RWE starts auction for German grid

first_img Tags: NULL KCS-content Wednesday 11 August 2010 8:22 pm whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoHero WarsBig Boss of internet games!Hero WarsUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoNinjaJournalistAdvertisement 25 Cute Baby Animals That Will Melt Your HeartNinjaJournalistUndo More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com Show Comments ▼center_img whatsapp GERMANY’S RWE, Europe’s fifth-largest utility, said it has launched an auction process for the sale of its gas transmission network Thyssengas.RWE, which has to sell the business by March 2011 after settling an EU antitrust investigation, said it was expecting expressions of interest for the grid by 25 August.“We contacted potential investors from Germany and abroad last week. We hope to get answers from serious investors by 25 August and finish the process by the end of the year,” an RWE spokeswoman said late yesterday.One source who declined to be named, but who is familiar with the deal, said Thyssengas is estimated to have a regulated asset base of around €500m.A consortium of Bavarian gas company Bayerngas and local utilities Stadtwerke Dortmund, Dortmunder Energie und Wasser, Stadtwerke Bochum, Munster and Gelsenwasser is interested in bidding for Thyssengas, spokespeople for it said.The sale could attract financial investors such as infrastructure funds, though German gas infrastructure deals have recently struggled.RWE shares closed down 2.3 per cent to €54.2, in line with the German blue-chip DAX index, which closed down 2.1 per cent. Share RWE starts auction for German grid last_img read more

Bank of England’s preferred measure of money supply fails to grow in July

first_img Share Bank of England’s preferred measure of money supply fails to grow in July Show Comments ▼ Tuesday 31 August 2010 8:48 pm whatsapp KCS-content Tags: NULL whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof THE Bank of England’s preferred measure of Britain’s broad money supply – excluding intermediate financial institutions (M4X) – failed to grow in July, raising fears among some economists that asset purchases have failed to boost the money supply sustainably. According to figures published by the central bank yesterday, its preferred measure was flat on the month while the headline measure posted growth of 0.4 per cent compared to June. The three-month annualised growth of the preferred measure slowed to 5.6 per cent from 6.8 per cent, taking it back below the 6-9 per cent range that Bank governor Mervyn King has said he is aiming for. However, other economists point to the faster pace of growth in the key money supply measures since the start of the year, with M4X growing at 5.9 per cent over the past six months. Henderson’s Simon Ward points out that within broad money non-financial companies’ holdings rose by 0.9 per cent in July, pushing annual growth up to 4 per cent.But, unusually, households’ broad money holdings were unchanged in July. The last and only time this has happened since 1997 was in October 2008 at the height of the financial crisis. Ward attributes this lack of growth to households switching into mutual funds and borrowers repaying debts. last_img read more

William Hill in World Cup boost

first_img William Hill in World Cup boost Bookmaker William Hill said yesterday it expected to report operating profit at the top-end of analysts’ expectations after a strong third-quarter helped by favourable football results and the later stages of the World Cup. The company, which has a high-street and an online presence, said net revenue grew 22 per cent, with internet sales up 35 per cent against 16 per cent growth for retail, and group operating profit rose 64 per cent in the 13 weeks to 28 September. Chief executive Ralph Topping said: “We have seen an ongoing positive performance from our growing online business and from machines which, when allied to a period of very favourable sports results, have driven strong net revenue performance.” He said the group was well placed for the final quarter, although wider economic concerns kept it cautious for 2011. Tags: NULL whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Sharecenter_img Thursday 21 October 2010 8:06 pm Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads KCS-content whatsapplast_img read more

Time running out to halt City exodus

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFactableThis Is What Historical Figures May Have Really Looked LikeFactableFamilyThisThe Biggest Wrestlers From Back In The Day & How They Look NowFamilyThisItsTheVibeThe Cutest 1980’s Stars Are Now In Their 60s, This Is Them NowItsTheVibeMovie JewelInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeMovie JewelDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyTaco Relish20 Southern Phrases Northerners Don’t UnderstandTaco RelishZen HeraldShe Inspired Three Of The Most Popular Songs EverZen HeraldBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Health whatsapp KCS-content whatsapp IMAGINE the scene. It’s late 2011; Bob Diamond, Barclays’ boss, is posing with New York’s Mayor Michael Bloomberg in front of the firm’s New York headquarters. Bloomberg is boasting to the local media about how much he expects his city to make in extra tax receipts from Barclays’ relocation, which has just been completed. Meanwhile, in London, panic has broken out: the goose that laid the golden tax and jobs eggs is beginning to fly away, and nobody knows what to do. The populist media are cheering the departure of the hated bankers while calling for massive retribution against the firm’s UK assets – but in Downing Street, the penny has finally dropped. They went too far with the rhetoric, massive tax hikes and break-up threats – and are now paying the consequences in reduced tax receipts, job relocations, fallout across the rest of the City and the collapse of Britain’s reputation as a hub for global firms.Science fiction? For the time being, perhaps. Barclays is still here, based in its gleaming tower in Canary Wharf; HSBC remains technically headquartered in the UK, though its CEO has already relocated to Hong Kong. While the corporate exodus is accelerating, most departures have been either non-financial firms such as Wolseley, the heating and plumbing giant, or smallish hedge funds. But as we reveal in our exclusive story on page one, Barclays is now considering very seriously whether or not to move. Its responsibility to its shareholders is to maximise profits, and the costs of being based in Britain keep on rising. Barclays’ board has discussed the issue repeatedly; a vast amount of work has already been done. No decision has been taken, however, partly because several intriguing obstacles to a departure have been uncovered. The potential problems add up to what a senior source has described to us as “exit penalties”. These include the need to reapply for FSA authorisation for the remaining UK operations (retail and wholesale), the possibility that many contracts would become invalidated (and have to be “novated”), the possibility that more capital would have to be kept in the UK operations, and other possible bureaucratic hurdles or penalties. So while firms such as WPP, the advertising giant or Shire, the pharmaceutical maker, found it easy to relocate for tax purposes, it would be trickier – albeit certainly not impossible – for the likes of Barclays to do so.There is another point which Barclays’ board has doubtless considered. The UK authorities have a vast amount of leverage over the banking industry, and especially over universal banks with large retail operations. Barclays is especially at risk of any attempt to push through a UK version of Glass-Steagall, separating investment banking from retail banking (a course of action that has been largely rejected in the US). It also stands to lose out if the UK authorities decide to force existing retail banks to sell off some of their branches. So it may be that Barclays is hesitant to relocate for fear of being severely punished by a vengeful government.Regardless of any of these barriers to exiting, the day that one of London’s biggest banks finally decides to up sticks is edging ever closer. Contrary to what the banker-bashers would like us to believe, this would be a disaster for London, for jobs and for the UK’s prosperity. The ball is in George Osborne’s court; he needs to drop his anti-City rhetoric and taxes before it is too [email protected] Share Wednesday 27 October 2010 9:01 pm Time running out to halt City exodus Show Comments ▼ Tags: NULLlast_img read more

CITY PUBLIC AFFAIRS LANDSCAPE DUE FOR A SHAKE-UP AS TIM BURT LEAVES BRUNSWICK

first_img Show Comments ▼ CITY PUBLIC AFFAIRS LANDSCAPE DUE FOR A SHAKE-UP AS TIM BURT LEAVES BRUNSWICK KCS-content Tags: NULL whatsappcenter_img Share TIME for some fresh blood in City public affairs, it seems, with the founding of a brand new financial PR firm by Brunswick partner Tim Burt.Burt is set to launch Stockwell Group along with the former chief executive of Maitland Philip Gawith and Financial Dynamics co-founder Julian Hanson-Smith, both of whom will be on the board. And Gawith, Burt and former Grandfield’s chief executive Nick Boakes will be taking equal shares alongside a minority stake for Hanson-Smith’s Iceni Capital, the private equity house.But Burt’s colleagues are still in the dark as to his rationale, admitting to being “shocked” at the bold move. After all, it’s not everyday that a senior Brunswick guy defects to found a rival firm.Perhaps Burt was inspired by a similar move by former Brunswick partner Andrew Grant a decade ago, when he struck out to found Tulchan Communications. Tulchan isn’t doing too badly with the likes of M&S, Whitbread and ITV on its books. Meanwhile, The Capitalist is happy to see that Gawith has found himself a new home after losing out on his CEO role at Maitland to Neil Bennett. Whenever the City closes a door, it opens a window… EYES ON THE PRIZEIT turns out Brits have some odd expectations of the next decade, according to MSN’s Pulse of the Nation study out yesterday. The survey quizzed 100,000 people on their vision of the UK ?in 2025 and it turned up some interesting – and depressing – results.More than half of those asked said they think that celebrity culture will become a registered profession in 15 years, but there’s no rest for the wicked: an overwhelming 74 per cent of people said the retirement age could reach 70 by then. On the brighter side, 22 per cent reckon humans will have reached Mars, with four per cent going so far as to envision a permanent base being set up. Let’s hope the grounds for the next space race aren’t quite as traumatic as the Cold War. But at least humanity is also expected to advance in other ways. Brits seem to have their eyes on a, ahem, bigger prize than the red plant: 40 per cent think that penile implants and “man boob” surgery will be commonplace by 2025. A brave nude world awaits.GERMAN GHOSTS EUROPE is amply aware that its biggest economy isn’t keen to become a cash cow for its bankrupt neighbours, but fears in Germany could be reaching fever pitch for an additional reason, according to Frankfurt University professor Wilhelm Hankel. “Germany cannot keep paying for bailouts without going bankrupt itself,” he said, adding that people remember losing their savings due to hyperinflation in the ’20s. “You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver.”Time to start clearing space under the mattress. VINTAGE HEAVEN City vintage car lovers have a lot of presents to look forward to this Christmas – £8m’s worth of gifts, to be precise. COYS auction house, which specialises in rare vehicles, will hold a sale which is expected to raise £8m next week in London, with a 1958 250 GT LWB Ferrari (pictured) expected to go for between £800,000-£1m and a 1930 Rolls-Royce Phantom II Tourer on offer for £180,000 to £200,000.“These are the ultimate Christmas presents,” says COYS MD?Chris Routledge. You don’t say.STILL FIGHTINGTragic timing for the Institute for Turnaround yesterday as it convened its annual awards to celebrate British businesses with a knack for survival in hard times. Just as the institute was preparing to hand its private company turnaround of the year award to Bernard Matthews Ltd, the turkey producer, the firm’s founder Bernard Matthews passed away. “Bernard Matthews fought off tough competition to win,” the institute announced regardless, five days after the announcement of Matthews’ death. Whoops. Wednesday 1 December 2010 8:06 pm whatsapplast_img read more

Omega gets bid approach

first_img whatsapp Share SHAREHOLDERS at Lloyd’s of London insurer Omega Insurance are mulling a takeover bid from private equity-backed rival Canopius, it was confirmed yesterday.Omega said it had received an unsolicited approach proposing an unspecified mixture of cash and unquoted shares but an offer would not necessarily be forthcoming. Omega’s board would continue to focus on growing the business, it said, and its largest shareholder, Invesco Perpetual, “is supportive of that position.” But weary shareholders, who have endured a torrid past year in which a boardroom battle led to the sacking of five directors, may be looking for an exit, sources told City A.M. The firm posted a first-half loss of $34.2m (£22m) in August. “I don’t think this proposal would have seen the light of day if shareholders were not keen,” one said, adding that Omega remains undervalued as its turnaround strategy is failing to show results yet. It is thought that an offer of 120p per share will gain shareholder support. Omega’s share price has fallen from 140p in 2008 to a low of 83p in August. Shares closed up 6.25p to 102.75p on news of the approach. RICHARD TOLLIDAYFORMER OMEGA CHIEF EXECUTIVEOMEGA still has to come to an agreement over compensation for the ousting of its former chief executive Richard Tolliday last year. Analysts estimate Tolliday is claiming around $11m (£7.06m) in total, which includes compensation for a long term incentive programme which was worth more than $6m to him.Omega sources said that the claim from Tolliday was ongoing and that the group was trying to work out what it believed its liability to be.Tolliday was paid $1.1m including his bonus and pension, according to the last annual report, with a basic salary of $816.000. He also had share options.Sources say that he was entitled to a change of control or a termination of his contract of up to three years’ salary, three years’ maximum bonus entitlements (to a maximum of 150 per cent of salary), the value of two years’ benefits and a pro rata maximum bonus in respect of the year in which his contract was terminated (maximum 150 per cent of salary). David Hellier More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Tags: NULL whatsapp Monday 10 January 2011 8:13 pm Show Comments ▼ Omega gets bid approach KCS-content last_img read more

Lawyers warn employment claims may spike after tribunal reforms

first_img Share KCS-content Show Comments ▼ Lawyers warn employment claims may spike after tribunal reforms Thursday 27 January 2011 7:53 pm Tags: NULL whatsapp whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof PROPOSED changes to employment tribunal laws risk encouraging lengthier, more expensive claims that could mean businesses having to pay uncapped compensation fees.The employment tribunal reforms – announced yesterday by the government – aim to reduce unfair dismissal claims by changing the qualification period from one to two years. But the changes could lead unhappy employees to seek alternative access to the courts through discrimination claims, with the onus on the employer to dispute the claim and prove it false. “If unfair dismissal claims are made harder then employees are more likely to find another way of phrasing a claim,” said employment lawyer Bettina Bender at CM Murray. “Discrimination claims are longer and harder to fight, with no cap on potential compensation.”Compensation for unfair dismissal claims is currently capped at £65,300, but will rise to £68,400 on 1 February. last_img read more

Government warns Mifid review could hit industry

first_imgThursday 3 February 2011 7:30 pm THE BRITISH government rushed to defend the banking industry yesterday, saying a planned European Union reform of market trading rules must not harm competition.The European Commission has just ended a public consultation on changes to its markets in financial instruments directive (Mifid), a set of rules that have torn down barriers to cross-border trading in shares.“If we get the Mifid review right, we have the potential to build on this progress. But if we get it wrong we could set ourselves back a decade,” financial services minister Mark Hoban told an industry conference.However, the International Capital Market Association yesterday raised its concern over a “rushed” review process, which it said could result in costly unintended consequences.Senior adviser John Serocold said: “We have to go on working with policy makers to improve these proposals.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionMoneyPailShe Was Famous, Now She Works In {State}MoneyPailLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBe20 Stunning Female AthletesBetterBeBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeHero WarsThis game will keep you up all night!Hero Warsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar Program Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof KCS-content whatsappcenter_img whatsapp Share Tags: NULL Government warns Mifid review could hit industry Show Comments ▼last_img read more

Pattonair eyes £200m sale

first_imgSunday 6 February 2011 9:37 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamBetterBe20 Stunning Female AthletesBetterBe whatsapp Pattonair, a supplier to the defence sector, is to be put up for sale for more than £200m. The company’s listed parent Umeco, has appointed Rothschild to advise on the sale of the business. Lloyds Banking Group’s private equity unit, Lloyds Development Capital, is said to be in exclusive talks as a potential buyer. The Derby-based firm supplies parts to Rolls Royce, BAE and Boeing and employs more than 250 staff. Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proofcenter_img whatsapp Share KCS-content Pattonair eyes £200m sale Tags: NULLlast_img read more

John Lewis issues £50m retail bond

first_imgSunday 6 March 2011 10:30 pm whatsapp ● Tesco Tesco Bank’s retail bond smashed expectations by raising £125m from private investors, above the company’s target of £50-£100m. The bond launched last month as part of the London Stock Exchange’s new retail bond market. KCS-content Show Comments ▼ whatsapp THE John Lewis Partnership has issued a retail bond for its cardholders and Partners in a bid to raise £50m of funds by April.Customers who hold either the Partnership or Account cards, as well as current Partners in the employee-owned firm, can invest lump sums of between £1,000 and £10,000 into the John Lewis Partnership bond without having to go through a broker.The bond is a five-year savings product that offers investors a fixed annual return of 4.5 per cent in cash with a further two per cent paid in John Lewis gift vouchers. At the end of five years, the Partnership will return customers’ investments in full.The Partnership is inviting cardholders to apply between today and 11 April, with applications confirmed on a first-come, first-served basis. The issue will be closed when total bond applications reach £50m.Charlie Mayfield, chairman of the John Lewis Partnership, believes current low interest rates and yields make the retail bond an attractive investment option for the company’s Partners and cardholders.He said: “For many years, the Partnership has raised finance via corporate bonds and bank lending. We want to explore alternative ways of raising funds as part of the Partnership’s borrowing programme, and to reach out to the retail investor.”Ian Fleming, head of Treasury at the John Lewis Partnership, said: “We carried out research among our cardholders to see which features they valued and they told us they wanted a competitive return with the added reward of gift vouchers.”John Lewis Group is expected to post increased profits when it posts its full-year results on Wednesday, despite a slowdown in sales.Analysts predict the business will post a 15 per cent rise in pre-tax profits to £352m for the year to January, with employees collecting a corresponding annual bonus payment of at least 15 per cent of their salary.PREVIOUS FLOAT OFFERS FOR CUSTOMERS● Ocado Middle England’s favourite online grocer offered priority shares to customers last summer as part of its initial public offering. The flotation had a disastrous start and the share price tumbled, but has steadily risen since.● EurotunnelEurotunnel sold shares to 4,000 foundation holders in 1987, entitling them to unlimited travel for £1 a year until 2086. But huge losses subsequently sent the tunnel operator’s shares into meltdown.● Hotel ChocolatThe candy maker aimed to raise £5m by persuading customers to invest in three-year bonds in the company that paid interest on customers’ investments in boxes of chocolates. ● King of ShavesThe men’s grooming brand offered shavers the chance to invest in the firm’s growth by issuing 5,000 shaving bonds, which aimed to pay back six per cent over three years. Share John Lewis issues £50m retail bond Tags: NULLlast_img read more