WHAT DO YOU EXPECT THE PURCHASING MANAGERS’ INDICES TO SHOW? August 2, 2009 PHILIP SHAW INVESTECRecent trends in the services PMI have been highly encouraging in recent months. The problem is that this revival is still not fully reflected in the official data, which showed the service sector contracting by 0.6 per cent over the second quarter. The MPC is likely to place some weight on the readings [...]
UBS avoids US tax fine, will expose clients August 2, 2009 STRICKEN Swiss bank UBS will walk away from its epic fight with the US tax authorities without paying a fine, in a deal designed to head off a diplomatic crisis between the two nations, it emerged yesterday. But UBS is to hand over details of 5,000 rich American clients who may have evaded taxes to [...]
Seymour Pierce on top of Aim advisers August 2, 2009 STOCKBROKER Seymour Pierce continued to dominate the small cap advisory sector over the past three months of the year, the latest Aim adviser rankings from financial data provider Hemscott show today. Seymour Pierce added six new stockbroking clients over the period despite a wave of recent small cap insolvencies and delistings from Aim, taking its [...]
L&G cash call fears mounting August 2, 2009 A SLEW of major insurers are gearing up to issue half-year numbers this week, with fears of a possible rights issue at Legal & General (L&G) continuing to mount. L&G, which has tripled its share price from a 23p March low, is expected to cut its interim dividend amid a continued struggle to boost its [...]
Gaucher drug boost for Shire August 2, 2009 PHARMACEUTICALS firm Shire is today expected to announce it has been granted treatment protocol by the Food and Drug Administration for its yet-to-be-approved drug for Gaucher Disease. The treatment protocol will allow Shire to make the product available to patients on a compassionate basis, before gaining commercial approval. The new drug, Velaglucerase, has been pushed [...]
GM DEAL IN SLOW LANE August 2, 2009 NEGOTIATIONS between General Motors (GM) and the two competing bidders for Opel could take longer than expected, the German government said yesterday. The German Economy Minister Karl-Theodor zu Guttenberg said Canadian auto parts maker Magna and RHJ International must improve their bids to win government backing.
Bankers win bonuses back August 2, 2009 FOUR former Dresdner Kleinwort bankers have won a €12.6m (£10.8m) legal battle against Commerzbank after claiming the German bank reneged on guaranteed bonuses after it bought Dresdner last year. Commerzbank acquired Dresdner Kleinwort in January, but the investment-bank posted a €6.3bn loss for 2008. Commerzbank was then forced to take taxpayers’ money in a state [...]
Waitrose flexes its muscle in John Lewis online tie-up deal August 2, 2009 WAITROSE, the upmarket grocer, yesterday announced it plans to sell kitchen and homeware products online in a commercial tie-up with John Lewis, in the hope it can pinch market share from rival retailers. Under the deal Waitrose will sell thousands of its own and John Lewis’s products online from 4 August, placing more pressure on [...]
Toon nightmare for Ashley August 2, 2009 The fate of Newcastle United FC remains in the balance as a buyer is still to be found for the club, despite time running out before the football transfer window closes. Club owner Mike Ashley – the Sports Direct boss – is desperate to dump the embattled club, but remains reluctant to sell for less [...]
Ryanair shirks responsibility August 2, 2009 Ryanair passed the buck back to its customers yesterday, after a shambolic scene at Stansted airport left passengers stranded at the airport when the budget airline failed to open enough check-in desks. Only 11 “bag drops” were opened on one of the busiest holiday days of the year, leaving customers watching their flights depart as [...]