TRADER OF THE YEAR | The Shortlist Day 3 September 1, 2010 AT the top of the tree, trading is all about talent. There’s an abundance of it ?on our shortlist, added to a good deal of nerve and nous. Our top five between them manage billions and have made huge returns in choppy markets. Whatever is happening out there, you can make money. This lot prove [...]
UK factories’ activity slows September 1, 2010 BRITAIN’S manufacturing recovery appeared to be running out of steam in August as the boost from restocking faded and austerity measures raise concerns of subdued growth prospects, a leading market survey showed yesterday. The Markit/CIPS purchasing managers’ index for manufacturing disappointingly fell to 54.3 from a downwardly revised 56.9 in July, the biggest one-month fall [...]
World trade picks up again as economy begins to recover September 1, 2010 WORLD trade continued to rebound strongly in the first half of this year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organisation (WTO) figures showed yesterday. Trade typically grows and contracts at much faster rates than the overall economy, but the WTO data confirm the [...]
ECONOMIST VIEWS: DOES THE PMI POINT TO FURTHER WEAKNESS? September 1, 2010 AZAD ZANGANA | SCHRODERS The survey supports our view that GDP growth is likely to slow significantly in the second half of the year. The boost from the inventory cycle tends to be very short-lived, so we expect to see a significant slowdown in the third and fourth quarters. ANDREW GOODWIN | E&Y ITEM CLUB [...]
EU braced for short-selling crackdown September 1, 2010 EUROPEAN Union regulators would be able to ban abusive short selling of shares and naked selling of credit default swaps and sovereign debt for three months or more under a draft EU law seen by sources yesterday. The bloc’s financial services chief, Michel Barnier, has already flagged the measure he is due to publish on [...]
TUI to consider buying the rest of its UK tour operator September 1, 2010 EUROPE’S biggest tour operator TUI is considering buying the remaining shares in British unit TUI Travel to refocus on tourism. The German group’s supervisory board is set to discuss next week whether to buy the 42.5 per cent of TUI Travel it does not already own, either in cash or in shares, according to sources. [...]
CBI: Service sector sees a slump in profitability September 1, 2010 PROFITABILITY in Britain’s service sector unexpectedly fell last month and firms expect no end to the current gloom engulfing the sector, the CBI will reveal today. A net 14 per cent of consumer services firms reported overall profitability to be down over the past three months while a net 29 per cent of business and [...]
City veteran to help troubled Gartmore September 1, 2010 EMBATTLED fund manager Gartmore hired industry veteran Robert Kyprianou as a non-executive director yesterday as rumours swirled of a sell-off by its largest shareholder. Kyprianou, whose CV includes stints at ABN Amro’s investment arm and Axa Framlington, will add weight to Gartmore’s board at a time of intense difficulty for the company. Gartmore has seen [...]
Man United misses season ticket sales target after boycott September 1, 2010 MANCHESTER United failed to reach their target for season ticket sales this summer, after a campaign by a fans’ group to boycott the tickets. The club’s chief executive David Gill said it has sold 51,800 compared to a target of 54,000, but that executive sales were “on track”, in a press interview yesterday. “I think [...]
Johnson Service Group shares surge as work wear business performs well September 1, 2010 laundry firm Johnson Service Group yesterday reported a 17 per cent increase in first half pre-tax profit yesterday benefiting from a strong performance from its work wear rental business. The company made an adjusted pre-tax profit of £6.2m in the six months to 30 June, up from £5.3m in the same period last year. “I [...]