CITY MOVES | WHO’S SWITCHING JOBS October 7, 2010 Jefferies The investment bank has hired Simon Hampton from Bank of America Merrill Lynch as its new European head of real estate, gaming and lodging investment banking. Hampton spent over 13 years at BoA Merrill Lynch, including eight as head of the real estate, gaming and lodging investment banking group for the EMEA region. Prior [...]
BEST OF THE BROKERS October 7, 2010 J SAINSBURY Sales growth at J Sainsbury was still faster than peers and, according to HSBC the second quarter confirmed Sainsbury’s is growing faster than the industry but margin enhancement looks fairly limited for the full year. The broker believes valuation is currently stretched relative to the sector and reiterates its “neutral” rating. IMPERIAL TOBACCO [...]
Factory output in fastest rise since 16 years October 7, 2010 Manufacturing output rose for a sixth consecutive month in August, growing faster than expected to lift the annual rate to its highest in over 15 years, official data showed. The figures, which come hours before the Bank of England announces its October monetary policy decision, may help ease fears that the recovery is faltering. The [...]
Interest rates frozen again October 7, 2010 The Bank of England has frozen UK interest rates at a record low of 0.5 per cent for the 19th consecutive month. The Monetary Policy Committee’s (MPC) decision had been expected, despite calls from one member to raise rates to combat high inflation. Andrew Sentence is the only MPC member to call for a raising [...]
Factory output in fastest rise for 16 years October 7, 2010 Manufacturing output rose for a sixth consecutive month in August, growing faster than expected to lift the annual rate to its highest in over 15 years, official data showed. The figures, which come hours before the Bank of England announces its October monetary policy decision, may help ease fears that the recovery is faltering. The [...]
BP seals Azerbaijan oil deal for Caspian Sea October 7, 2010 BP has signed a deal with the State Oil Company of the Republic of Azerbaijan (Socar) to develop a deepwater gas field in the Caspian Sea. BP’s new chief executive Bob Dudley travelled to Baku for the signing of the new production sharing agreement (PSA) on the Shafag-Asiman structure in the Azerbaijan sector of the [...]
House prices in record monthly fall October 7, 2010 House prices dropped 3.6 per cent in September from the previous month, according to the latest figures from the Halifax. It represented the biggest monthly drop since figures were first compiled in 1983. The group said an increase in the number of properties on the market, combined with a drop in demand fuelled by uncertainty [...]
Samsung hit by weak TV sales October 7, 2010 Samsung Electronics Co’s disappointing earnings guidance sparked slowdown worries as prices of its key products slide, hitting shares and ending the technology group’s run of record quarterly performances. The world’s largest memory chipmaker, which has a tradition of beating even the most bullish estimates, faces a tough outlook as a fragile world economy has hit [...]
Recruiter Michael Page sees profit soar by a third October 7, 2010 White collar recruiter Michael Page said third quarter profit rose more than a third, boosted mainly by the Americas and Asia, and that temporary job placements had grown for the first time this year. Michael Page, which places people in jobs in finance, accounting and consultancy, said group gross profit for the third quarter was [...]
M&S sales up – but warns over tough times ahead October 7, 2010 Marks & Spencer has seen total group sales rise in the UK by 6.5 per cent in the second quarter but warned that trading in the coming months will get tougher. Clothing rose by 7.8 per cent while homeware surged by 9.36 per cent in the 13 weeks to 2 October. Marks & Spencer food [...]