| Finding the Bargains In Global Real Estate
UNTIL 2007, GLOBAL PROPERTY STOCKS PROVIDED a "haven" from the vagaries of stock and bond markets. Shares of commercial property companies and income-generating real-estate investment trusts, or REITs, as measured by the Global Property Research 250 index, have generated annualized returns of 23.8% and 12.7% over the past five- and 10- year periods, respectively, versus 12.8% and 5.9% for the Standard & Poor's 500. But in the year just concluded, as the fallout from the subprime-mortgage mess in the U.S. began to mushroom and credit tightened, the prices of many property developers began to fall, in the States and abroad. How much further will prices fall? What's the outlook for recovery? Are European and Asian property companies and REITs better buys now than their American peers? We recently posed these questions and others to Scott W.
Sainsbury's Half-Year Profits Soar
Sainsbury's profits for the half-year have leapt by almost 20% compared to the same time last year. The pre-tax figure of 232m for the 28 weeks to October 6 follows that of 194m 12 months ago. It was at the top end of most City analysts' forecasts. The UK's third biggest grocery chain - the subject of two recent failed takeover attempts - saw its total retail sales rise by 4.7% over the period. Chief Executive Justin King has been spearheading a major shake-up of the company and its stores. It is on track to deliver cost savings of some 155m in 2007/08 - leading to a total of 440m since March 2005. It has warned that shoppers are still wary about spending but it expects to have a good Christmas. Mr King told Sky News Business Editor Michael Wilson that at a time when household budgets are stretched - as they are now - people tended to buy more quality food to eat at home.
Tokyo takeover: Fashion brand Uniqlo is about to take the British high ...
Tuesday evening and out on the shop floor, the fashion circus is in full swing. On a makeshift stage, a woman from a band you've never heard of is knocking out a tune on a xylophone. Jodie Harsh, the Hoxton drag queen, is holding court by the bar. Seb Chew, Lily Allen's ex, nurses an imported beer by the ladies' cashmere. Assorted members of shock-goth-rock band The Horrors look surly in men's denim. Earlier, Daisy Lowe DJed, playing records by Soft Cell and the Cure and dancing about with her hands in the air. Later, Dizzee Rascal gets 500 heads nodding those of Peaches Geldof, Isaac Ferry and Alexa Chung among them. Upstairs and down the capital's fashion pack mingle, availing themselves of black cod and asparagus hors-d'oeuvres and endless saki. It's all very fabulous. Shop openings-cum-parties such as this are ten-a-penny on London's social circuit.
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