News

Your daily news update straight from the City PM newsroom in London

Axa looks to offload its stake in Chinese Taikang Life arm

October 22, 2009

FRENCH insurer AXA has started the ball rolling on a Chinese asset sale that could raise as much as $1bn (£604m). Axa will sell the 15.6 per cent Taikang Life Insurance Company stake it took on when it bought Swiss group Winterthur in 2006. The group has enlisted US investment bank Morgan Stanley to advise [...]
Aviva unveils shake-up of European arm

October 22, 2009

INSURANCE giant Aviva has unveiled plans for a “quantum leap” restructuring of its mainland European operations. The group, led by chairman Lord Sharman, has said it will integrate 12 separate businesses across Europe, and adopt a single distribution model across the region. It will simplify its product range as part of the move, designed to [...]
HOW DID THE MARKET REACT TO DEBENHAMS’ RESULTS?

October 22, 2009

KATHARINE WYNNE INVESTECWe believe the combination of positive margin trends, evidence of improving full price sales despite a highly promotional stance, and Debenhams’ brand mix – which allows customers to trade up and trade down within the range – should support a higher valuation. KEITH BOWMAN HARGREAVES LANSDOWNDebenhams has climbed a very steep hill, with [...]
Green appoints chief exec to run clothing empire Arcadia

October 22, 2009

RETAIL magnate Sir PhilipGreen yesterday appointed a full-time chief executive to run clothing business Arcadia. Green said he had hired Ian Grabiner, Arcadia’s chief operating officer, as chief executive, as he warned of a tough Christmas on the high street. And the tycoon – who is adamant that the shake-up will not see him take [...]
Profits up at Debenhams

October 22, 2009

Department Chain Debenhams reported a better-than-expected 14 per cent full-year pre-tax profit and saying it had cash for acquisitions. Disappointing retail sales data from the Office for National Statistics cast a shadow over Debenhams’ news that it had made a profit of £125.2m, driven by a strong demand for its Designers at Debenhams range. Sales [...]
HORLICK PLANS SECOND PUSH INTO FILM INVESTMENT AT BRAMDEAN

October 22, 2009

CITY superwoman Nicola Horlick has been keeping herself to herself of late, but she came out yesterday guns blazing to deny scurrilous rumours that her firm, Bramdean Asset Management, is on the block. “Bramdean is not for sale,” she insists, before launching into a tirade against idle gossipers. Horlick – who earlier this year was [...]
Sports Direct races ahead

October 22, 2009

Mike Ashley’s budget sports retailer Sports Direct gave an up beat pre-close trading update, saying it is still confident of achieving earnings before interest, tax and depreciation of at least £150m in the current financial year. Ashley also said the board is comfortable the company could reduce its net debt to below £400m. The company, [...]
Retail sales stagnate for second month in a row

October 22, 2009

DESPITE recent surveys suggesting a brighter outlook for the British high street, official data showed yesterday that retail sales failed to grow in September for the second month in a row. Figures from the Office for National Statistics (ONS) showed there was no growth in the volume of retail sales compared to August. However, the [...]
PICKUP A PROPERTY BARGAIN

October 22, 2009

NIGEL Pickup, manager of the Skandia Property fund, plans to use the vehicle’s £75m war chest to buy undervalued property as the commercial property market stabilises. Pickup said yesterday he has already bought Cheadle Royal Business Park in Manchester for £8.7m.
Availability of credit improving but lending remains subdued

October 22, 2009

THE flow of lending to UK businesses improved markedly in August but still remained in negative territory, the Bank of England said yesterday. Its monthly Trends in Lending report also showed that, following robust capital market issuance over recent months, net funds raised by UK businesses weakened in August. The report said repayments outstripped new [...]