The City remains a great place to forge a career July 29, 2009 THANKS to the global financial meltdown it has become social suicide to let slip you work in the City – never mind admit you are a banker. Chatting to some friends recently at a party, it was refreshing to learn many are now sick to the back teeth of apologising for their choice of career. [...]
IMF chief scandalised by large bonuses at US banks July 29, 2009 THE return of large bonuses for employees of US banks is a scandal, International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said yesterday. “Frankly, I’m scandalised by what I’m seeing,” he said in an interview with France 24 television when asked whether he was concerned about large bonuses. He said they encouraged risky behaviour that [...]
Cadbury gets a sweet boost from UK sales July 29, 2009 BRITISH consumers tucking into chocolate for comfort and returning to nostalgic favourites during the recession have boosted sales at confectionery giant Cadbury. Total revenues rose 12 per cent in Britain and Ireland during the first half of 2009 with chocolate revenues jumping 13 per cent, outperforming the rest of the market. Chief executive Todd Stitzer [...]
ARE YOU COMFORTED BY CADBURY’S TRADING ? July 29, 2009 SAM HART CHARLES STANLEYThe company has announced that it has launched Fair Trade certified Dairy Milk in the UK and Ireland which may result in further share gains as a potentially substantial hurdle for competitors As a reflection of increasing confidence it announced an eight per cent increase in dividend. KEITH BOWMAN HARGREAVES LANSDOWNCadbury is [...]
Cost cutting at carmakers boosts profit July 29, 2009 CARMAKERS Honda and Nissan reported surprise profits for the last quarter yesterday, as cost-cutting at the firms started to pay off, while Peugeot Citroen blamed a drop in sales for heavy losses. Honda’s executive vice president Koichi Kondo said sales in the US, its key market, were falling short of expectations, and that it planned [...]
Halfords sales lift in sunshine July 29, 2009 CAR parts and bike retailer Halfords yesterday cheered investors as good weather and the government’s Cycle2Work fitness promotion boosted sales during the quarter. The group said total sales rose 1.3 per cent during the 13 weeks to 3 July, compared to the same period a year ago, as commuters rushed to buy bikes and camping [...]
Lupus Capital upbeat on outlook for construction July 29, 2009 LUPUS Capital, the construction investment group that ousted City entrepreneur Greg Hutchings earlier this month, said yesterday that tough trading conditions in the building products sector have started to ease. Lupus said yesterday its chief executive Keith Taylor had commenced a review of operations, and that the business is currently performing in line with expectations. [...]
AIC’s respected boss Godfrey quits as he searches for another big challenge July 29, 2009 DANIEL Godfrey, the popular director general of the Association of Investment Companies (AIC), is stepping down after 11 years in the job. Godfrey, 48, is best remembered for steering the industry through its darkest hour when the split capital investment trust scandal broke and thousands lost their savings. He said he was leaving to seek [...]
CITY MOVES WHO’S SWITCHING JOBS July 29, 2009 Kreab Gavin AndersonTom Grimmer has joined communications firm Kreab Gavin Anderson as managing partner, China. Grimmer will be based in Beijing and will advise multinational companies as well as Chinese corporations with international growth plans. He has worked and studied in Asia since 1985, previously working as senior communications advisor, Asia Pacific, to Credit Suisse [...]
BEST OF THE BROKERS July 29, 2009 CadburyCharles Stanley upgraded Cadbury to “Accumulate” status. The launch of Fair Trade-certified Dairy Milk in the UK and Ireland could result in further share gains which would be a significant hurdle for competitors, it said. The broker also believes Cadbury can achieve its anticipated revenue growth and hit margin targets. LancashireExecution Research continues to support [...]