Shop price inflation hits a five-month high after food and cotton prices surge October 6, 2010 A jump in the cost of agricultural commodities drove British shop price inflation to a five-month high in September, but weak consumer demand should contain price pressures in the rest of 2010, a survey showed yesterday. The British Retail Consortium (BRC) said shop prices in September were 1.9 per cent higher than a year ago, [...]
CITY MOVES | WHO’S SWITCHING JOBS October 6, 2010 Nomura Former RBS chief market strategist Bob Janjuah (pictured) and chief markets economist Kevin Gaynor have resurfaced at the Japanese investment bank, where they take up the roles of co-heads of cross asset allocation strategy. Perma-bear Janjuah made the headlines weeks before Lehman Brothers collapsed back in 2008, when he predicted the economic crisis. Geoff [...]
BEST OF THE BROKERS October 6, 2010 NORTHERN FOODS JP Morgan Cazenove has moved its rating on Northern Foods back to “underweight” with a new downgraded price target of 40p. The broker says the food manufacturer’s growth and profitability are dependant upon its relationship with UK food retailers and its ability to control its costs. The broker says Northern is likely to [...]
IMF warns that global economy growing less than forecast October 6, 2010 The global economy will grow more slowly than previously expected next year, the International Monetary Fund (IMF) has said. It forecast GDP would increase rise by 4.2 per cent in 2011, down from an earlier estimate of 4.3 per cent. The IMF warned that the global recovery was tentative. Earlier in the week it said [...]
Rio Tinto deal with BHP Billiton “all but dead” October 6, 2010 Global miner Rio Tinto looked set to abandon its $116bn (£72bn) iron-ore joint venture with rival BHP Billiton a deal unpopular with customers, regulators and many of Rio Tinto’s own investors. Rio Tinto Chairman Jan du Plessis told a boarsd meeting addressing that the joint venture was all but dead and buried, acording to the [...]
New car sales drop after scrappage scheme October 6, 2010 New car sales dropped 8.9 per cent in September compared with the same month last year, according to the Society of Motor Manufacturers and Traders. The figures have been hit by the end of the scrappage scheme which helped to boost car sales. However, September’s drop was less than the 17 per cent seen in [...]
Sportingbet profit dives after US settlement October 6, 2010 Online gambling firm Sportingbet posted a 69 per cent fall in full-year pretax profit on one-off costs related to a settlement with the U.S. Department of Justice and its move to the Official List, but said it started the new year well. The company had agreed to forfeit $33m (£21 million pounds) to settle a [...]
Wellstream rejects £755m bid from GE October 6, 2010 US conglomerate General Electric said a £755m takeover approach it made to oil services company Wellstream had been rebuffed by the firm. General Electric, confirming itself as the mystery bidder, said it made a proposal at 750 pence per share in cash, substantially less than the current value of Wellstream’s shares which closed at 780 [...]
Sainsbury’s beats forecasts with sales hike October 6, 2010 J Sainsbury has posted second-quarter sales towards the top end of forecasts, as new stores, online shopping and demand for non-food lines helped it to grow share in a tough market. The group said it expected conditions to remain difficult for shoppers as the government hikes taxes and cuts spending to rein in its debts. [...]
Liverpool FC accepts offer from Boston Red Sox October 6, 2010 Liverpool Football Club has been sold to the owners of us baseball team the Boston Red Sox. New England Sports Ventures has been given the go-ahead by Liverpool chairman Martin Broughton and RBS – the club’s main bank. Broughton said: “By removing the burden of acquisition debt, this offer allows us to focus on investment [...]