Sony halves suppliers on cost-cutting May 21, 2009 Sony will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 per cent this year, the consumer electronics giant said yesterday, stepping up restructuring efforts amid mounting losses. Analysts saw the move as positive. It comes on top of a plan to cut fixed costs [...]
NOT SO HAPPY BIRTHDAYS May 21, 2009 GREETING cards retailer Clinton Cards placed its Birthdays chain of 332 stores into administration, putting over 2,000 jobs at risk, after the unit was hit by the economic downturn and dire trading. The company, which also operates 692 Clinton Cards stores, said Zolfo Cooper, the turnaround specialist, has been appointed as administrator to the Birthdays chain.
CITY MOVES WHO’S SWITCHING JOBS May 21, 2009 AltiumThe investment banking group has appointed a number of new hires to its London team. Steve Medlicott, pictured, a top-rated capital goods analyst, joins from Singer Capital Markets, while Andrew Burdis joins the institutional sales team from Numis. Ian Williams joins the economics and strategy team from Blue Oar Securities, Clare Banham joins the equity [...]
EXPENSES IN CITY CAN’T HALF GET EXPENSIVE May 20, 2009 ALL THIS palaver over outrageous Parliamentary expenses has got Square Milers reminiscing about the good old days in the City, when sky-high monthly expense bills were de rigueur. Of course, there are the usual tales of drink, drugs and girls, as well as a few quirkier ones – one gentleman who went to Ascot to [...]
RESOLUTION EYES UP LLOYDS ASSETS May 20, 2009 CLIVE Cowdery’s Resolution was put on high alert yesterday after Lloyds Banking Group signalled it may be forced by the European Commission to dispose of assets, reopening the possibility of the buyout vehicle purchasing part or all of Scottish Widows and Clerical Medical. A source familiar with the situation said yesterday that Resolution could be [...]
Brown in 50p tax row May 20, 2009 PRIME Minister Gordon Brown and outgoing CBI president Martin Broughton were last night at loggerheads over the new 50p top tax rate. Broughton launched a scathing attack on the policy, accusing Brown of “economic vandalism”. But Brown hit back, saying that while he had no “desire or wish” to raise tax, he needed to lower [...]
IMF warns on UK spend May 20, 2009 THE government must repair the public finances faster than it has spelt out in the Budget or risk a further significant shock to the battered economy, the International Monetary Fund warned yesterday. It urged the government to specify how it would cut public spending or raise taxes once the economy recovers. It says GDP will [...]
Ex-M Stanley trader banned May 20, 2009 AN ex-Morgan Stanley trader who built up a hefty unauthorised oil futures position after a long liquid lunch, and then hid the deals overnight, was yesterday banned from the Financial Services Authority (FSA). David Connor Redmond was a freight and oil trader who, the FSA say, built up a substantial futures position on the ICE [...]
Time for a real shareholder revolution May 20, 2009 FOR too long, shareholders have been the City’s absentee landlords. So it has been good to see some of the institutions that control much of the FTSE 100 start to flex their muscles. Four UK listed companies, including Shell, have had their remuneration reports rejected since January; let us hope there are many more. There [...]