Business News in Brief: 10/10/2010


Bank of America renews Canary Wharf lease


Bank of America is close to agreeing terms to renew its lease at 5 Canada Square in London's Canary Wharf.

The bank, which merged with Merrill Lynch in 2009, occupies 300,000 sq ft of office space on a sublease from Credit Suisse in the building which is owned by private investment bank Evans Randall. The bank had a option to break its lease in 2012 and could have relocated to the Square Mile. It is an important occupier for London's Docklands to retain.

Versace set to report positive growth

Versace will make a half-year statement on Tuesday detailing the latest progress in its restructuring which began when its chief executive, Gian Giacomo Ferraris, took over. The luxury fashion retailer, whose creative designer is Donatella Versace, left, will be the latest Italian fashion house to report what is expected to be positive growth news. Prada and Ferragamo have already forecast a better 2010 after reporting double-digit revenue rises.

Poland to float stake in Warsaw Stock Exchange

Poland's state treasury is to float a 64 per cent stake in the Warsaw Stock Exchange, the largest bourse in central and eastern Europe, on 9 November as part of its privatisation programme. The listing is expected to raise 1.3bn zloty (£285m) and will reduce the treasury's 99 per cent ownership. The exchange, the fastest growing in Europe, has 383 listed companies with a market capitalisation of 727bn zloty. Last year it had an operating profit of 79.5m zloty.

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