BEST OF THE BROKERS May 21, 2009 DE LA RUEA softening order book prompted UBS to downgrade De La Rue to “sell”. The broker said that the state of the order book is key to the firm, and that it believes that 2011 could shape up to be a tough year. Given limited catalysts and a likely slowing in earnings momentum, UBS [...]
AN ABUNDANCE OF GLITTER FOR THE ASIAN WOMEN OF ACHIEVEMENT May 21, 2009 LONDON’s most successful Asian ladies were out in force on Wednesday night for perhaps the sparkliest evening of the year, the Asian Women of Achievement Awards, in association with Lloyds TSB. The star-studded guest list included Prince Charles and Camilla, Duchess of Cornwall, as well as BBC Dragon James Caan, MP Tessa Jowell, Lib Dem [...]
REALITY CHECK AS UK DEFICIT SOARS May 21, 2009 TENTATIVE signs of a recovery in the UK economy were dramatically overshadowed yesterday when credit ratings agency S&P downgraded its outlook on UK debt and the scale of the crisis in the public finances was laid bare. S&P lowered its outlook on the UK’s prized AAA credit rating to “negative” from “stable”, giving a one [...]
AIG’s Liddy steps down after bailout May 21, 2009 EDWARD Liddy, the chief executive and chairman of AIG, is to step down from the insurer as soon as a replacement is found, it emerged last night. Liddy, who earlier this year called on AIG staff to give back at least half of their bonuses, said the company’s return to financial health would “take several [...]
London is a seller’s market May 21, 2009 Estate agency Cluttons yesterday said that the drastic shortage of property for sale in Central London has created a seller’s market, with fierce competition among buyers and an increase in sealed bids for properties that are for sale. The agency said that, at the end of last year, buyers were rare but now buyers have [...]
Barnes & Noble losses narrow May 21, 2009 US bookstore Barnes & Noble reported a narrower-than-expected £2.7m quarterly loss and raised its full-year outlook yesterday, boosted by cost-cutting and sales that fell less than planned in a weak book retail market. The company said shoppers have been paring back on non-essential items, including books, in the recession.
PartyMarkets in loyalty scheme May 21, 2009 PartyMarkets.com, a subsidiary of PartyGaming, is launching a cash loyalty programme for the financial spread betting market today. Called TradeBack, the loyalty programme gives a rebate to the customer based on the number of trades executed, regardless of whether they have made a profit or loss.
A million jobs to go May 21, 2009 ONE million more people will lose their jobs before unemployment peaks in the UK, Bank of England monetary policy committee member David Blanchflower said yesterday. The economist forecast 100,000 jobs to go each month before the end of the year, warning of a “lost generation” unless the government moves to prevent job losses. Blanchflower is [...]
Scottish eyes EDF’s UK power stations in its growth plans May 21, 2009 SCOTTISH AND SOUTHERN, the energy group, announced its intention to expand yesterday, as it rounded up its debt refinancing project, and reported annual pre-tax profits of £1.25bn, up 2 per cent from £1.22bn last year. The UK’s second-biggest energy producer plans to seek European funding for a wind farm project in the Shetland Islands, which could power [...]
C&W execs defend 32m bonus plans May 21, 2009 MANAGEMENT at Cable & Wireless (C&W) yesterday defended its remuneration plans, which will see top management take a share of a £32m bonus pot later this month. “Ours is a bonus for performance, not under-performance,” C&W group finance director Tim Pennington told CityA.M., referring to Shell’s bonus scheme, which its shareholders have opposed due to [...]