US may need second stimulus July 7, 2009 US House of Representatives majority leader Steny Hoyer said leaders need to be open to the possibility of a second stimulus to further boost the economy. We can’t yet tell if the first $787bn package has been successful, Hoyer said, but “I think we need to be open to whether we need additional action.”
Swiss ministers shift UBS stance July 7, 2009 UBS has made mistakes and will likely have to pay a price to settle the US’ tax case against it, the Swiss domestic economy minister said yesterday. The remarks represent a change in rhetoric from Swiss authorities, who previously contacted the Obama administration to halt the US suit over tax evasion.
Desmond jury discharged July 7, 2009 The jury in the libel case between Express publisher Richard Desmond and the author Tom Bower was discharged yesterday on the second day of the trial. Judge Eady told the jury that some important submissions had been made which resulted in the need to recruit a new jury. The case re-opens on Monday.
Fears for US retail in rainy June July 7, 2009 Poor weather and consumers without the stimulus boost they received last year were expected to have dampened US retail sales in June, analysts said. The month was challenging for summer products due to wet weather, said weather tracking firm Planalytics.
C&W investors urged to block directors’ pay July 7, 2009 CABLE & Wireless (C&W) is under pressure again over pay deals offered to directors, after advisory firm Pirc urged investors to oppose plans to extend a controversial incentive plan. The plan, which also came under fire from a top 10 shareholder, has led to a “red top” alert from the Association of British Insurers (ABI), its [...]
Avocet completes Indonesian project after Wega buyout July 7, 2009 GOLD miner Avocet said yesterday it had completed a drilling programme in Indonesia, adding it had issued and allotted 423,717 new ordinary shares at 5p each as it completes its acquisition of Wega Mining. The Aim-listed miner said it would undertake further drilling “in order to outline an inferred mineral resource” if testing on the [...]
Swedish retail giant Ikea to slash workforce again July 7, 2009 THE continued decline in consumer spending is forcing Ikea to downsize its workforce further, and put a sharp halt on planned growth and expansion having already trimmed 5,000 employees from its pay roll. Only weeks after the company had to announce massive global job losses and the abandonment of plans to open stores in India, [...]
CITY VIEWS: HAS IKEA SAID GOODBYE TO ITS GLORY DAYS? July 7, 2009 ANDREW GARRARD WILLIS“It’s a sign of the times. Perhaps people have forgotten their old ‘Chuck out your chintz’ slogan, or maybe they’re moving on to the pound shop. Ikea is a bit of a first-time buyers’ store and obviously there are less of those around at the moment.” IAIN MUIRHEAD ITECH“It’s not an attractive store [...]
Penguin chops 100 UK staff July 7, 2009 CONSUMER book publisher Penguin yesterday confirmed that it will axe up to 100 jobs in its London offices as it implements a series of changes designed to position the company for the digital era. The Pearson-owned publisher has entered into a period of consultation with employees regarding the dismissal of around 10 per cent of its [...]
Jacques Vert plunges into red after retail turbulence July 7, 2009 LADIES’ clothing retailer Jacques Vert, the owner of the Planet and Precis Petite brands, dived into the red over the past year due to the turmoil in the retail sector, though it said yesterday the decline in sales had eased since the year end. The group posted a £2.9m pre-tax loss for the year to [...]
