Food inflation could derail VAT increase September 12, 2010 FURTHER rises in food prices could cause annual inflation to accelerate to four per cent and endanger the government’s plans to hike VAT to 20 per cent in January, a leading City economist has warned. Henderson’s chief economist Simon Ward said that recent rises in global food commodity prices may boost annual CPI food inflation [...]
DO YOU EXPECT CPI INFLATION TO FALL BELOW 3 PER CENT IN AUGUST? September 12, 2010 SIMON HAYES | BARCLAYS CAPITAL “Contrary to the consensus, which expects a fourth consecutive monthly fall in the headline rate, we expect it to rise to 3.2 per cent from 3.1 per cent in July, largely reflecting a second consecutive large monthly rise in food prices.” PHILIP SHAW | INVESTEC “Against expectations, petrol prices appear [...]
Betfair puts a £1.5bn float on the agenda September 12, 2010 BETFAIR, the internet based gambling group, is on the brink of launching a highly anticipated initial public offering (IPO), valuing the company at £1.5bn. It is expected that the company, which is the world’s largest online betting exchange, will announce its move within the next fortnight. However, it is thought that details of the flotation [...]
Unions threaten mass cuts protests September 12, 2010 THE Trades Union Conference (TUC) issued a stark set of warnings about industrial unrest later this year after it said public spending cuts will hit the UK’s poorest 13 times harder than the richest. Unions will discuss during their three-day annual conference whether to launch a nationwide set of strikes. Labour candidate Ed Miliband has [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
Diamond defends BarCap against ‘casino’ allegations September 12, 2010 BARCLAYS’ Bob Diamond at the weekend lashed out at the criticism he has received since being appointed as the group’s new chief executive last week. Diamond, who currently heads up the investment banking arm Barclays Capital, said references to the division as a “casino” were misleading and disappointing. “Words like ‘casino banking’… have no basis [...]
Boris joins the City protest over proposed non-EU migrant cap September 12, 2010 MAYOR of London Boris Johnson has written to home secretary Theresa May to express his concern over the economic impact of the forthcoming Tory cap on migrant workers from outside the EU. Johnson told the BBC’s Andrew Marr show that it was “reasonable to try and get a grip” on immigration. But he added that [...]
PAPANDREOU RULES OUT HAIRCUT September 12, 2010 GREEK Prime Minister George Papandreou ruled out a restructuring or “haircut” to the country’s debt yesterday and insisted it was on track to cut its budget deficit by 40 per cent by the end of the year. Papandreou said the package of wage reductions, pension decreases and tax rises brought in as a condition of [...]
Jimmy Choo founder eyes £500m offer September 12, 2010 TAMARA MELLON, the former fashion PR-turned-luxury goods tycoon, could front a £500m takeover bid for the designer shoe company she founded 16 years ago. Mellon is considering a buyout of Jimmy Choo backed by a consortium of sovereign wealth funds, pension schemes and private individuals, according to a report yesterday. The move would see the [...]
HP closes in on deal to buy tech firm ArcSight September 12, 2010 HEWLETT-PACKARD (HP) is nearing a deal to buy cybersecurity company ArcSight for about $1.5bn (£976m), the latest in a series of technology sector transactions. ArcSight drew interest from several large tech companies and had been seeking around $42 per share, according to a Wall Street Journal report, citing unnamed sources. A deal could be announced [...]