HOW THE MPC HAS VOTED IN THE PAST YEAR October 21, 2009 WHAT IS THE MPC?The Bank of England’s Monetary Policy Committee (MPC) is nine-strong and it meets each month to decide interest rates. What are the aims of the MPC?The MPC is tasked with delivering price stability – that is, targeting an inflation rate of two per cent. Because of the time it takes for policy [...]
HOMEBASE BOOSTS HOME RETAIL? October 21, 2009 HOME Retail Group’s yesterday said its first half-profits rose one per cent to £123m meeting analyst expectations. Total sales rose by three per cent to £2.8bn due to a boost from DIY enthusiasts lifting sales at Homebase by three per cent – offsetting a two per cent decline in sales at Argos
eBay forecasts for fourth quarter fail to impress October 21, 2009 EBAY yesterday forecast fourth-quarter profit and revenue at the low end of analysts’ estimates, disappointing investors’ hopes of a substantial turnaround at its main marketplaces division during the crucial holiday season. The global e-commerce site, which also owns online payments service PayPal and Web telephone company Skype, said net profit in its third quarter was [...]
Gala agrees debt restructure deal October 21, 2009 THE private equity owners of Britain’s biggest bingo company, Gala Coral, have agreed on a debt restructuring deal with the company’s mezzanine lenders. Junior-ranked lenders, led by Intermediate Capital Group and Park Square, and Gala’s private equity owners, Candover, Cinven and Permira, have cut a deal that will see the two sides share control of [...]
Galleon sinks as Rajaratnam shuts up shop October 21, 2009 GALLEON Group, the $3.7bn (£2.2bn) hedge fund firm, is liquidating its funds after its billionaire founder Raj Rajaratnam was charged last week with running one of the biggest insider-trading schemes in history. Rajaratnam, who is on $100m bail after being arrested last week, said he is considering a sale of the firm to a rival [...]
INSURER’S RUGBY DEAL KICKS OFF October 21, 2009 AGIANT rugby ball installation on Lime Street surprised City workers turning up for work yesterday. Unveiled to mark the arrival of a new Guinness Premiership sponsor, the four-metre high ball celebrates business insurer QBE’s involvement in the sport. The deal, which begins immediately, runs to the end of July 2012 and will see QBE’s logo [...]
CITY MOVES WHO’S SWITCHING JOBS October 21, 2009 HeartwoodThe wealth manager has appointed Kirsty MacArthur as a relationship director for new clients, a role based in London. MacArthur joins from UBS, where she was responsible for advising ultra high net worth clients across the sport, media and private equity sectors. Prior to that, she worked at Coutts & Co, where she was an [...]
CITY VIEWS: DO YOU SEE ANY EVIDENCE THAT THE RECESSION IS OVER? October 21, 2009 ROB DUTSON OEE CONSULTING“I do think we are coming to the end of the recession. The consultancy market is increasing, the housing market is improving and general spending seems to be going up. These things together tell me things are getting better. That and high hopes!” MARK MYERS ICAP ELECTRONIC BROKING“I think there are some [...]
CBI: Manufacturing firms see an export-led recovery in output October 21, 2009 FOLLOWING months of gloom, prospects for the manufacturing sector appear to be looking brighter and the decline in output has eased considerably, the Confederation for Business Industry (CBI) said yesterday. The latest quarterly Industrial Trends survey showed that sterling weakness is helping firms’ competitiveness on the global stage. Manufacturers’ sentiment about export prospects rose to [...]
House sales up, says taxman October 21, 2009 HOUSE sales in the UK lifted over the summer despite the downturn, according to figures released yesterday by HM Revenue & Customs (HMRC). Sales of residential properties costing more than £40,000 rose from 80,000 in August to 82,000 in September. And sales in the three months to the end of September were 11 per cent [...]
