ECONOMIST VIEWS: DO YOU EXPECT THE PMI TO SHOW STRONG GROWTH IN SERVICES IN NOVEMBER? November 29, 2009 HOWARD ARCHER IHS GLOBAL INSIGHTStronger business and financial sector activity is lifting services demand and output. In addition, there are indications that consumer spending on services may have bottomed out. However, the survey evidence currently needs to be treated with caution. DAVID PAGE INVESTECWe suspect that this month is likely to see a levelling off [...]
Selfridges to make 100m November 29, 2009 Selfridges, the London luxury department store group, is today expected to unveil profits of £100m in its 100th year as the store is buoyed by a surge of wealthy overseas shoppers taking advantage of the weak pound. The retailer, which also has stores in Manchester and Birmingham’s Bullring centre and plans to open another in [...]
New Look holds talks with raft of bankers ahead of IPO November 29, 2009 High street fashion chain New Look is ramping up plans for its possible £1.7bn stock market flotation next year and has met with a roster of heavyweight bankers. The budget fashion chain, owned by private equity firms Apax and Permira, is believed to have held a beauty parade of possible advisers including Deutsche Bank, Goldman [...]
Mamas & Papas to sell online through tie-up with Shop Direct November 29, 2009 MAMAS & Papas, the baby clothing to pushchair brand, is set to profit from an online sales boost due to a tie-up with Sir David and Sir Frederick Barclay’s Shop Direct business. Shop Direct, the UK’s biggest catalogue group, will sell Mamas & Papas’ range through its online department store Very.co.uk. Very’s marketing campaign is [...]
Winser to cut her cloth in provocative new role November 29, 2009 KIM Winser, Britain’s fashion darling who oversaw the rehabilitation of Pringle and revived trench-coat maker Aquascutum, has been hired as a senior adviser by private equity titan 3i. Winser, who quit in May as chief executive of the raincoat firm after her staged management buyout collapsed, will advise 3i on its retail and consumer investments. [...]
Final chapter for Borders November 29, 2009 Borders, the failed bookseller, launched a stock liquidation sale in its 45 stores over the weekend as administrators prepare to shut down its shops. Up to 1,100 Borders UK staff could lose their jobs. MCR, the administrator, is preparing to appoint the restructuring specialist Hilco to liquidate the failed company. Phil Duffy, a joint administrator [...]
Optimism about recovery is misguided, says report November 29, 2009 The Bank of England’s optimism about the UK’s economic recovery is misguided, according to the latest Business Trends report from business advisors BDO Stoy Hayward. In its Quarterly Inflation report released earlier this month, the Bank of England reported that it expects the UK economy to grow by over 2.5 per cent by the end [...]
Tourism boon from trips to escape gloom November 29, 2009 CONSUMERS trying to escape the economic gloom by taking last-minute breaks are set to help tour operators to post higher annual profits this week, but trading will stay tough. Thomas Cook and TUI Travel are likely to report relatively strong numbers today and Tuesday respectively, as appetite for holidays holds up despite late bookings. Cook [...]
The City of London is heading for a bright future November 29, 2009 This evening, the City of London Corporation is hosting a London Business School seminar to discuss “The Future of the City of London.” As the dust from the financial crisis starts to settle and policy makers begin planning for the future, now is the perfect time to be discussing how the City should position itself [...]
Scottish economy set for further pain as recovery lags behind rest of the UK November 29, 2009 ERNST & YOUNG’S Item Club says the Scottish economy is set for a tough future as it continues to lag behind the rest of the UK. Job losses are predicted for at least the next two years, and unemployment is expected to reach eight per cent. Scottish financial services companies might have to cut around [...]