Italy faces harsher contraction this year as austerity kicks in July 15, 2012 ITALY’S government will revise its forecasts to predict an even deeper recession, when it updates its official estimates in September, new economy minister Vittorio Grilli said in an interview published yesterday. The government will forecast a contraction of just under 1.9 per cent in 2012, deeper than the 1.2 per cent previously forecast. That brings [...]
TUC and NEF claims on local pay criticised July 15, 2012 PLANS to vary public sector wages by region could hurt both jobs and output, the Trades Union Congress (TUC) and New Economics Foundation (NEF) have claimed today. The rationale for the plan is that wages and the cost of living vary widely across the country – the familiar London weighting is a blunt example of [...]
People borrowing more from their family during recession July 15, 2012 SAVINGS have been increasingly squeezed over the last year, households are having a tougher time making ends meet and more people have been forced to borrow from their families, according to research published by Scottish Widows today. In a survey of 1,500 adults aged 18 and over, 54 per cent of women and 45 per [...]
CITY MOVES WHO’S SWITCHING JOBS July 15, 2012 The Supreme Court The UK’s final court of appeal for civil cases has announced that Lord Neuberger of Abbotsbury will become Britain’s top judge from October when he takes up the role of president of the Supreme Court. Our story on Friday 13 July contained an incorrect photograph, for which we apologise. Norton Rose The [...]
BEST of the BROKERS July 15, 2012 BOOKER Peel Hunt rates the wholesale retailer “buy” with a target price of 100p ahead of an interim management statement on Wednesday. The broker is expecting to see a two per cent rise in like-for-like sales, excluding tobacco, and sees an opportunity to buy into the shares if the figures end up disappointing the market. [...]
LONDON REPORT July 15, 2012 A SLEW of company results this week culminates with a busy Thursday, when retail giant Sports Direct, Halfords, Kingfisher and Mothercare are all set to update the market. Accountancy software maker Sage is set to give an interim management statement today, which will be followed with a Capital Market Day for investors tomorrow. Panmure Gordon [...]
WALL ST THE WEEK AHEAD July 15, 2012 INVESTORS are looking at an onslaught this week. If it’s not corporate earnings, it’s Ben Bernanke talking about economic issues before Congress. Recent warnings from a number of companies, including chipmaker Advanced Micro Devices, helped drag the S&P 500 lower for six straight days before a Friday rebound. The S&P 500 and Dow erased losses [...]
High-frequency trading is not the devil behind every market mishap July 15, 2012 TO SAY that high-frequency trading (HFT) is blamed for every big financial mishap is to exaggerate – but only slightly. Regardless of the hard evidence from academics, exchanges and regulators about the positive impact of HFT, the critics continue to dominate headlines. It’s not hard to see why. Innovation in any industry has always attracted [...]
Shareholders can find a potent ally in activist funds July 15, 2012 THE so-called shareholder spring – in which shareholders have been revolting against the pay of chief executives of major corporations like Barclays, Aviva, and William Hill – is gaining momentum. And activist hedge funds, which pressure public companies to make changes to improve a company’s share price, will increasingly drive this phenomenon. Many regard hedge [...]
The whole City must work to rebuild the trust destroyed by a rotten few July 15, 2012 AFTER weeks of problems in the banking sector making front pages, it’s time we start taking steps to move business back to where it belongs: the business sections of our papers (though that would, of course, be hard in the case of this newspaper). Reputation matters and it’s the driving force behind any good business. [...]
