Jones given £22m boost from LDC
The country clothing specialist Joules has received a £22m investment from LDC, the private equity arm of Lloyds Banking Group. The deal will see LDC take on a minority stake in the company, which owns 76 stores in the UK and also sells its clothes in retailers which include John Lewis, Harrods and Selfridges.
HSBC ‘optimistic’ about recovery
HSBC’s chief executive, Stuart Gulliver, said that Europe’s biggest bank was optimistic about growing signs of economic recovery in its major markets. His comments came as HSBC said its profits grew by 10 per cent to $5.1bn (£3.2bn) in the three months to September, which was in line with City forecasts.
‘Business not the enemy’ says CBI
Business is not the enemy, and must win over public opinion if it is to shape government policy over the next few years, the president of the CBI warned. Sir Mike Rake claimed that politicians would continue to “play to public opinion” unless there was better understanding between the business world and the public.
City building hits a five-year high
Rising confidence among developers and occupiers has pushed office building in the Square Mile to a five-year high, industry experts have claimed. The latest biannual London Crane Survey reveals that nine new building projects are under way in the City totalling 1.3 million sq ft in past six months as tenants clamour for space.
Quintain cashes out in Greenwich
Quintain Estates has cashed in on the Greenwich Peninsula regeneration project by selling its remaining 40 per cent stake to its Chinese development partner. Knight Dragon. Quintain has made a £117m profit on Greenwich which it said will help speed up development of its Wembley Park development.
Migrants led to lift in productivity
Immigration to Britain has coincided with a boost to our national productivity, according to the National Institute for Economic and Social Research. It found a “positive and significant” association between the increase in the employment of migrant workers between 1997 and 2007 and labour productivity growth.
Wauthier probe fails to find issue
Probes by Swiss regulators have found no sign that Zurich’s former chief financial officer Pierre Wauthier was subject to undue pressure before he killed himself in August. Wauthier’s widown held Zurich’s then-chairman Josef Ackermann partly responsible for his death.
Profit warning at Weir due to delays
Mining project delays and weakness in its oil and gas business saw engineer Weir Group issue a profits warning yesterday. City analysts had expected the group to post an annual profit of around £446m, but Weir conceded that its profit will now be between £425m to £435m.
DAMAC set for London exchange
Dubai property developer DAMAC has joined the flood of companies looking to list on the London Stock Exchange Hussain Sajwani, founder and executive chairman, will sell an undisclosed stake in the group to raise $500 million (£313 million).
Square Mile jobs market hit slump
The Square Mile’s jobs market flagged last month according to new research. A total of 2,335 new roles were created last month in the district, down from 2,380 in September, according to City recruiter Astbury Marsden.