JD Sports profits surge and dividend raised April 14, 2010 RETAILER JD Sports Fashion has reported a 26 per cent rise in annual profits and hiked its dividend. Pre-tax profits before exceptional items surged to £67.4m in the year to 30 January – up from £53.6m last year. Like-for-like sales were up two per cent in the ten weeks to April 10. The company said [...]
Tory manifesto wins round City April 13, 2010 BUSINESS gave a cautious thumbs up to the Tory manifesto yesterday, but economists criticised the party for failing to explain how it will repair the battered public finances. David Cameron, who unveiled the manifesto at a glitzy launch in Battersea power station, said he was issuing “the biggest call to arms the country has seen [...]
Heron chief warns of talent drain April 13, 2010 GERALD Ronson, the property tycoon responsible for building Heron Tower, the tallest skyscraper in the City, yesterday warned that politicians risk hounding entrepreneurs away from the UK with punishing tax hikes for the wealthy. “My advice, to whoever wins the next election, is to be careful not to put too much pressure on the people [...]
EU commits to bank levy April 13, 2010 THE European Union has told G20 members it is ready to crack down on the financial sector by committing to a global bank levy. In a draft letter revealed yesterday EU officials wrote: “We are ready to cooperate with G20 members on globally coordinated principles for a levy on the financial sector.” The move comes [...]
Why this election matters after all April 13, 2010 DAVID Cameron’s Tories do have a vision for Britain, and it is different from Labour’s. The gulf between the parties is not as wide as it once was, for sure, but the election will matter. Take the Tories’ education policy, detailed in yesterday’s manifesto. It will allow the private sector to set up and run [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 13, 2010 FINANCIAL TIMES BEEF PRICE SURGES FOLLOWING HARSH US WINTER Beef prices are soaring after cattle failed to fatten up during the harsh US winter and cash-strapped ranchers culled herds to cope with the recession. Cattle futures have risen more than 20 per cent since December and are again flirting with $1 a pound, a milestone [...]
Thomson turns to the net April 13, 2010 THOMSON Reuters last night confirmed to City A.M. plans to undergo a large-scale revamp of its markets division that will see the coming together of Reuters and Thomson Financial products for the first time. In an bid to distinguish itself from rival Bloomberg, the financial information services provider will offer customers two web-based platforms instead [...]
China banks may lack capital April 13, 2010 China’s four largest banks could face a capital shortfall of 480bn yuan ($70.3 billion) over the next five years, Industrial and Commercial Bank of China President Yang Kaisheng said yesterday. It will be difficult for banks to rely exclusively on raising money in markets for replenishing their capital, Yang said, though he did not mention [...]
Consortium to bid for train unit April 13, 2010 A consortium of Morgan Stanley Infrastructure, 3i Infrastructure and Star Capital is set to submit a bid today for HSBC’s train unit, valued by the company at £2bn. The group is to make the bid, sources said, as HSBC tries to attract more interest in its train leasing unit, Eversholt, which owns a third of [...]
Greece vows to fight on as it taps €1.6bn April 13, 2010 GREECE insisted it would continue to borrow from financial markets after successfully raising €1.6bn (£1.4bn) yesterday, even though it was forced to pay hefty interest rates. Finance minister George Papaconstantinou said the country did not plan to call on the help of its eurozone colleagues after the short-term T-bill auction finished more than six times [...]