London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
Stuttering sales growth signals corporate woes July 12, 2009 IT SHOULD come as no surprise that stocks have sold off into the second quarter reporting season. After all, when it comes to markets it’s often better to travel than arrive. While markets were rallying from March lows, many analysts were lowering expectations for corporate profitability. The sad truth was though, at that stage, most [...]
Hedgie Degorce calls up old friends to set up a fund at Lansdowne’s offices July 12, 2009 PATRICK Degorce, a former fund manager at US banking giant Merrill Lynch, is launching a new fund based in the Mayfair offices of hedge fund powerhouse Lansdowne Partners. Degorce, 40, is being allowed to set up shop with a small team at the firm after contacting Stuart Roden and Peter Davies, former colleagues of his [...]
WHAT ARE YOUR EXPECTATIONS FOR INFLATION? July 12, 2009 HOWARD ARCHER IHS GLOBAL INSIGHTInflation data for June should show a continuation of the recent downward trend. Some utility prices have been also been trimmed recently, while the upward pressure from food prices continued to ease in June.DAVID PAGE INVESTECRPI inflation data looks likely to fall deeper into negative territory – we expect -1.5 per cent. [...]
Leaders threaten green shoots July 12, 2009 Reform of the global financial system has become bogged down as fears subside over its potential collapse, however policymakers relaxing now threatens recovery, a leading European Central Bank (ECB) official said. ECB executive board member Jose Manuel Gonzalez-Paramo said some European Union countries could see a return to growth from mid-2010. “We should not distract [...]
Philips may need cost-cutting July 12, 2009 Philips Electronics is expected to post a loss when it reports quarterly earnings, but the biggest question is whether deeper restructuring is needed. Chief executive Gerard Kleisterlee prepared investors for further cost cuts last month when he said sales were not likely to recover and additional measures may be needed for the group to stay [...]
Jailing bad for China business July 12, 2009 The detention by China of an executive from resources giant Rio Tinto may make business think twice about involvement in the country, said Australian financial services minister Chris Bowen. Rio executive Stern Hu was detained in Shanghai last week, along with three Chinese workers, and has been accused of stealing state secrets. “It should also [...]
BA battles the turbulent air ahead of AGM July 12, 2009 INVESTORS in British Airways (BA) are psyching themselves up for another dose of doom and gloom ahead of the ailing airline’s annual meeting tomorrow, as worries about its pension deficit, record losses, tie-up woes and the worldwide downturn weigh on the company. Chief executive Willie Walsh, who has said the carrier is in a “fight [...]
Xstrata sticks by merger plan July 12, 2009 MINING group Xstrata remains committed to a nil-premium merger with Anglo American, the company said yesterday after a newspaper claimed the company would offer a £5bn sweetener to seal the deal. Xstrata is understood to be looking to raise the money via a rights issue because its debt-laden balance sheet had made it difficult to [...]
Centrica sets out to woo Venture’s shareholders July 12, 2009 CENTRICA, the company which controls British Gas, will this week seek to win over investors for its hostile £1.3bn takeover of the North Sea gas company Venture Production. The gas group’s board of directors slammed Centrica’s bid late last week, saying it “substantially undervalued” the business. The offer of 845p a share, which values the [...]
Wm Morrison wins OFT approval for deal to purchase 30 Co-operative stores July 12, 2009 WM MORRISON yesterday got the green light from the Office of Fair Trading (OFT) for its acquisition of 30 stores from Co-operative Group. The shops being acquired will increase the size of the Morrison’s estate by about 10 per cent. Morrison has had to wait for OFT approval since the deal was first announced to [...]
