Shoppers face price rises as retailers pass on higher freight costs
February 28, 2010 by admin · Leave a Comment
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By James Hall
Published: 12:30AM GMT 28 Feb 2010
An estimated 80pc of all the clothing and homewares sold on the UK’s high
streets is imported from the Far East. However, the cost of shipping goods
from Asia has increased sixfold since last February, causing industry
insiders to predict that retailers will have to increase prices to recoup
some of the costs. Any price rises could derail the fragile recovery in the
consumer economy.
Last February the cost of shipping a 20ft metal container full of products
from China to Europe was around US$300 (£197), the lowest freight rate for a
decade. Last week, by comparison, mainland China’s largest shipping company,
Coscon, said that rates for one of these so-called “20ft Equivalent
Units” (TEU) had risen to $1,400, plus a $510 so-called bunker
adjustment surcharge, an increase of more than six times.
VT Group investors want Babcock to see books
February 28, 2010 by admin · Leave a Comment
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By Lawrie Holmes, Amy Wilson, Louise Armitstead
Published: 12:27AM GMT 28 Feb 2010
A source close to the situation said Invesco was still insisting on a 750p
offer despite shareholders thought to include BlackRock, Artemis and
Scottish Widows wanting the company to open the books to allow Babcock to
identify the level of synergies available.
If Invesco, whose share of VT is worth around 12pc, added its weight to the
shareholders calling for the company to open its books, worth 10-12pc, the
company would almost certainly need to respond to the request.
BP joins the rush for gas
February 28, 2010 by admin · Leave a Comment
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By Kamal Ahmed
Published: 12:22AM GMT 28 Feb 2010
The company will say that a “dash for gas” is necessary as it is far
less polluting than oil or coal and is more reliable than renewable energy
sources such as wind and wave power. Technological advances have made gas
more readily available, which could also mean a reduction in costs for
consumers.
The strategy document will break down BP’s operations into three distinct
units: deep-water exploration, global gas and “oil out of the ground”
such as BP’s new fields in Iraq.
Four buyers keen to make bids for EDF
February 28, 2010 by admin · Leave a Comment
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By Lawrie Holmes
Published: 12:19AM GMT 28 Feb 2010
Sources close to the situation said EDF, which is being advised by Deutsche
Bank, Barclays Capital and BNP Paribas, sent out sale documents for the
process earlier this month. EDF is also thought to have put a caveat into
the sale process that it could still be halted should it decide at the end
of March there is not enough interest in the asset.
Four buyers are understood to be interested in putting in first-round bids for
the asset. A consortium including Australian infrastructure group Macquarie,
the Canadian Pension Plan and Abu Dhabi’s sovereign wealth fund ADIA,
thought to be advised by Goldman Sachs, is understood to be working on a
joint £4bn bid. Scottish and Southern Energy (SSE), which has teamed up with
Borealis, another Canadian pension fund, is also keen to bid.
It’s good news for Reader’s Digest as potential buyers signal a rescue
February 27, 2010 by admin · Leave a Comment
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By
Mail On Sunday Reporter
Last updated at 9:21 PM on 27th February 2010
Crisis: Things could be looking up for the UK version Reader’s Digest
The administrators of Reader’s Digest UK said today there was “significant interest” from potential buyers of the business and confirmed the magazine would continue to be published until at least April.The 72-year-old British edition of the magazine collapsed into administration earlier this month when its embattled US parent Reader’s Digest Association (RDA) said it was no longer able to support it following a crisis in its pension fund.Today, administrator Philip Sykes, of Moore Stephens, said there was “significant interest” as he sought a buyer for the business.Mr Sykes said: ‘While we are reasonably optimistic, it is difficult to predict a timescale, but negotiations with interested parties have begun.’The administrators said the April issue of Reader’s Digest would be published and RDA’s sales team was marketing advertising space to media agencies for the May issue.
British-owned producer of Kettle Chips is sold to U.S. conglomerate for £400million
February 27, 2010 by admin · Leave a Comment
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By
Daily Mail Reporter
Last updated at 4:39 PM on 27th February 2010
Deal: Kettle Foods, which makes the gourmet crisps Kettle Chips, has been sold to Diamond Foods for £400million
A British-owned producer of upmarket crisps is being bought out by a U.S. food conglomerate, it was revealed today.Kettle Foods, which makes Kettle Chips and has a factory in Norwich, is being bought by San Francisco-based Diamond Foods for £400million.Several U.S. companies are thought to have made bids to owner Lion Capital, the London-based private equity firm behind other well-known UK brands such as Weetabix and Wagamama.United Biscuits, which owns McVitie’s, Jacob’s and Twiglets, is also believed to have offered up to £200 million for the UK part of the business.The deal is expected to be completed by the summer.Michael Mendes, chairman of Diamond Foods, said his firm had ‘deep respect’ for Kettle’s ‘truly premium brand’.He said: ‘By adding Kettle, including its talented team of employees, our snack business will have greater scale, which will help us to drive even greater innovation in the snack market.’We believe Kettle Foods is a strong fit with the capability to provide solid financial returns for our shareholders, and we plan to invest behind the brand in several areas to position it for long-term success.’Kettle, which makes gourmet style crisps, nuts and tortilla chips, was founded in Oregon, U.S., in 1978.It started UK production in 1989 and moved to a dedicated site in Bowthorpe, on the outskirts of Norwich, in 1992.Lion Capital bought the business in 2006 for around £170million as part of a bid to become the UK’s second biggest snack company behind PepsiCo.Other investments in its portfolio include the Findus Group, Young’s and The Seafood Company.Lyndon Lea, from Lion Capital, said: ‘We are pleased to be selling this iconic brand and highly strategic asset to Diamond Foods, whose heritage of delivering the consumer premium snacking products and market-leading innovation complements the core tenets of Kettle Foods.’
Anger over commission on Fidelity’s Bolton fund
February 27, 2010 by admin · Leave a Comment
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By
Richard Dyson
Last updated at 10:05 PM on 27th February 2010
The launch of Fidelity’s China Special Situations investment trust has become mired in controversy over the investment house’s decision to pay commission to financial advisers promoting the fund. Some critics fear the incentive will encourage advisers to push the investment - which will be high risk - regardless of whether it suits savers’ needs. Others are angry that the commission will simply add to the fund’s overall expense, detracting from its appeal to small investors and rewarding middlemen even where they provide no service.
Celebrated: Anthony Bolton is running the fund
Britons march on Bulgaria ski resort - to demand entry to their own flats after being locked out of £6m complex by developer
February 27, 2010 by admin · 2 Comments
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By
Martin Delgado
Last updated at 10:34 PM on 27th February 2010
British investors who spent millions of pounds on flats in a Bulgarian ski resort have accused a local property firm of illegally taking possession of the building and denying them entry.About 70 families paid more than £6million for the apartments two years ago but have still not yet been able to gain access.They plan to gather in the town of Bansko next month and demand to be let in to the All-Seasons holiday complex.
Dispute: Around 70 families will gather in Bankso next month and demand to be let in to the All-Seasons complex
Investors: Sharon and Paul Hassall paid £200,000 for two apartments
Investors bought one- and two-bedroom flats off-plan through Rockarch Estates, a London agency for British buyers of Bulgarian property.But Rockarch says it was defrauded by a Bulgarian business partner with access to its accounts. The woman is alleged to have secretly transferred 29 of the flats, plus a restaurant, swimming pool, spa, conference hall and 30 parking spaces to a Bulgarian firm, Zekom, for a fraction of their real value.With the ownership in doubt, no title documents could be released and the Britons were stopped from entering the flats by security guards hired by Zekom. The firm denies any wrongdoing.There is no police investigation in Britain, but the case has been referred to the Bulgarian courts. A judge is expected to make a ruling next week. The Britons intend to insist on a legal right of permanent access to the flats. The protest organisers include Paul and Sharon Hassall, who paid nearly £200,000 for two flats. Mr Hassall, a financial adviser from Horsham, West Sussex, said: ‘They were an investment and also intended as a holiday home for us and our four children. Instead we’ve suffered two years of financial stress and worry because of this dispute.‘We have no complaint against Rockarch, which has done nothing wrong. But it’s hard to make progress in a dispute in a country as corrupt as this.’ Bulgaria joined the European Union in 2007 but corruption is still rife.Bansko, 120 miles from the Bulgarian capital Sofia, is a top-class ski resort. British buyers used to flock to Bulgaria but have largely stopped since the country’s property bubble burst in 2008.
Location: The slopes of Bankso where the All-seasons complex is located - families had expected to move in by the 2008-09 ski season
Zekom is run by Roman Romanov, who claims to wield ‘significant political and economic influence among the elite in Bulgaria’. When British investors complained about being denied entry to their apartments, Mr Romanov wrote to them: ‘All issues are to be resolved under Bulgarian law. This means only one thing – God Help You.’He also warned that unless the Britons paid for security patrols hired by his firm, guards would be withdrawn, ‘exposing your property to the risk of looting’.In the latest twist, Zekom has allegedly tried to oust the British owners and buy the site at a knockdown price by claiming a landslide has made it dangerous.Rockarch Estates director Renetta Katchashka said: ‘This has been a disaster for me. Rockarch is no longer trading because I spend my whole time working on the case. Through the actions of my former business partner, Zekom has acquired assets it has not paid for.’A Zekom spokesman said the company’s payment for the apartments ‘was done in full compliance with Bulgarian law’. He added: ‘No access is denied to owners who have presented their title deeds.’
Tiger Woods dropped by Gatorade
February 27, 2010 by admin · Leave a Comment
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Energy drink firm Gatorade has ended its sponsorship of Tiger Woods.Gatorade is the latest major company to cut ties with the sportsman following Woods’ admission that he was unfaithful to his wife. The drinks company, owned by PepsiCo, had already discontinued a Tiger Woods-themed drink, Tiger Focus. It follows AT&T and Accenture in ending deals. However, Gatorade said it would continue its partnership with the charitable Tiger Woods Foundation. TherapyA spokeswoman for Gatorade said: “We no longer see a role for Tiger in our marketing efforts and have ended our relationship… We wish him all the best.” Its move comes just one week after the star made a frank public address to a select gathering at PGA Tour headquarters in Florida. In his statement Woods apologised to his wife, friends and family, as well as to his fans. “I was unfaithful, I had affairs and I cheated. What I did was unacceptable,” he said. Woods, 34, told the hand-picked attendees he had spent 45 days in therapy and claimed he still had “a long way to go” to overcome his problems. DistanceGatorade is the third company to end its relationship with Mr Woods. Communications company AT&T and corporate services business Accenture previously cut their sponsorship deals. Male grooming business Gillette and luxury watchmaker Tag Heuer have also distanced themselves from him. Carmaking giant General Motors (GM) said recently an arrangement that allowed Woods free access to its vehicles was over. Wealthiest athleteThe world’s number one golfer did have an endorsement contract with GM’s Buick brand, but that ended in 2008. Such arrangements made Tiger Woods the world’s wealthiest athlete, estimated to have earned £66m ($100m) a year in endorsement deals before allegations of infidelity emerged in December of last year. A recent University of California study suggested the total economic damage of the Tiger Woods affair to all involved parties could amount to as much as $12bn. But sports equipment giant Nike, which pays Woods a reported $40m a year, has given its support. And video game maker Electronic Arts is to go ahead with plans to roll out an online game featuring the golfer.
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Credit claims firm investigated
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An investigation has been launched into one of the biggest claims management companies in the UK.BBC Radio 4′s Money Box has learned that Cartel Client Review is being investigated by the Ministry of Justice, following complaints. For an upfront fee of up to £495, the company offers to help customers bring claims against lenders for mistakes in their credit agreements. The company denies it is being investigated by the regulator. Customers in limboThe BBC has been contacted by customers of Cartel Client Review who say they have paid hundreds - in some cases thousands of pounds - to get credit cards and loans written off, or to get compensation on their mortgages. But despite being told their claims would be resolved in six-to-12 months, two years later it seems that thousands of customers are still waiting in limbo. Tricia Page paid almost £500 to submit a mortgage claim in 2007. She says the promise of several thousand pounds in compensation would have paid for her family to visit her father, who was terminally ill in Australia. “We were told the risk with this £495 was minimal. If there was no money to come back to us we would get all but ten pounds back. “And the paperwork I have says this should go through within a period of about three-to-nine months and, I thought, that’s ideal - if something came through in three months, we’d be able to go and see my dad. “Now we’re two years on, my father has since died, and we don’t have the money or anything.” Cartel’s terms and conditions say the £495 you pay upfront for a mortgage claim is refundable if the claim is not successful. In November 2008, Trisha demanded a refund but Cartel Client Review refused to pay her. In frustration, she contacted the Jonathan Vernon-Smith consumer programme on BBC Three Countries Radio in January. Once the BBC became involved, Cartel Client Review told Trisha that her claim would not be successful and has offered a refund. The company says the reason for the delays customers are reporting is that it has been waiting for judgements in court and it says there has never been an issue with refunding cases. Solicitors investigatedAfter an initial assessment by Cartel Client Review, eligible claims are passed to a firm of solicitors. Legal experts at Consumer Credit Litigation Solicitors (CCLS) review the paper work for each case to decide if customers have a valid claim. But a paralegal who was formerly employed at CCLS, has told the BBC that the vast majority of customers he dealt with had no claim. Colin Power said he reviewed potential mortgage claims, which were colour-coded according to their likely success: “With a green case, there would be no success whatsoever - that’s it, there is no claim that can be made against the lender. I would say that around about 99.9% of the files I dealt with were what were classed as green files.” Cartel Client Review disputes Mr Power’s account and said he is not independent as he now works for a competitor. The firm also said it is the only company across the UK that actively can do this work with a legal firm and that it has got very positive results. Cartel Client Review and CCLS deny they are being investigated by regulators, claiming they have “always maintained a strong relationship with the Solicitors Regulation Authority and the Ministry of Justice.” But sources confirmed they are being investigated.
Have you tried to get your debts declared unenforceable?Has your lender agreed not to enforce a debt?Did you use a claims management firm?Tell us your experiences.
