Output expectations tumble for first time in seven months October 4, 2009 HOPES for a speedy economic recovery will be dealt a blow today when a report shows that output expectations have fallen for the first time in seven months. The latest Business Trends report from BDO shows a decrease in the Output Index from 96.3 to 95.8, while the Optimism Index also dropped from 96 to [...]
WHAT ACTION WILL BE TAKEN BY THE MPC ON RATES AND QE THIS MONTH? October 4, 2009 HOWARD ARCHER IHS GLOBAL INSIGHTWe do not expect any major policy changes. Pressure for immediate action has been alleviated by the economy’s probable return to growth in the third quarter, evidence suggesting banks will increase lending in the fourth quarter and the fact that QE will last until the November meeting.GEORGE BUCKLEY DEUTSCHE BANKI’m not [...]
Virgin and BT join forces in BSkyB attack October 4, 2009 Virgin Media and BT have hit out at BSkyB’s pricing mechanism for its premium channels, saying that its “near monopoly” restricts consumer choice and keeps prices high. The attack came in a joint submission to Ofcom, which is consulting over its proposals to control the wholesale pay-TV market, that would mean BSkyB having to sell [...]
Retailers facing a tough Xmas October 4, 2009 MANY struggling British retailers will face a bleaker Christmas than they did last year, when 15 major chains failed, according to insolvency specialist Begbies Traynor. Christmas is a crucial trading period for retailers but soaring unemployment and low consumer confidence is expected to result in more firms facing financial difficulty. “Christmas 2009 could see just [...]
Matalan gets a 1.5bn price tag October 4, 2009 MATALAN, the discount out-of-town retailer, has held several talks with its advisers in recent weeks about the potential sale of the business. While a sale is not imminent, observers believe that the business could fetch around £1.5bn. Matalan was taken private three years ago by its founder John Hargreaves in a £827m deal, backed by [...]
BRANSON’S BOASTING OF A NEW LOVELY LADY October 4, 2009 MY, oh my, how The Capitalist’s ears did prick up over the weekend on having a snatched peep at tycoon Richard Branson’s blog. “I have to announce that I have a new lady in my life,” Branson boasted, happily – before explaining that his lovely wife need not worry, because he’s talking about a yacht. [...]
BILL OF THE WEEK October 4, 2009 IT was off for Britain’s favourite munch – curry – on Wednesday lunchtime for these six American businessmen at Mayfair Indian restaurant Gaylord. At £1,373.25, the banquet probably wasn’t the cheapest of working lunches, but our diners did start off with the fine stuff, knocking back two bottles of Louis Roederer Cristal and one of [...]
SSE to unveil bumper profit next month October 4, 2009 SCOTTISH and Southern (SSE) is set to announce a near doubling of its interim profits next month, leading to speculation that it could mount a bid for assets owned by rival EDF. SSE, Britain’s second largest energy group, is forecast to unveil pre-tax profits of around £600m, up from £302.6m, for the half year to [...]
ABI’s Montagnon steps up EUhedgie rules fight October 4, 2009 THE ASSOCIATION of British Insurers (ABI) has stepped up the fight againstEuropean plans to regulate the hedge fund industry with an iron fist. Peter Montagnon, the ABI’s head of investment affairs, called for an urgent debate on the European Union’s (EU) draft directive on alternative investment funds. In an interview with City A.M. he said [...]
BERTELSMANN TYCOON DIES October 4, 2009 Reinhard Mohn, the man who turned Channel Five’s parent company Bertelsmann into a global media powerhouse, died at the weekend, aged 88. Bertelsmann employs 106,000 staff across more than 50 countries. Mohn leaves behind a fortune worth some $2.5bn (£1.6bn).