CITY VIEWS: DO YOU THINK THAT UNEMPLOYMENT HAS REACHED A PEAK? June 17, 2009 PHIL CAULDER UBS“No, I think that there is more to come. Small businesses are still struggling, particularly consumer-facing ones. I think it will be at least until the end of the year, if not early next year, before things start to get anywhere near normal.” COLIN ELLIS DAIWA SECURITIES SMBC“No, I don’t think so. The [...]
Sainsbury’s in 445m plea to boost growth June 17, 2009 SUPERMARKET giant J Sainsbury unveiled plans to raise £445m to fund its expansion yesterday, sending its shares plummeting over five per cent on dilution fears. Chief executive Justin King said the firm will add 50 new stores over the next two years and extend between 30 and 35 stores, resulting in a 15 per cent [...]
IS SAINSBURYS’ CASH PLEA FOR EXPANSION SENSIBLE? June 17, 2009 SAM HART CHARLES STANLEY“We regard the capital raising and acceleration in space growth as a sensible strategic move. With the valuation looking undemanding and the shares underpinned at current levels by asset backing arguments, we recommend using share price weakness associated with the placing to add to holdings.” CAROLINE GULLIVER EXECUTION“Sainsburys’ capital raising highlights its [...]
Rise in US inflation lower than forecast as slump takes its toll June 17, 2009 US consumer prices edged up in May on higher petrol prices, but fell over the past 12 months by the most since 1950, in a sign that inflation was not a threat for now as the country fights a brutal recession. The Labour Department yesterday said its Consumer Price Index (CPI) edged up 0.1 per [...]
City firms are hiring again June 17, 2009 LONDON’S financial institutions are hiring again, according to figures showing that new job vacancies in the City were up 14 per cent in May compared to the previous month. Improved confidence in the industry as a whole – coupled with rising business volumes in areas like investment banking – have driven the increase in hiring [...]
CITY MOVES WHO’S SWITCHING JOBS June 17, 2009 ResolutionEntrepreneur Clive Cowdery’s investment vehicle has hired Elizabeth Filbert, pictured, and Jon Hack as new partners, taking the total tally of partners in the business to seven. Gilbert was previously co-head of the European financing group for financial institutions at Goldman Sachs. Hack was a managing director and head of the UK financial institutions group [...]
Banks begin repayment of Tarp funding June 17, 2009 UP TO ten of the largest US banks were last night expected to begin paying back a combined $68bn (£41.7bn) they received under the government’s $700bn Troubled Asset Relief Programme (Tarp), after the Treasury gave them permission last week. Three of the largest Tarp recipients, JPMorgan Chase, Goldman Sachs and Morgan Stanley all stood ready [...]
EXCLUSIVE: BoA MERRILL LYNCH BRAND June 17, 2009 BANK of America Merrill Lynch today unveils exclusively in City A.M. the new face of the entity created by the tie-up between the two banks. The logo marks the launch of an advertising campaign run by The Brand Union, part of media firm WPP, led by chief executive Sir Martin Sorrell. Chief marketing officer for [...]
Deutsche names new chief in UK June 17, 2009 DEUTSCHE Bank has appointed Colin Grassie to the newly-created post of UK chief executive, in preparation for a drive to build up its share of the British banking marketplace. The German lender said Grassie, who previously served four years as the bank’s Asia-Pacific chief executive, would be responsible for developing its UK franchise, including building [...]
BUSINESS OSCARS DO CREDIT CRUNCH CHIC June 17, 2009 IT CERTAINLY doesn’t bode well for a lengthy awards lunch when the presenter himself admits he’s been ordered to “cut back on the gags” because of the economic climate – especially when the ceremony in question is none other than the Thomson Reuters Extel Awards, more commonly known as “the Oscars of the City”. (Practically [...]