Hermes still bullish on 2010 October 6, 2010 FRENCH luxury Hermes is maintaining its 2010 guidance despite a broader rebound in the luxury sector, chief executive Patrick Thomas said yesterday. Asked whether Hermes would raise its forecasts after similar upgrades from luxury fashion companies such as Valentino, Thomas said: “Not us, we keep the same guidance.” Speaking on the sidelines of the Hermes [...]
Chi-X Europe haggles with FSA in bid to avoid Swiss Exchange fee October 6, 2010 CHI-X Europe, the continent’s largest share trading platform, is in talks with Britain’s Financial Services Authority (FSA) to find a way of avoiding new fees the Swiss Exchange will charge for using its price data. The SIX Swiss Exchange plans to impose a new fee of 100,000 Swiss francs (£65,200) on trading rivals, such as [...]
FTSE rises on stimulus expectation October 6, 2010 BRITAIN’S top share index closed higher, at a fresh five month peak yesterday led by miners and energy issues as commodities rose on optimism governments will act to stimulate economies around the world. At the close, the FTSE 100 was up 45.63 points, or 0.8 per cent at 5,681.39, its highest close since 26 April. [...]
Tech shares drag down Wall Street October 6, 2010 TECH shares slumped yesterday, hit by worries about demand for semiconductors and data storage. The Nasdaq bore the brunt of the day’s selling, led by data system services provider Citrix Systems. The stock was down in sympathy with small-cap Equinix, which plunged 33.1 per cent to $70.34 after it issued a revenue warning late on [...]
Car sales fall for third time October 6, 2010 CAR SALES in the UK were down for a third month, after September registrations dropped by 8.9 per cent compared to the previous year. According to monthly data from the Society of Motor Manufacturers and Traders (SMMT) the fall in sales meant that 335,246 cars were bought last month versus the 367,929 which were sold [...]
PwC boss urges audit review October 6, 2010 IAN POWELL, PwC’s chairman and senior partner has called on the auditing profession to examine its role and responsibilities, and evaluate how it can change. Speaking last night, Powell said that the current public debate is focused on the “value and relevance” of the traditional audit. He said: “While there is no single right answer [...]
Sportingbet profit falls on investigation costs October 6, 2010 ONLINE gambling firm Sportingbet posted a 69 per cent fall in full-year pre-tax profit on one-off costs related to a settlement with the US Department of Justice and its move to the main stock market, but said it started the new year well. The company had agreed to forfeit $33m (£21m) to settle a US [...]
Shop price inflation hits a five-month high after food and cotton prices surge October 6, 2010 A jump in the cost of agricultural commodities drove British shop price inflation to a five-month high in September, but weak consumer demand should contain price pressures in the rest of 2010, a survey showed yesterday. The British Retail Consortium (BRC) said shop prices in September were 1.9 per cent higher than a year ago, [...]
CITY MOVES | WHO’S SWITCHING JOBS October 6, 2010 Nomura Former RBS chief market strategist Bob Janjuah (pictured) and chief markets economist Kevin Gaynor have resurfaced at the Japanese investment bank, where they take up the roles of co-heads of cross asset allocation strategy. Perma-bear Janjuah made the headlines weeks before Lehman Brothers collapsed back in 2008, when he predicted the economic crisis. Geoff [...]
BEST OF THE BROKERS October 6, 2010 NORTHERN FOODS JP Morgan Cazenove has moved its rating on Northern Foods back to “underweight” with a new downgraded price target of 40p. The broker says the food manufacturer’s growth and profitability are dependant upon its relationship with UK food retailers and its ability to control its costs. The broker says Northern is likely to [...]
