Business optimism holds steady despite fourth quarter worries December 2, 2012 BUSINESS sentiment held onto its October gains in November, according to a survey out today, despite worries the economy will post negative growth in the fourth quarter. Some 42 per cent of firms said they were more optimistic about the UK economy in November than they had been three months before, the Lloyds Business Barometer [...]
Jobs market set to continue growth December 2, 2012 The jobs market will continue to grow up to the end of 2012, according to survey data out this morning, despite continued weakness in the UK economy. The Reed Jobs Index hit 140 in November, the recruiter said, edging up from 139 in October, and a five-month high – 100 represents the situation in December [...]
Londoners stay in as UK goes out December 2, 2012 Londoners ate and drunk out much less in the autumn, Deloitte said today, while consumers across the rest of the country went out more frequently. On average, Londoners went out for a drink, or to eat, 25.7 times per month in October, according to data from Deloitte, down from 31.1 times in the July. But [...]
Chinese factory recovery on the up in November December 2, 2012 RECOVERY in the Chinese manufacturing sector sped up in November, according to official statistics out yesterday, though growth was still only moderate. The official manufacturing purchasing managers’ index (PMI) – a prominent business survey – hit 50.6 in November, a seven-month high, and up from 50.2 in October. But the figure was still only slightly [...]
Angela Merkel open to Greek debt haircut December 2, 2012 GERMAN Chancellor Angela Merkel yesterday said the Eurozone powerhouse would be willing to consider forgiving some Greek debt, if the troubled country brought its budget into surplus. But even if everything went to plan, Greece wouldn’t be turning a surplus until at least 2014-5, Merkel pointed out, leading opposition politicians to accuse the chancellor of [...]
Reputational crises hit value of firms’ shares December 2, 2012 REPUTATIONAL crises such as a products recall or environmental disasters involving a listed companies are a bigger threat to shareholder value than loan defaults or rogue employee behaviour, a study out today reveals. A survey of 16 global stock markets conducted by law firm Freshfields Bruckhaus Deringer shows operational crises – such as the Gulf [...]
Ministry of Sound boosts profit on back of strong brand label December 2, 2012 MINISTRY of Sound, the iconic dance record label and nightclub co-founded and chaired by ex-City worker James Palumbo, doubled its pre-tax profits last year after reaching nearly £40m turnover for its core business, accounts show. The company, which is made up of a record label, bar, publishing and clothing arms, said turnover for the 12 [...]
Fund industry could take up to a decade to alter fees model December 2, 2012 ASSET managers could take five to 10 years to change their business models to reflect the push towards lower fund manager fees, the chief executive of the Investment Management Association has said. Daniel Godfrey, who takes over from departing chief executive Richard Saunders today, told City A.M. fee levels would be determined by market forces [...]
City Moves | Who’s switching jobs December 2, 2012 ECU Group Antony John has been appointed chief executive at the currency management firm. He joins from BNP Paribas FundQuest, where he was chief executive officer. John has also held senior roles at Investment Manager Selection and Lombard Odier. Barclays The bank has announced the appointment of Hayley Rees as head of the infrastructure and [...]
Best of the Brokers December 2, 2012 BREWIN DOLPHIN Peel Hunt has a “buy” rating and target of 185p ahead of the investment manager’s full-year results on Wednesday. The broker expects broadly flat fee income as the firm gets on with its repositioning. NATIONAL GRID Morgan Stanley rates the utility “overweight” and raises its target from 730p to 775p, with a regulatory [...]