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 [...]
WPP bonus approved but protest made June 2, 2009 WPP SHAREHOLDERS staged a significant protest against the company’s new bonus scheme yesterday, after a quarter failed to back proposals which could see chief executive Sir Martin Sorrell take home £60m over five years. Following its annual meeting in Dublin, the advertising and media group said that the Leadership Equity Acquisition Plan (LEAP) had been [...]
Candover in possible sell off June 2, 2009 CANDOVER, the cash-poor private equity group, is considering selling off assets one by one after interest in a rescue bid for the group appears to have waned. The group was considering a possible “run-off” of assets yesterday following speculation that French investment group Eurazeo had walked away from a possible buyout. Candover’s shares plummeted by [...]
UKFI backs Lloyds ahead of crucial annual meeting June 2, 2009 UK FINANCIAL Investments (UKFI) – the body which manages the government’s 43 per cent stake in Lloyds Banking Group – has confirmed it will not oppose resolutions at Lloyds’ annual meeting on Friday. The bank is likely to face significant shareholder ire over the takeover of HBOS, with some expected to vote against the re-election [...]
CITY VIEWS: HAS THE CREDIT CRUNCH AFFECTED YOUR SUMMER HOLIDAY PLANS? June 2, 2009 KEVIN ARCHIBALD BLACK ROCK“I’m taking off the same amount of time that I did last year – two weeks in June, as well as a week in Spain in September. It’s mandatory for us to take two weeks off. I’m staying at my parents’ place in Spain, so that will be on the cheap. But [...]
First Property plots UK return June 2, 2009 AIM-listed First Property Group yesterday announced its financial results for the fiscal year ended 31 March 2009, reporting pre-tax profit of £3.22m in comparison with profit of £4.66m in the previous year. The central and east European property fund said it was sizing up a return to the UK market as confidence returns to the [...]
Cheap booze risks overstated June 2, 2009 The impact of cheap alcohol on heavy and hazardous drinkers has been overestimated according to a report out today by the Centre for Economics and Business Research (CEBR). The report claims that moderate drinkers are seriously overpaying for the government’s policy on alcohol where the benefits of increased prices such as reductions in health, crime, [...]