‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Analyst Views: What did you make of the Federal Reserve’s decision not to taper its quantitative easing programme? September 19, 2013 LIZ ANN SONDERS | CHARLES SCHWABWhat we now face is a lingering uncertainty regarding the timing of tapering; which means the sharp rally induced by the announcement could run into trouble. I remain very optimistic about the stock market; but the hope that this was going to be the lifting of one of many uncertainties [...]
Bank of England’s Miles: UK is on cusp of self-sustaining recovery September 19, 2013 BANK of England rate-setter David Miles said yesterday that the UK economy could be on the verge of a self-sustaining recovery, yet warned that unemployment may not fall as quickly as some people are hoping. Miles also leapt to the defence of governor Mark Carney’s provision of forward guidance, denying that it has had an [...]
Top Vodafone dealmaker set to leave UBS September 19, 2013 SIMON Warshaw, one of the City’s best known dealmakers, is leaving UBS, the Swiss-owned bank. Warshaw, who joined the bank 27 years ago when it was the old City powerhouse SG Warburg, saw his upward trajectory come to something of a halt last year shortly after the appointment of Andrea Orcel, the bank’s head of [...]
Adidas warns on profit as sales continue to weaken September 19, 2013 GERMAN sports wear maker Adidas warned on 2013 profit yesterday saying adverse currency effects, a distribution problem in Russia and poor trading at its golf business meant targets were no longer attainable. For 2013, Adidas now expects sales to rise by a low single digit percentage, against previous expectations for a low-mid single digit gain. [...]
Virgin Media cuts 600 jobs September 19, 2013 VIRGIN Media will cut up to 600 senior posts including a third of Virgin’s executive directors, as owner Liberty Global seeks cost synergies in the wake of its £14.5bn purchase of the UK cable operator this year. The decision equates to the loss of four per cent of Virgin Media’s 15,000 workforce, but the cuts [...]
Bottom Line: A global web player that is best of British September 19, 2013 ANYONE who said there was no space in the internet retail revolution for British business may have to start eating their words. On the heels of Ocado’s return to form thanks to a licensing deal with Morrisons comes this startling set of numbers from Asos. They confirm the online fashion retailer’s extraordinary achievement. In little [...]
Asos on trend with stellar set of sales figures September 19, 2013 ONLINE fashion retailer Asos saw its share price soar to a record high of nearly £55 yesterday after stunning the city with a stellar set of quarterly sales figures. The clothing site, which sells clothes to the lucrative 18 to 24 year old fashion market, said sales rose by almost 50 per cent across June, [...]
New banking standards body to be set up by former CBI director September 19, 2013 RICHARD Lambert, former director general of the Confederation of British Industry, was appointed by Britain’s biggest banks to set up a new independent banking standards body yesterday. The body will be independent from the banking industry. The move follows a recommendation in June by the Parliamentary Commission on Banking Standards, a group tasked with making [...]
Inside Track: Deal captain helps steer UKFI to fine result in share sale September 19, 2013 ADVISERS to UKFI’s £3.3bn sale of shares in Lloyds Banking Group faced an interesting conundrum earlier this week when the offer for sale of shares was covered nearly three times. The joint bookrunners from Bank of America Merrill Lynch and UBS were asked to consider whether either the size of the deal should be enlarged [...]
Watchdog sinks its teeth into pension funds September 19, 2013 THE UK’S trading watchdog yesterday laid the ground for a root and branch overhaul of workplace pensions after a study said that the current system is ripping off some savers. The Office of Fair Trading (OFT), which aims to protect consumers, said pensions were too complicated for many people to understand and employers running pension [...]