FTSE hits six month high January 23, 2012 The FTSE 100 hit a six month closing high, driven by increases in bank and commodity stocks and investor optimism regarding the Greek debt crisis. The index closed up 0.9 per cent at 5,782.56, the highest closing mark since July 29 2011. Banks benefited from French Finance Minister Francois Baroin’s declaration that a deal with [...]
EU bans oil imports from Iran January 23, 2012 The European Union has banned imports of oil from Iran as Western powers increase the pressure on Tehran to abandon its nuclear development programme. The 27 members of the EU are collectively the second biggest consumers of Iranian crude and news of the embargo pushed the price of Brent crude futures to over $110 dollars [...]
Private equity firm buys Bonmarche from Peacocks January 23, 2012 Private equity firm Sun European Partners has bought the budget fashion chain Bonmarche for an undisclosed sum in a pre-pack administration. Sun European intend to close around a third of the chain’s 394 stores, resulting in the loss of around 1,400 jobs. 2,300 staff will continue to be employed by the new owners. Bonmarche was [...]
Resource stocks lift FTSE as Eurozone closes in on Greece debt deal January 23, 2012 The FTSE 100 started in positive territory this morning — with hopes that Eurozone finance ministers can nail down a final agreement over the festering Greek debt pile on the rise. Banking shares across Europe were buoyed by renewed optimism that Greece can avert a default which would derail the bloc’s efforts to stabilize struggling [...]
Michael Page poaches Ocado finance chief January 23, 2012 Recruiter Michael Page has poached online grocer Ocado’s Andrew Bracey to replace Stephen Puckett as finance director at the increasingly global staffing group. Puckett stepped down after 11 years because he no longer wanted to undertake the travel needed for the job, Michael Page said on Monday. Bracey, who previously worked in private equity and [...]
Why a wealth tax is a very bad idea January 23, 2012 EVERY few months, when the going gets tough for the Liberal Democrats, Vince Cable renews his call for a “Mansion Tax.” With the LibDems slumping to a disastrous 9 per cent in a YouGov poll, against 41 per cent for the Tories and 36 per cent for Labour, it was no surprise to see him [...]
Blackberry’s Lazaridis quits chief executive role January 23, 2012 Research In Motion’s Mike Lazaridis and Jim Balsillie have bowed to investor pressure and resigned as co chief executives, handing the top job to an insider with four years at the struggling BlackBerry maker. Thorsten Heins, a former Siemens AG executive who has risen steadily through RIM’s upper management ranks since joining the Canadian company [...]
Cairn in Greenland exploration deal with Statoil January 23, 2012 British oil explorer Cairn Energy said Norway’s Statoil will partner with it to look for oil and gas in Greenland. Cairn said it signed a deal which will see Statoil acquire a 30.6 per cent stake in one of its exploration licences off the coast of Greenland, part of its long-stated plan to bring in [...]
Asda to invest over £500m and create 5,000 jobs January 23, 2012 Asda, the British arm of US retailer Wal-Mart Stores has said it it will invest over £500m this year, opening 25 new stores and three depots and creating up to 5,000 jobs. Britain’s second-biggest supermarket group behind Tesco also said it would extend and refurbish 43 existing stores. The 25 new stores will add over [...]
MPs: Bank of England needs radical reforms January 22, 2012 MPs WILL today ramp up their push for greater scrutiny of the Bank of England by publishing a stinging critique of the Bank’s own suggestions for reform. The Treasury Select Committee (TSC) says the Bank needs a powerful supervisory board and should hand over more influence to the chancellor in the run up to a [...]
