Shadow MPC divided over policy moves June 3, 2009 DESPITE early signs of an economic recovery, interest rates should be kept on hold at 0.5 per cent according to all nine of City A.M.’s shadow MPC committee, ahead of the Bank of England’s June monetary policy decision due today at midday. The Bank of England has already announced asset purchases of £125bn out of [...]
Asia tycoons jump on AIG fund arm sale June 3, 2009 ASIAN investors are scrambling to add their names to the consortium of buyers set to snap up AIG’s asset management unit, which is being sold as part of the insurer’s fire-sale to repay its US government bailout loans. Singapore’s Temasek and the Hong Kong tycoon Richard Li are close to joining a consortium, led by [...]
JJB agrees a refinancing June 3, 2009 JJB Sports yesterday said it had completed its £50m refinancing and ended its standstill agreement with banks, marking the final chapter of the group’s recent struggles. Following a crucial deal with landlords – which will see it pay no rent on stores that have already been closed – JJB is now able to draw on [...]
British Airways sees a slump in air traffic as downturn hits June 3, 2009 FLAG carrier British Airways (BA) said yesterday its premium passenger numbers for May tumbled 17.2 per cent, as airlines struggle to fill seats during the downturn. BA said its economy passenger numbers were down by only 4.2 per cent. Overall passenger numbers were down 6.5 per cent, suggesting the previous month’s rise may have been [...]
Football season lifts Sportingbet despite a dip in casino gambling June 3, 2009 ONLINE gaming site Sportingbet yesterday reported a 34 per cent hike in third quarter earnings due to an increase in people betting on European football leagues and the Champions League. The group said operating profit for the third quarter to 30 April was £9.8m, compared with £7.3m the year before. The group also said that [...]
HAMMERSON BIDS ADIEU June 3, 2009 PROPERTY company Hammerson yesterday said it had sold its Les Trois Quartiers office and retail property in Paris to private equity real estate investor MGPA for €21m (£18.2m). The property was valued at €275m at 31 December 2008 and commands rents of €19.8m a year. The group has been trying to dump Les Trois Quartiers [...]
WPP says media is battling to survive June 3, 2009 GROUP M, the media-buying arm of WPP, yesterday slashed its advertising revenue forecasts for the second time this year, warning that many household names in the media will struggle to make it through the recession. Group M said that UK media investment will fall by 14 per cent in 2009, a steeper fall than the [...]
Lending for home loans rises in April June 2, 2009 MORTGAGE approvals for house purchase rose in April for the third consecutive month, according to data released yesterday by the Bank of England, providing further evidence that housing market activity was recovering. But approvals remained at a level that suggests further house price falls are still ahead. The Bank of England said that the number [...]
Eurozone unemployment rises to near 10-year high June 2, 2009 EUROZONE unemployment rose to 9.2 per cent in April, its highest in almost a decade years, data showed yesterday. In April, 396,000 people in the Eurozone lost their jobs – more than analysts had forecast. ING economist Martin van Vliet said leading labour market indicators – such as surveys of hiring intentions – show further [...]
Sigh of relief as long gilts sell like hotcakes June 2, 2009 ULTRA long-term government bonds flew off the government’s shelves yesterday, assuaging fears about its ability to raise money after its last auction failed in March. The Debt Management Office (DMO), which auctions the sovereign bonds known as gilts, received £4.6bn of bids for the £2bn of 40-year debt it was offering, triggering its new post-auction [...]