CITY MOVES WHO’S SWITCHING JOBS September 13, 2009 Berwin Leighton PaisnerThe law firm has hired Russell Clifford as an asset finance partner and David Irving, pictured, as a director in the trusts and private tax team. Clifford, who was previously at Allen and Overy, specialises in structured asset finance, particularly rolling stock financing transations. Irving, who formerly ran a private equity and real [...]
GREYHOUND LEAVES THE STALLS September 13, 2009 GREYHOUND will take off in the UK today, as its first bus, Peggy Sue, embarks on her maiden voyage. The journey, from Southampton to London, will depart at five thirty this morning. Greyhound, part of transport company FirstGroup, will run £1 services between London Victoria and Portsmouth and Southampton, in a bid to compete with [...]
Job loss tally still rising as pay rate slips September 13, 2009 UNEMPLOYMENT is expected to show another sharp rise this week when official data is released on Wednesday, raising fears about consumer demand and the effect on the economic recovery. Economists expect the broader International Labour Organisation (ILO) measure of unemployment – which is seen as a truer picture of the state of the British labour [...]
HOW WILL UNEMPLOYMENT PROGRESS? September 13, 2009 JONATHAN LOYNES CAPITAL ECONOMICSSurveys of employment intentions suggest that the rate of job-cutting is now easing. We expect the pace of increase in this measure to slow further from here. But it could be years before unemployment is falling. even more sharply. HOWARD ARCHER IHS GLOBAL INSIGHTUnemployment still looks likely to reach 3m in 2010. [...]
Years of hard work yield success for London’s first couple of wine September 13, 2009 WHEN wine-lover Xavier Rolet, the new CEO of the London Stock Exchange, first saw the house known as La Verriere in southwest France in 1992, he knew he liked it. What he didn’t know was that the 100 acres of old, neglected vineyards on the mountainous property would become the site of a full-blown, deeply [...]
Primark founder steps down September 13, 2009 Arthur Ryan, the founder of clothing retail giant Primark, has stepped down as chief executive officer after 40 years at the helm. The 74-year-old Irishman is succeeded by Paul Marchant, who was Primark’s chief operating officer. Marchant joined Primark in January from New Look, and has also worked for Debenhams, Topman and River Island. Ryan [...]
BARCAP TRIUMPH IN SQUARE MILE RELAY September 10, 2009 THE City’s many sporting fanatics were out in force last night at the Bloomberg Square Mile Relay, which saw around 100 teams of ten runners competing over a specially-designed mile-long course. Special mention must go to third-placed West LB, second-placed Legal & General, and Barclays Capital, who broke L&G’s two-year winning streak to take this [...]
Spike in share sales triggers market fears September 10, 2009 A FLOOD of share sales in the US coupled with the busiest week for initial public offerings (IPOs) in almost two years could mean that the recent market rally is nearing the end. September is on pace to be the busiest month for secondary issuance since May, which some portfolio managers see as a sign [...]
P&G plans to cut prices in bid for growth September 10, 2009 CONSUMER goods giant Procter & Gamble said yesterday that it plans to cut prices and increase promotions, and that it expects to return to organic sales growth by the end of the year. P&G shares rose after its chief financial officer Jon Moeller said the company expects organic sales to rise one per cent to [...]
Profit up 45pc at Morrison as sales boom September 10, 2009 WM MORRISON, the smallest “big four” supermarket, reported another stellar rise in like-for-like sales yesterday, helping it to book a 45 per cent pre-tax profit rise to £449m in the first half. Morrisons, which has staged an industry-beating sales boom in the recession, said profits were in-line with expectations and that 19 stores it bought [...]