ANALYST VIEWS: WILL WH SMITH’S COMEBACK LAST? April 22, 2010 KATE CALVERT | SHORE CAPITAL “We believe WH Smith’s valuation suffers from too much investor focus on the lack of top-line sales growth in its high street business. It overlooks. the group’s strong cash generation and how management is turning the group back into a growth story through its travel division.” KEITH BOWMAN | HARGREAVES [...]
Winterflood loses appeal over FSA fine April 22, 2010 WINTERFLOOD Securities, one of the City’s most prominent market-making firms, yesterday lost its appeal case against £4.25m of market abuse fines levied on the firm and two of its traders two years ago by the Financial Services Authority (FSA). Winterflood, which is owned by Close Brothers, will stump up £4m, while traders Stephen Sotiriou and [...]
Author of Dead Aid signed up to join Barclays bank board April 22, 2010 DAMBISA Moyo, the Zambian-born economist who last year made headlines with the publication of a controversial book arguing the inefficacy of aid to Africa, has joined the board of Barclays as a non-executive director. Moyo made her name in the financial world, working for the World Bank’s Europe, Central Asia and Africa departments and then [...]
KPMG to up graduate intake as accountant sees market demand April 22, 2010 BIG four accounting giant KPMG has upped its UK graduate intake this year after the firm said the numbers reflected growing signs that market demand for accountancy services were on the rise. The accountant has increased the number of graduates it plans to recruit for the September intake to 820, marking a significant increase on [...]
Disappointing retail sales to hit GDP data April 22, 2010 RETAIL sales volumes only managed to grow 0.4 per cent last month, disappointing the market which had expected monthly growth of 0.6 per cent and dampening hopes of a strong first quarter GDP?growth figure today. In spite of an upward revision to February’s figure, retail sales volumes contracted by 1.7 per cent quarter-on-quarter in the [...]
Car production sees 90pc rise in March as confidence rises April 22, 2010 LENDING to British firms fell at a slower pace in February than January but still recorded the second biggest annual percentage drop since records began, figures from the Bank of England (BoE) showed yesterday. There was better news for the housing market, however, with mortgage approvals rising for the first time since November and lenders [...]
Flow of lending to UK firms remains weak, warns BoE April 22, 2010 LENDING to British firms fell at a slower pace in February than January but still recorded the second biggest annual percentage drop since records began, figures from the Bank of England (BoE) showed yesterday. There was better news for the housing market, however, with mortgage approvals rising for the first time since November and lenders [...]
US data confirms steady recovery April 22, 2010 The number of US workers filing new claims for jobless aid fell last week as the labour market gradually heals and producer price data showed inflation remained muted, despite a surge in food costs last month. Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 456,000, the Labor Department said yesterday, resuming [...]
Factory orders steady in April April 22, 2010 Factory orders remained weak in April, but firms were their most optimistic in two years about raising output in the coming months, the CBI’s monthly Industrial Trends survey showed yesterday. The CBI survey’s total order book balance improved only slightly this month to -36 from -37 in March, below expectations for a reading of -34. [...]
Nokia results show its lack of an iPhone April 22, 2010 NOKIA unveiled worse-than-expected first quarter results yesterday pouring cold water on hopes of a revival at the firm. The world’s biggest mobile manufacturer lacks firepower at the high end of the mobile phone market, with no rival to Apple’s industry-changing iPhone. Apple’s tub-thumping results on Tuesday will have added insult to injury for Nokia, as [...]