWMAN | HARGREAVES LANSDOWN Sales momentum has continued to build, with the results broadly reflecting global economic trends. China and Asia are leading the way, whilst the recovery in the financial sector is aiding important destinations such as New York and London. SAM HART | CHARLES STANLEY Long term prospects for the group remain [...]
Balfour Beatty lifted by acquisition August 11, 2010 CONSTRUCTION group Balfour Beatty said half-year pre-tax profit rose by 32 per cent on the acquisition of a US company last year and a strong performance in Britain and Asia. First-half pretax profit rose to 141 million pounds, compared to £107m last year, boosted by earnings at project management business Parsons Brinckerhoff. “Our strategy has [...]
Ed Miliband: I’m no union puppet September 28, 2010 ED Miliband yesterday tried to distance himself from the unions who funded and supported his leadership campaign, insisting he would not support a wave of public sector strikes. In his first major speech as Labour leader, Miliband warned trade unions that “irresponsible” industrial action would alienate the public. He said: “I have no truck, and [...]