Starbucks drinks to a recovery September 2, 2009 IF the coffee business is a barometer of consumer confidence, things may be picking up for the UK economy. Starbucks UK boss Darcy Willson–Rymes yesterday told City A.M. that over the last couple of months its UK coffee shops have sold more on a like–for–like basis than the same period the year before. The lift [...]
CITY VIEWS: CAN THE G20 SUMMIT ACHIEVE ANYTHING CONCRETE? September 2, 2009 MICHAEL SAMUELS LLOYD’S“Previous G20 summits have led to change but it will take the leading economies of the G7 to act and the others will follow. Gordon Brown wants changes to bonuses so let’s see if he can manage to get agreement on it. Sometimes it feels like a lot of hot air.” KATIE MAYCOCK [...]
UK set to lose most banking jobs in Europe September 1, 2009 THE UK will shed 35,000 financial services jobs by the end of 2009, with Britain set to be the European nation worst affected by the sector’s troubles, according to new research from the City of London Corporation. A report commissioned by the City estimates that the European financial services sector will decline by 6.2 per [...]
Safestore reports an uptick in demand for space as housing activity picks up September 1, 2009 SAFESTORE, the UK’s biggest self storage company, yesterday gave fresh signals of increased housing market activity, reporting a recent uptick in the levels of enquiries and demand for space in the three months to July. The group, which has 94 sites in the UK, yesterday said that the rise in interest had resulted in occupancy [...]
World airlines continue to ratchet up huge losses as higher fuel prices hurt September 1, 2009 THE WORLD’S airlines are being squeezed even as the global economy recovers, with higher oil and jet fuel prices causing added pain, an industry group said yesterday. Net losses continued to expand in the second quarter of 2009, reaching at least $6 bn (£3.7bn) for the first half of the year, the International Air Transport [...]
Ireland to hike bank stakes September 1, 2009 THE Irish government could end up with a majority stake in several banks after the implementation of a state-run National Asset Management Agency (Nama) to house €90bn (£55.7bn) of the sector’s bad debts, finance minister Brian Lenihan said yesterday. “As I have already noted, some institutions may need capital after they have transferred loans to [...]
BEST OF THE BROKERS September 1, 2009 BAE SYSTEMSBank of America Merrill Lynch rates BAE Systems a “buy” saying that the firm has three key areas which will support its long-term growth above the US and UK defence spending rate. The broker saw long-term value in the shares, but also potential further earnings downgrades. It reduced its price objective for the stock [...]
Bank applicants dropped September 1, 2009 The country’s leading banks are dropping around nine per cent of applicants for top management positions for fear the regulator will reject them and publicly damage reputations, a llaw firm said yesterday. Calling for a confidential appeals process, law firm Reynolds Porter Chamberlain said 12 candidates for senior jobs in top financial firms saw their [...]
Military warn on budget cuts September 1, 2009 Budget cuts could damage Britain’s armed forces and investing in the defence industry could help lead Britain out of recession, leading figures from the UK’s armaments sector said yesterday. “The defence industry requires support and leadership from political leaders and we are looking for future governments to take that forward,” Ian King, chief executive of [...]
UK heads for power shortage September 1, 2009 The UK could face widespread power shortages within eight years due to the country’s switch to cleaner energy generation, according to forecasts contained in a government report. The closure of coal- and gas-fired power stations and the wait for nuclear plants to be built will both hit power supplies, the report said. The UK has [...]