Northern Foods jumps as warm weather boosts barbecue sales July 15, 2009 FOOD manufacturer Northern Foods yesterday reported solid first-quarter trade, boosted by warm weather, and said it was optimistic it could beat full-year profit targets, lifting its shares by 12.2 per cent to 61.7p. Northern Foods, which makes food products and ready meals for retailers as diverse as Marks & Spencer and Aldi as well as [...]
Oversight for US hedgies July 15, 2009 PRESIDENT Obama’s administration sent legislation to Congress yesterday to bring hedge funds under government supervision. The Securities and Exchange Commission (SEC) would oversee hedge funds, private equity and venture capital funds. It would have the power to open their books and they would be subject to fuller disclosure.
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2009 FINANCIAL TIMES SKF SEES LITTLE HOPE OF QUICK RECOVERYSKF, the world’s biggest producer of industrial bearings, has dashed hopes of a quick recovery in global manufacturing after its chief executive said a broad upturn could be several years away. Tom Johnstone told the Financial Times that even by 2011 it was impossible to say whether [...]
H&M reports dismal results July 15, 2009 HENNES & Mauritz, the world’s third-biggest clothing retailer, yesterday reported a bigger-than-expected five per cent year-on-year fall in sales in June. The group’s total sales, which include sales in new stores, rose four per cent, underperforming analysts’ forecast of 8.4 per cent. H&M’s dismal trading update is fresh evidence that consumer-facing businesses are still facing [...]
SHAREHOLDER VIEWS: WHAT SHOULD SAINSBURY’S DO DIFFERENTLY? July 15, 2009 BERNIE FIELDING“I think they could do more to boost the share price. Despite all the updates and improved trading, it still hasn’t lifted the market value by much. Tesco and Morrisons have achieved that. I don’t understand why Sainsbury’s is lagging and I want answers.” DIANA DENNIS“I think under the current conditions Sainsbury’s have done [...]
Calpers sues credit rating agencies over poor gradings July 15, 2009 CALPERS, the biggest US public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses. The California Public Employees’ Retirement System said in a lawsuit filed last week in California Superior Court in San Francisco that it might lose more than $1bn [...]
BT relief as an investor rebellion on exec pay fails to materialise July 15, 2009 BT has ridden out investor unrest over executive pay, after a majority of shareholders voted for its proposals at yesterday’s annual meeting. The Association of British Insurers had issued an amber top warning and investor body Pirc had urged BT shareholders to abstain from voting on the telecoms giant’s pay plans, in protest at a [...]
Aviva reassures on capital July 15, 2009 Insurer Aviva’s regulatory capital cushion is getting stronger, and the group is not planning any further disposals, its chief executive, Andrew Moss, said yesterday. In an interview, Moss said Aviva, the UK’s second-biggest insurer, had called time on disposals after offloading Aviva Australia to National Australia Bank in June, adding £400m to its capital cushion. [...]
CITY MOVES WHO’S SWITCHING JOBS July 15, 2009 GE CapitalJames Fenner has been named as the new Head of capital markets for GE Capital in EMEA. Based in London, he will be responsible for all strategic lease and loan syndication activities and will oversee securitisation and alternative funding strategies, in partnership with GE’s Treasury function, for GE Capital businesses in the region. Fenner [...]
Northern Foods jumps as warm weather boosts barbecue sales July 15, 2009 FOOD manufacturer Northern Foods yesterday reported solid first-quarter trade, boosted by warm weather, and said it was optimistic it could beat full-year profit targets, lifting its shares by 12.2 per cent to 61.7p. Northern Foods, which makes food products and ready meals for retailers as diverse as Marks & Spencer and Aldi as well as [...]