Inflation at a five-year low in September October 13, 2009 CONSUMER price inflation plummeted in September to a five-year low, though economists warned inflation was more likely to overshoot than undershoot the target of two per cent in the next few quarters. Consumer Price Index (CPI) annual inflation fell to 1.1 per cent in September, down from 1.6 per cent in August and falling short [...]
Bloomberg buys BusinessWeek October 13, 2009 FINANCIAL news and data company Bloomberg is buying BusinessWeek magazine from McGraw-Hill, it said yesterday, for an undisclosed sum. The announcement comes after several rounds of bids by various parties from private equity and media publishing. Bloomberg was long seen as the best buyer for BusinessWeek because it could capitalise on the marriage of two [...]
Cargill ploughs on as profit falls October 13, 2009 CARGILL, the US farming group, said yesterday its pre-tax profit for the quarter had slumped by 65 per cent, as it was hit by plunging earnings at fertiliser maker Mosaic – where it is a majority shareholder. Cargill, one of the world’s largest private corporations, said it earned $525m (£286m) for the first quarter, down [...]
WHAT THE FALL MEANS October 13, 2009 PENSIONS – pegged to September RPIBut not affected, due to a prior government pledge that the basic state pension will increase by at least 2.5 per cent per year. RAIL FARES – pegged to July RPIFares should fall from January after July RPI fell to -1.4 per cent. BENEFITS – pegged in part to RPIBut [...]
Bear Sterns judge rejects two jurors in hedgie trial October 13, 2009 TWO jurors serving in the trial of two former Bear Sterns hedge fund managers were yesterday rejected by the judge after they made critical comments about WallStreet. Lawyers for Ralph Cioffi and Matthew Tannin opposed the jurors on the grounds that their bias towards people working in the financial services industry was unfair. In a [...]
Luxury London pads to add 40pc by 2014 October 13, 2009 LUXURY house prices in central London will put in a spectacular rally of nearly 40 per cent in the next five years, according to the latest forecast by Knight Frank. The estate agent said prime London properties, worth over £1m, will sidestep a nationwide fall in house prices next year and grow at three per [...]
CITY VIEWS: DO YOU AGREE HOUSE PRICES WILL RISE BY AS MUCH AS 40 PER CENT OVER THE NEXT FIVE YEARS? October 13, 2009 PATRICK EGAN NORTH SQUARE CAPITAL“I think that is very unlikely. Constraints on credit will be with us for at least three years yet, and we’ll also have an inflationary period within that time where interest rates will be raised and will dampen any exuberance in the housing market.”JON MITCHELL FIDELITY“Five years is a long time, [...]
Ronnie probe starts at JJB October 13, 2009 JJB SPORTS yesterday said that it was formally investigating “improper expenses claims” made by its former chief executive Chris Ronnie. The sports retailer, which also confirmed a well-trailed £100m rights issue, alleges that it was brought to the brink of insolvency by Ronnie and former executives due to a series of “unwise management decisions”. The [...]
Sale of bond boosts ITV October 13, 2009 TROUBLED broadcaster ITV yesterday completed a £135m convertible bond offer, designed to bolster its balance sheet, and announced plans to plug a gaping hole in its pension fund. The Coronation Street broadcaster, which is struggling to appoint a chairman and chief executive, said it plans to use the proceeds to extend its average debt maturity [...]
Survey finds 80 per cent of City is upbeat about bonuses October 13, 2009 EIGHT out of ten financial services professionals in London expect to receive a similar or higher bonus for this year compared to last year, as optimism within the sector grows. The figure compares to 63.5 per cent who believed they would be paid the same or higher when asked a year ago, according to research [...]
