The British economy needs kid glove treatment September 16, 2009 The collapse in UK output seems to have run its course and activity is now stabilising, but what sort of recovery can we expect? Recent evidence on the economy has been mixed. On the positive side, the latest KPMG/REC Report on Jobs found that permanent and temporary staff appointments rose in August for the first [...]
Music body tries to deny industry rift September 16, 2009 THE BODY representing the UK music business yesterday attempted to quash talk of an industry split over the government’s plans to disconnect people caught illegally downloading music. The controversial issue has polarised the music industry, with some artists supporting business secretary Lord Mandelson’s proposals to disconnect persistent illegal filesharers, but others attacking them. But UK [...]
O2 and BT team up for business September 16, 2009 Mobile network provider O2 said yesterday that it is teaming up with BT to launch its first fixed-line offering to businesses. Telefonica-owned O2 said its has partnered with BT Wholesale to create Joined Up, a new product which will provide business customers with mobile and fixed-line services, along with data, broadband communications, equipment and professional [...]
POWER TO THE PEOPLE September 16, 2009 ACCOUNTANCY giant PricewaterhouseCoopers (PwC) has been named the number one graduate employer for the sixth year running, in The Times Top 100 Graduate Employers. PwC chairman Ian Powell told CityA.M. last week the firm is committed to investing in the downturn, despite profit per partner falling three per cent over the past year. The firm [...]
CITY VIEWS: IS THE ARCHBISHOP OF CANTERBURY RIGHT TO SAY THE CITY SHOULD REPENT FOR CAUSING THE CRISIS? September 16, 2009 LEE VELLEMAN BANCO ESPIRITO SANTO“The public perception of the City is that everyone belongs to the higher echelons of salary and decision making, but for the most part, we are not. To tar every City worker with the same brush is misleading and shows a lack of understanding. It’s like saying that all athletes take [...]
Tenon hails ninth profit rise in a row September 16, 2009 ACCOUNTANCY firm Tenon hailed a ninth straight year of profit growth in its full-year results yesterday, as the firm continued to outperform recession-hit rivals. Andy Raynor, chief executive of the self-styled “adviser to entrepreneurs”, described the profit rise as “an achievement”. He boosted the firm’s dividend seven per cent to 1.5p a share, as its [...]
UK Coal will raise 100m to pay debt September 16, 2009 LOSS-MAKING miner UK Coal’s £100m share placing will be priced at a 37.6 per cent discount to Tuesday night’s closing price of 120.25p. The issue of 142m shares is priced at 75p a share, and will see the company’s market value almost double. UK Coal’s biggest shareholder, Peel Holdings – which owns 28.28 per cent [...]
Eurasian eyeing African rival September 16, 2009 MINING group Eurasian Natural Resources (ENRC) said yesterday it was in advanced talks to buy the Central African Mining and Exploration Company (Camec), in a deal which could be worth £574m. The Kazakh company, which produces raw materials for steelmaking and provides them to Russia and China, said it was considering a cash offer of [...]
Zara owner Inditex posts forecast-beating profits September 16, 2009 INDITEX, the owner of fashion chain Zara, yesterday released forecast-beating profits, and said new store openings had buoyed sales. The group reported net profit fell eight per cent to €375m (£334m) for the six months to July, ahead of analyst expectations of €355m. Sales were up by nine per cent from the same period last [...]
Chi-X follows LSE in speedy IT overhaul September 16, 2009 AN ARMS race has broken out between the world’s top stock exchanges as they rush to revamp their computer systems in a bid to improve performance and win back business from their newer rivals. Chi-X, which launched in March 2007, will today announce an agreement with IBM to use the IT giant’s high-speed messaging technology [...]