Boris joins Olympic volunteers for carols December 9, 2012 MORE than 3,500 Olympic volunteers donned familiar pink uniforms for a Christmas concert in Trafalgar Square this weekend, organised by Mayor of London Boris Johnson. The games makers enjoyed carols led by Britain’s Got Talent’s Jonathan & Charlotte, as the Mayor revealed his team of ambassadors would be making a comeback over the festive period, [...]
City Moves | Who’s switching jobs December 9, 2012 Old Burlington Investments Noreen Kelly has been appointed business development manager at the investment business. She was previously a relationship manager at Octopus Investment Management. In her new role, Kelly will market Old Burlington’s funds to financial advisers. Sainsbury’s Angie Risley has been appointed group human resources director at the supermarket. She was most recently [...]
Best of the Brokers December 9, 2012 ASOS Panmure Gordon has reiterated its “buy” rating on the fashion retailer and upped its target price from 2800p to 2875p after an analyst site visit, saying it had “enormous potential”. BERKELEY GROUP Northland UK has a “buy” rating with a target price of 1750p, adding cash generation at the firm’s sites left it well [...]
Osborne to slash spending in 2015 December 6, 2012 CHANCELLOR George Osborne will be forced to find £27bn in further spending cuts starting in 2015, the Institute for Fiscal Studies (IFS) said yesterday. This came after Osborne admitted in Wednesday’s Autumn Statement that austerity would be extended for a further year to 2018. The IFS calculates that, on the chancellor’s current plans, achieving these [...]
Starbucks gives £20m to taxman December 6, 2012 COFFEE chain Starbucks yesterday offered to pay £20m in corporation tax over the next two years even though it records no UK profits, in an effort to calm MPs’ anger that it has not had to pay any for years. But tax lawyers warned the move sets a dangerous precedent with an arbitrary charge being [...]
Eurozone told to brace for another year of recession December 6, 2012 THE EUROPEAN Central Bank (ECB) slashed the currency area’s growth forecasts yesterday, predicting another year of recession as the battered peripheral economies struggle to turn their fortunes around. President Mario Draghi now expects Eurozone GDP to fall by 0.3 per cent next year, well down on its previous forecast for growth of 0.5 per cent. [...]
Apple hit by Chinese iPhone sales worries December 6, 2012 APPLE’S market capitalisation fell below $500bn yesterday following news that the iPhone maker had fallen behind competitors in the crucial Chinese market. Although the stock recovered to finish slightly up yesterday, Apple has still lost more than eight per cent of its value this week, and is far below September’s $659bn value. Researchers IDC said [...]
What the other papers say this Morning December 6, 2012 FINANCIAL TIMES Regulator sat in on Deutsche audits German regulators were briefed about Deutsche Bank’s valuation of a clutch of complex derivatives now under investigation by the Securities and Exchange Commission. The revelation potentially sets up a transatlantic regulatory conflict with US investigators. Deutsche reiterated a statement that the allegations were “wholly unfounded”. The bank’s [...]
Pharma firms hit by EU ruling December 6, 2012 The European Union’s highest court has upheld a €52.5m (£42m) antitrust fine levied against AstraZeneca for blocking the entry of cheaper rivals to its then bestseller ulcer drug Losec. The decision is a blow for the British drugmaker and the wider pharmaceutical industry, which will in future have to take greater care not to overstep [...]
More bidders enter RBS sell-off December 6, 2012 Two private equity giants are to team up and enter the race for 316 Royal Bank of Scotland branches, it emerged last night. JC Flowers and Apollo Global Management, two of the biggest buyout houses in the world, are understood to be on the cusp of launching a joint venture to bid for the branches, [...]