House prices still going up September 10, 2009 HOUSE prices rose 0.8 per cent in August, reducing the annual decline to 10.1 per cent, new figures from mortgage lender Halifax revealed yesterday. This marks the second successive monthly increase and the fourth so far this year, supporting the now widespread belief that the UK housing market has stabilised. More encouragingly, the less volatile [...]
Housebuilder Redrow unveils its worst ever annual results September 10, 2009 HOUSEBUILDER Redrow yesterday announced its worst ever yearly trading results, after its revenue dropped by more than half to £301.8m. The company may now be forced to launch a rights issue to boost its capital and finance land purchases. Group revenue fell from £650.1m for the same period a year ago, in line with tough [...]
US Beige book sees recovery September 9, 2009 HALF of the Federal Reserve’s 12 districts saw evidence that the US economy had improved by the end of August, although labour markets remained weak and retail sales were flat, a Fed report said last night. Dallas, Boston, Cleveland, Philadelphia, Richmond and San Francisco noted gains. “Most districts noted that the outlook for economic activity [...]
Frasers bucks retail misery September 9, 2009 DEPARTMENT store chain House of Fraser yesterday revealed that underlying profits jumped over the first half of the year as sales strengthened despite the challenging retail environment. House of Fraser, which was taken private in 2006 by a consortium that included now-bust Icelandic investor Baugur, Scots entrepreneur Sir Tom Hunter and the firm’s chairman Don [...]
The Galvins’ new City restaurant will be the ultimate family affair September 9, 2009 IT’S not about the money,” says Chris Galvin, as he sips a cappuccino outside the site of his new restaurant next to the glass buildings that stand around the revamped Spitalfields market, with the Gherkin poking its head over the buildings in the distance. His brother and his wife nod. It’s an unusual thing to [...]
AIG sells unit to Bridge for fee of $500m September 6, 2009 BAILED-OUT US insurer American International Group (AIG) has struck a deal to sell its investment advisory and asset management operations for around $500m (£305m), the company said at the weekend. Bridge Partners, which is owned by private equity house Pacific Century Group, is to buy AIG Investments for an initial $300m, but the price could [...]
Summer sales data to reveal retail outlook September 6, 2009 RETAILERS are set to provide fresh evidence of consumer confidence this week in a series of market updates. In a bid to revive the ailing retail sector the West End is launching High Street Fashion Week today in an effort to attract a predicted 2.4m shoppers to Oxford Street. ABF Foods, Primark’s owner, will today [...]
Summer sales data to reveal retail outlook September 6, 2009 RETAILERS are set to provide fresh evidence of consumer confidence this week in a series of market updates. In a bid to revive the ailing retail sector the West End is launching High Street Fashion Week today in an effort to attract a predicted 2.4m shoppers to Oxford Street. ABF Foods, Primark’s owner, will today [...]
Prudent Lee learns to leave behind netbusters and focus on net gains September 6, 2009 ROB LEE knows what financial mismanagement looks like. He witnessed the recklessness of England team-mates at the 1998 World Cup, who thought nothing of betting £5,000 a hand on card games. More recently he has seen his beloved Newcastle United relegated from the top flight while embattled owner Mike Ashley runs up personal losses of [...]
Prudent Lee learns to leave behind netbusters and focus on net gains September 6, 2009 ROB LEE knows what financial mismanagement looks like. He witnessed the recklessness of England team-mates at the 1998 World Cup, who thought nothing of betting £5,000 a hand on card games. More recently he has seen his beloved Newcastle United relegated from the top flight while embattled owner Mike Ashley runs up personal losses of [...]