Asda and J Sainsbury to battle it out in crunch time for grocers November 8, 2009 J Sainsbury and Asda will go head -to-head this week to show the City how they have been faring in the consumer downturn. Sainsbury’s, Britain’s third-biggest grocer, is expected to post a 16 per cent rise in first-half profits on Wednesday and warn of a tougher second half amid stiff competition. And Asda, owned by [...]
Buffett sees third quarter profits triple November 8, 2009 THE world’s second-richest man, Warren Buffett, has seen profits for his investment vehicle Berkshire Hathaway almost triple in the third quarter to $3.2bn (£1.9bn). Strong markets and derivatives gains in the three months to September, up from $1.1bn for the same period last year, have caused the improvement. It marks a strong recovery from a [...]
SMEs survive the recession November 8, 2009 SMALL and medium enterprises (SMEs) have proved more resilient to the recession than previously thought, according to new research published today by Kingston University. As a result of their greater flexibility and ability to adapt to changing conditions, the research found that nearly half of all SMEs were able to either maintain or increase their [...]
Tips for investors as caution returns to the market November 8, 2009 WE are still in the midst of an unprecedented rally in the global equity markets, although slightly more caution has been sneaking into the picture. What happens once the central banks exit their various stimulus programmes? Can we have a jobless recovery? How weak/strong is the real economy? I sat down with Bob Parker, vice [...]
Sugar considers ‘firing’ himself from adviser role November 8, 2009 Tycoon Alan Sugar, famous for his putdown “you’re fired” on the BBC’s “The Apprentice”, said he was considering firing himself from his government job after a backlash at comments he made about struggling small businesses. Blunt-speaking Sugar was recruited by Prime Minister Gordon Brown in June to take on a business advisory role, specialising in [...]
G20 agrees on fresh support November 8, 2009 FINANCE ministers from the world’s richest nations have agreed to maintain fiscal support for economies until it is clear any recovery is sustainable. Meeting at the G20 summit in St Andrews on Saturday, delegates said concerns over unemployment and uneven growth in the short term meant the props of policy should be kept in place. [...]
China announces it will put another $10bn into Africa November 8, 2009 CHINESE premier Wen Jiabao promised $10bn (£6bn) of low interest loans to African nations over three years, at the opening of the China-Africa summit yesterday. The two-day forum being held in Egypt is being attended by representatives from 50 nations, including Robert Mugabe of Zimbabwe and Omar al Bashir from Sudan. Infrastructure, social programmes and [...]
A Tobin tax would destroy London without making the world safer November 8, 2009 It is imperative that Gordon Brown’s proposals to levy a Tobin tax on financial transactions be defeated. Such a tax would be a disaster: it would endanger Britain’s economic interests and do nothing for ordinary taxpayers or the stability of the financial system. Championing such a scheme reflects a failure to engage with the real [...]
India quickens reforms November 8, 2009 India’s long-stalled reforms to its financial sector yesterday gained momentum after Prime Minister Manmohan Singh said he would push through legislative changes, including reforms in the insurance sector which foreign players are eyeing. Investors have been keenly awaiting signs of a pick-up in the pace of economic reforms in India after disappointment that the re-elected [...]
The global war for talent is a battle we must win November 8, 2009 This time last year, in my first column for CityA.M., I spoke about the tough times we were about to face in the coming months and years and the importance of retaining the City’s global competitiveness during turbulent times. Now, as I come to the end of my term in office and as our economy [...]