Japan explains yen selling strategy September 17, 2010 Japan will try to dispel international criticism of its yen-selling intervention by highlighting the damaging impact of the currency’s climb on an economy mired in deflation, the finance minister said. Japan’s solo foray into currency markets, its first in six years, sparked fears other nations might follow suit to prop up sagging exports and that [...]
Nando’s to buy burger chain for £30m September 17, 2010 The UK arm of chicken restaurant chain Nando’s has confirmed that it has agreed a £30m deal to buy a rival firm. It plans to take over Clapham House Group, the company behind Gourmet Burger Kitchen (GBK) and The Real Greek. Nando’s said that Clapham’s brands were struggling in the volatile market and needed its [...]
Row fuels fears of currency war September 16, 2010 THERE were growing fears of a global trade war last night after the world’s largest countries clashed over currency policies aimed at protecting their own faltering economic recoveries at the expense of others. In his strongest words yet on America’s long-running dispute with China over the value of its currency, US treasury secretary Tim Geithner [...]
3i reshuffle sends key partner out September 16, 2010 PRIVATE equity giant 3i is to undergo a radical restructuring which has resulted in the departure of one of its star dealmakers. City A.M. confirmed last night that the London-based firm, as part of the restructuring, will combine its growth capital team, which buys small interests in companies, with its buy-out team, which takes up [...]
London faces rotten rubbish September 16, 2010 HUNDREDS of thousands of Londoners could face the threat of rotting rubbish this winter after the GMB union threatened to ballot its members over a strike. The proposed industrial action raises raises the prospect of the first national bin strike since the Winter of Discontent in 1978/79, when uncollected sacks of rubbish piled up in [...]
Don’t reward HMRC’s massive failure September 16, 2010 THERE is nothing worse than rewards for failure – somebody should have made that clear to Her Majesty’s Revenue and Customs (HMRC), the UK’s woefully underperforming tax body. Rather than displaying some much-needed humility after disastrously miscalculating the pay-as-you-earn (PAYE) income taxes of millions of people, and failing in many other ways over the years, [...]
RIM sees revenue surge September 16, 2010 BLACKBERRY maker, Research In Motion (RIM), has seen a spike in second quarter revenue after demand for its smartphone continues to grow. During the three months ended 28 August, the Canadian based technology group saw revenues reach $4.62bn (£2.95bn), marking a 31 per cent rise on the same period last year. The income rise was [...]
Standard Chartered may move September 16, 2010 Standard Chartered may move abroad in a bid to avoid British taxes and regulations. According to The Times, the board has discussed the issue in depth at several meetings and has a team working on the possibility of setting up office in the Far East or elsewhere. Though chief executive Peter Sands said staying in [...]
Aer Lingus looks to sell stake September 16, 2010 Aer Lingus can survive as a standalone airline but it might prefer to sell a stake to a larger player to take part in the sector’s consolidation wave, its chief executive said yesterday. The former Irish state airline has already fended off two hostile bids from rival airline Ryanair. Aer Lingus chief executive Christoph Mueller [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 16, 2010 FINANCIAL TIMES VODAFONE BALKS AT BEING FORCED SELLER Vodafone’s chief executive has warned that he will not be “forced” into selling the UK group’s minority stakes in four mobile phone operators. Vittorio Colao insisted that the sale this month of Vodafone’s 3.2 per cent stake in China Mobile for £4.3bn ($6.7bn) was not done in [...]
