Sorrell adds an italicised L to alphabet soup of recoveries August 31, 2009 PREDICTING how we exit the worst recession since at least the Second World War has been a veritable past-time over recent months for economists, politicians, analysts and businessmen alike. And Sir Martin Sorrell, chief executive of the advertising giant WPP, has been the latest figure to add his letter to the alphabet soup of recoveries. [...]
IS THE FTSE 100 RALLY A TRUE REFLECTION OF MARKET VALUES? August 31, 2009 HENK POTTS BARCLAYS WEALTH“The earnings season has given more support than anticipated, largely because firms have cut back. In the short-term we have to be a lot more cautious. But in the long term, if we are going into a period of recovery and companies are leaner and meaner, we are looking at some great [...]
Nikkei cool on poll outcome August 31, 2009 JAPAN’S Nikkei stock index ended the day down yesterday as an early boost from Sunday’s landslide election victory for the Democratic Party of Japan (DPJ) over the ruling Liberal Democratic Party (LDP) was quickly reversed. The benchmark Nikkei-225 closed down 0.4 per cent at 10,492.53, despite gaining 196.78 points, or 1.87 per cent in the [...]
DISNEY TO PAY $4BN FOR MARVEL HEROES August 31, 2009 WALT Disney said yesterday that it plans to net Spiderman’s parent, Marvel Entertainment, for $4bn (£2.5bn), as the entertainment empire attempts to broaden its appeal to a young male audience. The biggest media deal of the year so far will unite the Incredible Hulk and Mickey Mouse, and see some of Marvel’s 5,000 hugely popular [...]
US regulator warns brokers to cut out risky sales tactics August 31, 2009 THE head of the US Securities and Exchange Commission Mary Schapiro last night issued a stern warning to chief executives at brokerage firms about questionable incentives. In an open letter to businesses Schapiro said: “certain forms of potential compensation may carry with them enhanced risks to customers.” Schapiro cautioned that some types of compensation practices [...]
Media heads back Murdoch August 31, 2009 THE FORMER editor of the Guardian Peter Preston has said that the whole of the media industry supports News Corp chief executive James Murdoch’s view that the BBC should charge for its on-line news content. The comments, posted on Preston’s Guardian blog, follow Murdoch’s attack on the BBC in an address at the Edinburgh International [...]
Dresdner acquisition was right choice, says Commerzbank boss August 31, 2009 COMMERZBANK chief executive Martin Blessing has defended his firm’s decision to acquire Dresdner Bank for €5bn (£4.4bn) at the height of the financial crisis last year. The bank has faced criticism from some shareholders for pushing through the transaction amid such volatile conditions. But Blessing said: “We have taken the right decision and I am [...]
Regulators are stuck in the silly season August 31, 2009 TODAY is officially back to school day for City workers and businesses across London, with the last holidaymakers finally back at their desks – it is a shame, therefore, that so many politicians, regulators and commentators remain so hopelessly stuck in the silly season. As so often these days, it is Lord Turner, the City’s [...]
JETBLUE LUFTHANSA DEAL TAKES OFF August 31, 2009 JETBLUE Airways and German airline Lufthansa are hoping to offer a connecting service between nearly a dozen JetBlue US destinations and 180 international destinations in Lufthansa’s network under a so-called code-share agreement. The deal, which would allow JetBlue to place a Lufthansa code on its flights, will expand JetBlue’s footprint in the US significantly.
WHAT THE OTHER PAPERS SAY THIS MORNING August 31, 2009 FINANCIAL TIMES BUY-OUT GROUPS FACE OPPOSITION TO ANNEX FUNDSPrivate equity groups are facing mounting opposition from investors over their attempts to raise annex funds, which buy-out firms hope will provide fresh cash to bail out many of the companies they bought during the debt bubble. Apollo Management had been forced to drop plans to raise [...]
