When the going’s tough, the City goes shopping June 28, 2009 SIR Stuart Rose has recently waived more than £1m worth of Marks & Spencers share options, and could come under more pressure at this week’s annual meeting. Discount retailers like Aldi and Lidl have just announced a slowdown in growth, while on TV Mary Portas has moved from advising high street stores to charity shops. [...]
Commerz CEO says finances require no aid June 28, 2009 COMMERZBANK has suffered setbacks in its operating business in June but the bank’s finances are solid enough to do without further state aid, according to the bank’s chief executive Martin Blessing. This month’s slippage had been preceded by a calmer May, Blessing is quoted as saying in an interview with Handelsblatt due for publication this [...]
Government criticised over backdated shipping rates by top company bosses June 28, 2009 DIRECTORS from 22 shipping companies, including P&O European Ferries and DFDS Tor Line, have slammed the government, accusing it of ignorance, and a disregard for the future of jobs in the industry. In a letter to business secretary Lord Mandelson some of the most prominent names in UK port operations said the government had been [...]
BEST OF THE BROKERS June 28, 2009 KESAJP Morgan analysts believe that Kesa offers investors a restructuring story with the potential to deliver around 100 per cent earnings per share growth over two years. The broker views the firm’s continued investment in new markets as a positive, especially as it has been achieved with a capex reduction. It remains “overweight” on the [...]
CITY MOVES WHO’S SWITCHING JOBS June 28, 2009 Securities and Investment InstituteAlan Fleming, an associate at investment management firm JM Finn, has been elected president of the Yorkshire branch of the Securities and Investment Institute (SII). Fleming, 53, joined JM Finn in 2003 and continues to be involved with the management of client portfolios after 25 years in the investment management industry. He [...]
Optimism is increasing for finance firms June 28, 2009 CONFIDENCE in the prospects for the financial services sector has risen for the first time in two years, with many parts of the industry expecting business volumes to rise in the next quarter, according to a study published today. But the latest Financial Services Survey by the Confederation of British Industry (CBI) and PricewaterhouseCoopers shows [...]
ECONOMIST VIEWS: IS IT TOO SOON TO SAY THE FINANCIAL SECTOR IS ON THE ROAD TO RECOVERY? June 28, 2009 HOWARD ARCHER GLOBAL INSIGHTI would expect there to be a gradual improvement, but the whole sector is still very vulnerable to set backs. I am not convinced that reform is going to happen to the extent that the Bank of England would like, and I think it will be a long time before we are [...]
How London City Airport’s veteran boss is keeping his sights set high June 28, 2009 Whenever you meet Richard Gooding, London City Airport’s relaxed-looking chief executive, you can’t help feeling he has seen it all before – and after clocking up 42 years in the airline business, he probably has. Aged just 18, Gooding left rural Suffolk to work as an apprentice for British European Airways – which later became [...]
Cycles that mean business June 28, 2009 FIRST there was the Tube strike, and now a heatwave. Travelling on London’s un-airconditioned, heat-trap of an underground system has never been less appealing. So this is a perfect moment to take to two wheels. Since keen cyclist Boris Johnson became mayor there have been rumblings about making cycling in London more attractive and less [...]
JETTING OFF June 25, 2009 JET REPUBLIC, the private jet company run by Jonathan Breeze, is slashing its Learjet prices by $1m (£600,000), it said yesterday, as part of a part-ownership buy-back programme. The scheme, which is trying to win interest from cash-strapped clients, allows members to fly up to 200 hours per year without paying hourly fees.”