ECONOMIST VIEWS: WHAT DO YOU FORECAST FOR THIS WEEK’S JOBLESS FIGURES GIVEN THE FISCAL SQUEEZE? July 11, 2010 MICHAEL SAUNDERS | CITIGROUP “The Labour Force Survey jobless measure also fell sharply in the last month and this may also now be starting to head markedly lower. We see the drop in unemployment as a sign that the economy may well have been recovering faster than generally realised in recent quarters.” PETER DIXON | [...]
Charity gets Goldman gift July 11, 2010 GOLDMAN Sachs has stepped up its drive to repair its image in the City with a donation of £1.5m to the Mayor’s Fund for London, which will help put young people into work. The donation will be used to fund the Shoreditch Brokerage, one of the Fund’s flagship projects in the capital. The world’s largest [...]
Future holds fear for business July 11, 2010 BUSINESSES remain pessimistic on the chances of a sustained economic recovery, despite indicators showing that trading levels are at their strongest since before the financial crisis. Accountancy firm BDO’s monthly output index remained above 100 the third consecutive month in June – the first time conditions have stabilised at that level since 2007. The indicator [...]
Ideal Shopping Direct stakeholders mull sale July 11, 2010 THE founders of Ideal Shopping Direct are considering selling their 35 per cent stake in the home shopping channel group to cash in on a near doubling of the firm’s shares in the last year, the Sunday Times said. Paul Wright and Val Kaye could get more than £20m for their stake in the AIM-listed [...]
CITY MOVES | WHO’S SWITCHING JOBS July 11, 2010 Guy’s and St Thomas’ Charity The charity has appointed fund management veteran Nichola Pease as a trustee, taking on the position held by ex-Man Group chief Stanley Fink until last month. Pease is deputy chairman of JO Hambro Capital Management, which she joined in 1998 as chief executive. She also previously helped to set up [...]
China trade surplus up on exports July 11, 2010 China’s trade surplus in June topped expectations on surprising strength in exports that suggests the global economic recovery has remained on track despite worries about a fresh slowdown. Chinese exports in June rose 43.9 per cent from a year earlier, beating forecasts of a 38 per cent rise, the customs administration said at the weekend. [...]
Sir Crispin Davis takes new role July 11, 2010 Former Reed Elsevier chief executive Sir Crispin Davis has taken up a new job as chairman of StarBev, which was bought out by private equity firm CVC last year from Anheuser-Busch InBev. Davis already holds a non-executive directorship at pharmaceuticals giant GlaxoSmithKline.
A&O lifts freeze on salaries July 11, 2010 Law firm Allen & Overy has lifted its salary freeze and awarded staff an extra day of annual leave after seeing a profit increase earlier this month. Allen & Overy said its turnover had slumped 4 per cent over the past year to £1.05bn, but profits per equity partner rose by a tenth to £1.1m [...]
BODY SHOP LAUNCHES PARTY SALES July 11, 2010 The environmentally friendly cosmetic chain founded by the late Anita Roddick is to recruit 3,500 “mini-Anitas” to sell its wares to family and friends. Consultants for The Body Shop will pay an initial £30 to sign-up to selling products at house parties. Deborah Stead, managing director of Body Shop at Home, said the scheme could [...]
Buckle up for profit warnings, E&Y says July 11, 2010 COMPANIES are in for a “rough ride” next year as the coalition government’s austerity measures begin to suck life from the private sector, accountant Ernst & Young (E&Y) has cautioned. Investors can expect to see a resurgence in bad news from British corporates, E&Y said, after the previous government’s fiscal splurge helped bring profit warnings [...]