Sony eyes bid for label EMI May 9, 2010 SONY Music could bid for troubled record label EMI after a whirlwind weekend for the firm. Head of Sony Music Rolf Schmidt-Holz said: “We are in a position that allows us to seize every opportunity in the market – including EMI.” The speculation comes after Guy Hands appeared to pull off an audacious eleventh-hour deal [...]
Employment can be solved by backing mid-sized firms May 9, 2010 MID-SIZED companies hold the key to plugging the UK unemployment gap as public sector cuts loom, according to a leading economic forecasting group. The Ernst & Young Item Club says that mid-sized companies are even more important than start-ups in creating employment, adding that it is vital that they receive backing from the government as [...]
Opec warns market oversupplied as it holds fire on the debt crisis May 9, 2010 GLOBAL oil markets are oversupplied but OPEC thinks it is too early for the group to take action to halt a recent decline in prices as fallout from the euro zone debt crisis sets in. OPEC secretary general Abdullah al-Badri yesterday said global oil markets were oversupplied, urging greater compliance among members of the group. [...]
BEST OF THE BROKERS May 9, 2010 BARCLAYS UBS maintains a “buy” rating on Barclays and says revenues in the investment bank are set to grow as newer businesses start to deliver. The sharp negative reaction to Barclays’ trading update last month was on a weaker revenue performance than expected but UBS says the lower revenue was counterbalanced by lower costs. It [...]
Interest rates set to remain in a deadlock May 9, 2010 MONETARY policy should remain on hold this month to provide some certainty to the markets and to give the Bank of England time to fully assess the political situation, a majority of City A.M.’s Shadow MPC say ahead of the Monetary Policy Committee decision that is due at midday today. Only Henderson’s Simon Ward thinks [...]
CITY AM | SHADOW MPC May 9, 2010 ALLISTER HEATH | CITY A.M. “The economy is recovering and requires tighter policy. However, given the political uncertainty, rates should be kept on hold – with the option of an emergency MPC meeting in a few weeks if required.” SIMON WARD | NEW STAR “Raise rates by 25 basis points. The election result risks delaying [...]
CITY MOVES | WHO’S SWITCHING JOBS May 9, 2010 KPMG The accountancy firm has appointed Alastair McLeish as UK head of tax and pensions, effective from 1 July. McLeish joined KPMG’s Birmingham office in 1994 and was subsequently appointed in 2003 as head of the pensions advisory group, which he has built up since to encompass over 350 staff and 20 partners. Former UK [...]
RAJARATNAM UPS THE STAKES IN INSIDER TRADING PROBE DEFENCE May 9, 2010 TIME was when those facing high-profile lawsuits would crawl into hiding with their respective legal advisers, shunning all publicity and emerging only to don their sharp suits on the morning they went into court. But not any more. Perhaps emboldened by Goldman Sachs’ go-get-‘em attitude to shielding itself against the SEC, Raj Rajaratnam – the [...]
BILL OF THE WEEK May 9, 2010 PLENTY of food for thought for these eight accountants on Friday lunchtime, as they headed to Farringdon’s Vivat Bacchus restaurant for a post-election discussion of the results and possible implications for British politics. Our connoisseurs fed their debate with foie gras, asparagus and ostrich carpaccio for starters, rack of lamb, springbok, beef and sea bass [...]
Clegg to Cameron: time to cut a deal May 7, 2010 POLITICAL EDITOR But Gordon Brown refuses to give up without a fight NICK CLEGG threw down the gauntlet to David Cameron earlier today, calling on the Tory leader to prove he could form a government that would act in the national interest. The Liberal Democrat leader made the overtures shortly after voters woke up to [...]