Sterling set for good summer May 31, 2009 THE pound is expected to continue to strengthen against both the dollar and euro this summer following last month’s rally, according to strategists. May marked the pound’s strongest rise against the dollar since 1985, as sterling rose almost 10 per cent over the period. Investors bet the worst could be over for the global economy, [...]
Shell cuts 350-450 staff in its senior management May 31, 2009 OIL giant Shell plans to cut 350-450 senior management roles as it restructures to cut costs and improve operational performance, it emerged yesterday. The cuts represent almost 30 per cent of Shell’s “Senior Executive Group” layer of management, the company posted on its website yesterday. Earlier this week the group announced a major restructuring but [...]
WHEN DO YOU EXPECT THE UK ECONOMY TO STOP CONTRACTING? May 31, 2009 MICHAEL SAUNDERS CITIGROUPFourth quarter of 2009. A combination of reduced destocking, an improvement in financial conditions and signs that consumption and investment may become less weak. The conditions for a recession to end are not yet in place: we’re not there yet, but we’re on the way. JAMES KNIGHTLEY INGWithin three months. Over the last [...]
Fall in London shopper numbers May 31, 2009 According to the latest data, UK shopper numbers fell by 2.4 per cent in May year-on-year, with largest falls in Wales and the South West (down 8 per cent). Footfall normally falls in May as a result of the two bank holidays and the lull in the early summer period, however this year the falls [...]
Samsonite in CVC rescue deal May 31, 2009 The world’s largest luggage-maker Samsonite has been thrown a last-minute lifeline by its private equity owner CVC, it said yesterday. Samsonite was on the verge of breaching its lending covenants before CVC signed a deal with lender RBS, giving the taxpayer-owned bank a stake in the US suitcase firm. Samsonite’s pre-tax profits plunged from $120m [...]
Hermes plans hedgie overhaul May 31, 2009 Hermes, the asset management giant which runs the BT pension fund, has demanded a more transparency and fairer fee structures in the hedge fund industry. Following a tide of calls for the sector to demystify as the credit crunch has rumbled on, the pension manager said it wants to set up a committee to push [...]
JP Morgan rules FTSE broking roost May 31, 2009 JP MORGAN Cazenove continues to dominate the FTSE broking world after gaining four new clients over the second quarter of the year, the latest adviser rankings guide from financial information company Hemscott has shown. JP Morgan Cazenove has a total of 228 clients, up from 224 at the end of the first quarter of 2009. [...]
City banks need same checks as MPs’ expenses May 31, 2009 Over the last few weeks, I suspect that the revelations about MPs’ expenses have shocked, disappointed and – in some cases – amused you. The tabloids have had a field day, as have the broadsheets, in particular, the Daily Telegraph. The paper has delighted in writing its front-page headlines in font so huge it is [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
CITY MOVES WHO’S SWITCHING JOBS May 31, 2009 Old Broad Street ResearchThe investment funds research and consultancy firm has appointed Gill Hutchinson as head of investment consultancy and Nick Whalley as head of investment research. Hutchinson has managed the firm’s key investment consultancy relationships for many years, while Whalley joined OBSR’s research team in 2005. In his new role, he will be assisted [...]