Bolland’s exit creates a gap November 22, 2009 Marc Bolland’s defection from WM Morrison to Marks & Spencer may have signalled the end of one succession saga – but has promptly sparked another, as the City clamours to predict who will fill the Dutchman’s shoes. Bolland is widely credited with transforming Morrison’s after its problematic acquisition of Safeway in 2004. When news broke [...]
Irish president agrees to bad loans plan to bail out banks November 22, 2009 IRISH President Mary McAleese has signed the legislation establishing the National Asset Management Agency (NAMA); a “bad bank”, allowing the government to start cleaning up banks’ balance sheets. The government, which has already been recruiting staff for NAMA, can now formally launch the agency that will pay €54 bn (£49 bn) to cleanse banks of [...]
Record October volumes for Plus November 22, 2009 Stock exchange group Plus Markets reported record trading over the month of October after it diversified into Aim share trading on its platform in the summer. Equity trading volumes reached over 11bn shares in October, a 238 per cent increase on the same month last year. The group, which specialises in smaller-cap stocks but also [...]
Treasury hits back at WTO’s bailout attack November 22, 2009 THE government last night defended bank bailouts in retaliation to suggestions by the World Trade Organisation that Britain may have contravened trade laws in keeping Royal Bank of Scotland and Lloyds Banking Group afloat. The Treasury responded with surprise to comments from WTO director general Pascal Lamy that bank bailouts may amount to “financial protectionism”. [...]
City survivors are helped by reduced competition November 22, 2009 Many of my colleagues in the financial services industry, particularly those working in sectors that had little or nothing to do with the financial crisis, feel they have been unfairly castigated. Of course parts of the financial services industry fully deserve the approbation that has been heaped upon them but the majority do not. It [...]
Westinghouse says Shaw deal won’t hit UKjobless November 22, 2009 NUCLEAR company Westinghouse hit out at claims yesterday that an impending power plant contract would cost the UK thousands of jobs. The group, which Japanese firm Toshiba bought three years ago from the government, is set to announce a deal with Shaw Group, one of its largest shareholders, in the next fortnight. US-based Shaw Group [...]
FLOWER POWER November 22, 2009 CATH Kidston, the homeware brand famed for its floral patterns, is believed to have received a number of approaches from private equity buyers. The retailer, which has bucked the downturn due to a revival in consumers’ affections for nostalgia, is believed to be looking for cash to fund its Far East expansion.
King to give evidence in Lords November 22, 2009 Bank of England governor Mervyn King will tomorrow be called before the House of Lords economic affairs committee to give evidence on the current outlook for the UK economy. The committee is preparing to grill King on the Bank’s economic growth forecasts, the economic impact of the growing fiscal deficit, the policy of quantitative easing [...]
John Lewis sales up boost November 22, 2009 High street retailer John Lewis yesterday reported it had rung £78.54m through its tills last week – 15 per cent more than the same week last year. The retailer said that it was boosted by a jump in toy sales, games and men’s fashions – helped by the start of Christmas shopping. The group also [...]
Shell in Essar stake buy talks November 22, 2009 Royal Dutch Shell is in talks to buy 10 per cent of India’s Essar Oil as part of a deal where it would sell three European refineries to the Indian firm. At current market prices, the stake would be worth $364m (£220m). Besides the stake sale, Essar is also looking at raising $1.5bn in debt [...]
