Balls sees economic hurricane August 26, 2010 Labour leadership candidate Ed Balls will today pit his financial wits against the coalition government, by claiming an “economic hurricane” is about to hit the UK in a speech at Bloomberg HQ. Balls is set to tell the chancellor George Osborne he is a “growth denier” who is ignoring signs of a global slowdown.
WHAT THE OTHER PAPERS SAY THIS MORNING August 26, 2010 FINANCIAL TIMES BANKS BACK SWITCH TO RENMINBI FOR TRADE A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC and Standard Chartered are offering discounted transaction fees and other financial incentives to companies that choose [...]
Selling prices accelerate at a record pace August 26, 2010 SHOP price inflation accelerated in August at its fastest rate since February 1992, the CBI revealed yesterday, raising the ugly spectre of persistently rising prices and creating even more of a headache for the Bank of England. In its August distributive trades survey, the business lobby reported that a net 58 per cent of firms [...]
HP trumps Dell in latest $1.8bn bid for rival 3PAR August 26, 2010 THE FIGHT for data storage firm 3PAR accelerated last night as Hewlett Packard upped its bid to $27 a share, valuing the business as $1.8bn (£1.2bn), just hours after 3PAR accepted a $24.30 offer from Dell. US shares in 3PAR shares rose to $27.90 in extended-hours trading after HP’s announcement, suggesting investors are hoping for [...]
Dow crashes below crucial 10,000 level August 26, 2010 THE Dow Jones closed below the psychologically-crucial 10,000 level yesterday as investors shrugged off better than expected US jobs figures to focus on an expected downgrade for US GDP today. The US blue chip index fell 0.7 per cent to 9986.81 – its lowest level since 6 July ahead of today’s GDP growth for the [...]
Co-op hits out at Cameron’s austerity talk August 26, 2010 THE Co-operative Group blasted the government for damaging consumer confidence with talk of an “age of austerity” yesterday, despite revealing an 18 per cent rise in profits. Britain’s largest mutual retailer said it had beaten tough conditions to grow in the first half of the year but predicted a gloomy trading environment until at least [...]
F&C left reeling by fresh cash outflows August 26, 2010 SHAREHOLDERS in F&C Asset Management are watching for a move by activist investor Edward Bramson after the company released a nightmarish set of interim results. Shares in F&C tumbled six per cent to 58p yesterday after the fund manager cut its dividend in half to 1p in an effort to eliminate its net debt by [...]
Earthquake, rig explosion and windstorm curb Chaucer profits August 26, 2010 THE Chilean earthquake, Deepwater Horizon oil rig disaster and European windstorm Xynthia conspired to cut interim profits at Chaucer Holdings by 59 per cent to £7m. Shares in the Lloyd’s of London insurer fell 2.2 per cent to 45p yesterday as it said “an unprecedented level of catastrophes” and a slump in investment performance meant [...]
Diageo offers bleak outlook August 26, 2010 DIAGEO, the world’s biggest spirits group, expects slightly higher profits growth this year driven by developing markets but a cautious outlook hit its shares after meeting forecasts for annual earnings. The London-based maker of Smirnoff vodka, Johnnie Walker whisky and Guinness beer saw strong growth in Latin America, Africa and Asia, which account for a [...]
US and Europe shun premium brands August 26, 2010 RECEIVED wisdom tells us that hard-pressed customers hit the bottle in times of economic woe. If they’re doing that this time round, they aren’t reaching for Smirnoff Vodka or Johnnie Walker whisky. Save for a 13 per cent rise in net sales at the international division, which accounts for Africa, South America and the Middle [...]