BEST OF THE BROKERS November 18, 2010 MARKS & SPENCER Execution Noble has upgraded the supermarket to “buy” with an upgraded fair value price of 475p, following its research on M&S customers. The broker sees the firm’s new strategy as a real driver for sales growth, with the food business as a particularly strong opportunity. It adds that the brand could also [...]
UK government borrows record £10.3bn in October November 18, 2010 The UK government borrowed £10.3bn in October, figures from the Office for National Statistics show. It is a record for October and is up from £10.1bn in the same month last year. The figure – which was in line with analysts’ forecasts – brings the amount the government has borrowed since the start of the [...]
Glencore “mulling £10bn IPO” November 18, 2010 Commodities group Glencore is considering listing in the first half of next year with an initial public offering (IPO) that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.4bn) convertible bond last year. The group, which posted a strong jump in nine-month profit, [...]
OECD cuts UK 2011 growth outlook November 18, 2010 The OECD revised upwards its forecasts for growth in the British economy for 2010 but cut its outlook for 2011 following the announcement of deep spending cuts designed to tackle a record budget deficit. The Organisation for Economic Co-operation and Development (OECD) welcomed the coalition government’s “ambitious medium-term plan” to cut spending which it said [...]
Ireland concedes it is in line for massive bailout November 18, 2010 Ireland’s central bank chief said he expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy. Central bank governor Patrick Honohan was speaking shortly before the start of talks with a joint mission of the European [...]
Retail sales in slim rise November 18, 2010 Retail sales volumes rose slightly faster than expected in October after two months of declines, with strength across most sectors, official data showed. Separate figures showed government borrowing came in at £9.7bn last month, broadly in line with expectations. The Office for National Statistics (ONS) said sales volumes rose 0.5 per cent last month after [...]
Investec posts stronger profit November 18, 2010 South African bank Investec posted stronger first-half profit – helped by growth in asset management and showing that its move away from plain lending continues to pay off. The asset manager and investment bank, which is also listed in London, said operating profit totalled £228.15m in the six months to end-September, up 5.6 per cent, [...]
Capita says cuts have hit harder than expected November 18, 2010 Outsourcing firm Capita said sales growth would be hit harder by government spending cuts than it previously expected – but said the measures would eventually create a climate that would benefit the business. “We indicated that pressures on public spending might potentially affect growth in the short term … This is now occurring and will [...]
National Grid profit jumps 45pc November 18, 2010 National Grid’s pre-tax profit has jumped by 45 per cent to £938m in the first six months of the year. The operator of the UK’s electricity and gas networks said the figures represented a bounce back after failing to recover last year. Chief executive Steve Holliday said: “We expect to deliver strong operational and financial [...]
Close Brothers upbeat after loan book rise November 18, 2010 Merchant bank Close Brothers grew its loan book and said its first quarter performance had been solid, despite a small loss in its asset management division. The bank said it was confident of delivering a “satisfactory” performance for its 2010/11 financial year to the end of July. Its first quarter bad debt ratio grew slightly [...]