Manufacturers’ costs soar October 8, 2010 Manufacturers’ raw materials costs rose almost twice as fast as expected last month propelled by higher wheat prices, taking the annual rate well above expectations, official data showed. The Office for National Statistics said producer input prices rose 0.7 per cent on the month in September, taking the annual rate up to 9.5 per cent [...]
Barclays dips as Abu Dhabi investor sells shares October 8, 2010 One of the Middle East investors who pumped billions of pounds into Barclays has effectively sold a chunk of shares in the bank, sending its shares lower. Abu Dhabi’s exercised £131.6m warrants in the bank, equivalent to a 1.1 per cent stake, and simultaneously entered into a complex hedging arrangement with Nomura, it said in [...]
BP to shake up trading arm after profits tumble October 8, 2010 Oil major BP is restructuring its trading unit into a leaner and nimbler outfit in the face of eroding profits, the head of the unit says in an internal document obtained by Reuters, The document from Paul Reed, chief executive of the trading arm, said the company sees a decline in its traditional business but [...]
Speedy Hire hit by Connaught collapse October 8, 2010 Speedy Hire said it was on track to meet its full-year profit expectations despite a first-half operating loss because it traditionally picks up in the second half. The firm, which provides tool hire services, said it would take a £1.7m charge related to the demise of social housing firm Connaught. That charge does not include [...]
Asian IPOs receive mixed reception October 8, 2010 Investors lapped up Singapore Global Logistic Properties’ IPO but shunned the non-precious metals unit of London-listed gold miner Petropavlovsk Plc in a seesion of mixed fortunes for Asian share offerings. Asia has led the world in initial public offerings so far this year, raising $89.9bn (£56.6bn) in the first nine months of the year as [...]
Thomas Cook and Co-op in holiday business merger October 8, 2010 Thomas Cook Group and The Co-operative Group have agreed a merger of their high street travel and foreign exchange businesses. The deal will create the UK’s biggest high street travel operation with 1,200 shops. It is estimated that the pair can save a total of £35m in costs through the agreement. Under the merger, Thomas [...]
EU targets bonuses in power grab October 7, 2010 THE EUROPEAN Union charged ahead with its crackdown on the banking industry yesterday, as several bodies outlined tougher-than-expected rules on pay, bonuses and tax that could radically alter the City. Finance watchdogs from the 27 member states met in London yesterday to flesh out the first Europe-wide rules to curb bankers’ pay, agreed earlier in [...]
Calvert walks free after just seven months October 7, 2010 MALCOLM Calvert, the ex-Cazenove partner jailed earlier this year for insider dealing, has been released from jail after serving under a third of his 21-month sentence, City A.M. can reveal. His early release comes as a smack in the face for the Financial Services Authority, which has gone all out this year in its efforts [...]
Time to nip next bubble in the bud October 7, 2010 REGULAR readers will know that I’m reasonably optimistic when it comes to short-term growth – I believe that the economy will slow to an uncomfortably modest pace over the next few months but that we won’t tip into a double-dip recession. Yesterday’s manufacturing figures, which showed that the recovery in factory production accelerated further in [...]
FACT BOX | EUROPEAN BANKING LAWS October 7, 2010 PAY RULES The European Parliament last week endorsed a skeleton law for the first EU-wide curbs on excessive pay in the banking sector from January 2011. CEBS MEETING The Committee of European Banking Supervisors (CEBS), a panel made up of financial watchdogs from each member state, is the body that conducted the banking stress tests [...]