Firms’ confidence about the future rises to 13-month high August 20, 2009 BRITISH businesses are more confident about their trading than they have been for 13 months, according to a monthly survey published today. The Lloyds TSB Corporate Markets Business Barometer shows that a balance of 30 per cent of businesses questioned in July expected their business activity to rise over the next year, compared to 17 [...]
Strong growth in retail sales in July boosts recovery optimism August 20, 2009 THE high street breathed a sigh of relief yesterday as retail sales rose twice as fast as expected in July. Official data from the Office for National Statistics (ONS) showed that sales volumes rose 0.4 per cent in July on the previous month and were up 3.3 per cent on July 2008. For predominantly food [...]
BEST OF THE BROKERS August 20, 2009 AEGISNomura reduced its full-year earnings per share forecast for Aegis from 8.8p to 8.1p to reflect adverse exchange rate movements and a slightly more cautious view on media buying margins. The broker expects client spending trends to improve as the recession begins to ease, and rates the stock “neutral” with a 114p price target. TT [...]
Sovereign to cut board pay August 19, 2009 HOME equity release firm Sovereign Reversions said yesterday its directors would take a significant pay cut if they manage to fight off a rebellion from shareholders seeking to oust the board and put the group into run-off. In a letter to shareholders, non-executive director John Gummer, a Conservative party MP, said Sovereign would “propose long-term [...]
Jessops warns of further losses as downward spiral continues August 19, 2009 PHOTOGRAPHIC retailer Jessops yesterday reported gloomy trading figures, with sales down 4.7 per cent in the 12 weeks to 16 August. The group said it still expects to post a loss for this financial year because of the difficult retail environment. The recent fall in sales comes after a 3.6 per cent drop in the [...]
CITY MOVES WHO’S SWITCHING JOBS August 19, 2009 Ernst & YoungJohn Harley has been appointed as global private equity leader at the accountancy firm, having joined in 2000 to lead its technology, communications and entertainment corporate finance practice. Harley, who is currently head of private equity for Europe, the Middle East, India and Africa at the firm, is also leading the E&Y response [...]
LONDON BARGAIN CITY August 19, 2009 LONDON has dropped 19 places in a ranking of the world’s most expensive cities due to the sterling’s devaluation, according to research out yesterday by UBS. London now ranks 21st both in the comparison of living costs in 73 cities around the world and in its international wage level comparison.
FULL CIRCLE IN SPORT RETAILERS’ WILY WORLD August 19, 2009 IS THERE no end to the incestuous intricacies to the colourful sports retail sector? The current hot potato in the industry is the tide of bad feeling towards JJB chairman Sir David Jones, whose past emails criticising the firm’s directors were recently leaked by former chief executive Chris Ronnie, the man widely blamed for bringing [...]
CITY EYE August 19, 2009 A City worker basks in the lunchtime sun yesterday at Finsbury Circus, enjoying temperatures of up to 30 degrees Celsius. Pity our poor cousins up North, who were enduring clouds, cooler temperatures and rain showers while we were sweltering…
CITY ALARMED BY BANK SPLIT August 19, 2009 CITY economists expressed concern yesterday about the fragility of the UK economy after it emerged that Bank of England governor Mervyn King had pushed to extend quantitative easing (QE) by £75bn earlier this month. Economists were shocked to learn that the Bank’s policymakers had been divided over how much to extend QE. Minutes from the [...]