M&S thanks its Wise Buys for a revival September 30, 2009 MARKS & Spencer, the high street bellwether, yesterday unveiled better-than-expected results which the City took as encouraging signs the worst may be over after 18 tough months for the retailer. M&S said group sales had lifted by 2.7 per cent in the 13 weeks to 26 September, and while like-for-like sales dipped 0.5 per cent, [...]
UK faces big credit shortage September 30, 2009 UK households and companies face a more severe credit shortage this year and next than their American and European counterparts, hampering economic recovery, the International Monetary Fund (IMF) said yesterday. Interest rates charged by banks will have to rise or another means of rationing credit be found unless the Bank of England continues to boost [...]
Another senior Moody’s executive hits out at the firm’s credit ratings strategy September 30, 2009 THE former head of compliance overseeing Moody’s credit ratings business was routinely ignored when he warned that the firm was not properly monitoring municipal bond ratings, according to a source close to the executive. Scott McCleskey, who is due to testify at a US House of Representatives Oversight and Government Reform Committee hearing, said high [...]
Boost to US hopes of an early exit from recession September 30, 2009 The US economy contracted in the second quarter more slowly than initially thought, but negative news on jobs and on manufacturing activity in the country’s Midwest region in September pointed to a patchy recovery from recession. GDP fell at a 0.7 per cent annual rate instead of the one per cent decline reported last month, [...]
Australia’s Macquarie to purchase Fox-Pitt Kelton September 30, 2009 AUSTRALIA’S biggest investment bank Macquarie will buy US firm Fox-Pitt Kelton for $130m (£81m) in a push to expand its presence in North America and Europe. As part of the deal, part of the cash consideration will be deferred over four years following financial closure, Macquarie said in a statement. The investment bank will also [...]
CITY VIEWS: HAS MARKS & SPENCER LOST ITS SPARK UNDER THE STEWARDSHIP OF SIR STUART ROSE? September 30, 2009 STEPHEN FOSTER CHAPMAN BATES“It’s a bit dated, the sort of place I’d expect my Mum to go. There are so many brands around that it’s hard for them to compete. I would only go there for a suit, not casual clothes. I still think of it as being good quality, but they seem scared of [...]
Web spend is outstripping TV adverts September 30, 2009 SPENDING on internet advertising in the UK grew by 4.6 per cent in the first half of 2009, outstripping television ad spend for the first time ever. According to the biannual report from the Internet Advertising Bureau (IAB), ad spend on the internet grew to £1.75bn, with the medium accounting for 23.5 per cent of [...]
LSE quits industry body to go it alone September 30, 2009 The London Stock Exchange (LSE) is quitting the industry’s main European association as it seeks a free hand to lobby regulators mulling a crackdown on off-exchange trading at banks and dark pools. The LSE – Europe’s biggest stock market – will leave the Federation of European Securities Exchanges (FESE), which has been influential in the [...]
Chevron’s boss to stand down September 30, 2009 CHEVRON’S chairman and chief executive, Dave O’Reilly is standing down a the end of the year to be replaced by John Watson, the oil group announced yesterday. Watson, who became vice chairman of the second biggest US oil company in April, has been at Chevron for 29 years. He has been the group’s chief financial [...]
Harvey Nash profits halved September 30, 2009 RECRUITMENT and outsourcing firm Harvey Nash yesterday said its first-half pre-tax profits had fallen by more than 50 per cent as the economic downturn saw clients slash their demand for staff. Profits before tax fell to £1.8m, from £3.9m a year earlier, on flat revenues of £200m. The group said its UK revenue fell by [...]