Ronnie probe starts at JJB October 13, 2009 JJB SPORTS yesterday said that it was formally investigating “improper expenses claims” made by its former chief executive Chris Ronnie. The sports retailer, which also confirmed a well-trailed £100m rights issue, alleges that it was brought to the brink of insolvency by Ronnie and former executives due to a series of “unwise management decisions”. The [...]
Sale of bond boosts ITV October 13, 2009 TROUBLED broadcaster ITV yesterday completed a £135m convertible bond offer, designed to bolster its balance sheet, and announced plans to plug a gaping hole in its pension fund. The Coronation Street broadcaster, which is struggling to appoint a chairman and chief executive, said it plans to use the proceeds to extend its average debt maturity [...]
Survey finds 80 per cent of City is upbeat about bonuses October 13, 2009 EIGHT out of ten financial services professionals in London expect to receive a similar or higher bonus for this year compared to last year, as optimism within the sector grows. The figure compares to 63.5 per cent who believed they would be paid the same or higher when asked a year ago, according to research [...]
RUSSIA AND CHINA INK DEALS October 13, 2009 RUSSIAN and Chinese companies have signed deals worth $3.5bn (£2.2bn) during Russian Prime Minister Vladimir Putin’s visit to Beijing, where he was hosted by Chinese premier Wen Jiabao. The deals included a $500m loan from the Agricultural Bank of China to Russia’s second biggest lender VTB.
Analysts are impressed by M&S’s Dyson October 13, 2009 MARKSand Spencer’s finance director Ian Dyson yesterday wowed shareholders and analysts at the firm’s first investor day in a decade, convincing some he is the right man to replace outgoing boss Sir Stuart Rose. Dyson is widely-tipped for the top job, as are director of clothing Kate Bostock and head of food John Dixon. The [...]
McFall backs motion to split banking units October 13, 2009 TREASURY committee chairman John McFall yesterday threw his weight behind a House of Commons motion calling for banks’ retail and investment banking “casino” operations to be split. Labour MP McFall – noted for his scathing attacks on bankers’ behaviour during Treasury committee sessions – seconded an early-day motion tabled by Alun Michael MP, the chair [...]
US recession over, say experts October 12, 2009 THE US recession has come to an end, leading American economists predicted yesterday, though they said the pace of the economic recovery would be muted due to low levels of household spending and a weak job market. The survey of 44 professional forecasters released by the National Association of Business Economists (NABE) found that 80 [...]
BCC: Britain is now on brink of exiting the slump October 12, 2009 BRITAIN is on the verge of exiting the recession according to a new survey from the British Chambers of Commerce (BCC). In its quarterly economic survey, the BCC data showed both manufacturing and services improving. Confidence was much improved across all sectors, although manufacturing saw a marked increase where confidence in turnover rose 34 points [...]
Pound falls to six month low against euro October 12, 2009 Sterling fell to its lowest level against the euro in more than six months yesterday as British government plans to raise billions of pounds through asset sales reminded investors of how bleak the outlook is for the UK’s public finances. Sterling yesterday dropped to a low of 1.069 against the euro, a level not seen [...]
Woman receives Economics Nobel Prize for first time October 12, 2009 ELINOR OSTROM yesterday became the first woman to win a Nobel Prize in economics for her work on the use of common resources. A professor at Indiana University in the US, her work showed that user-managed properties such as woodlands or communal water sources were usually better managed than standard economic theories predicted. The received [...]