Whitbread boosted by Premier Inn September 7, 2010 Britain’s biggest hotel operator Whitbread said it was confident for the full year after its budget Premier Inn chain saw a surge in demand from business customers and Costa Coffee delivered strong growth. Whitbread, which also owns the Beefeater and Brewers Fayre pub restaurant chains, said comparable sales across the group were up by 7.9 [...]
Ocado sales surge by 30pc after flotation September 7, 2010 ONLINE grocer Ocado reported a 30 per cent jump in third-quarter sales as it seeks to boost confidence in the business following a turbulent initial public offering (IPO) in July. Ocado, whose shares are trading 13 per cent below an IPO price which had already been cut by almost a quarter from the company’s original [...]
Bob Diamond set to lead Barclays September 6, 2010 Barclays will today name investment banking president Bob Diamond as successor to chief executive John Varley in a surprise shake-up at the top of the British bank. Diamond, who is credited with propelling Barclays Capital into the premier league of Wall Street players, is expected to take the reins next year around the time of [...]
Gartmore hit by row over trust September 6, 2010 AILING fund manager Gartmore suffered another blow yesterday as the independent board of one of its most high-profile investment trusts threatened to cut ties with the company. The Gartmore Growth?Opportunities trust served 12-month notice on Gartmore following the shock resignation of star fund manager Gervais Williams. Williams, who quit last week after 17 years at [...]
Obama plans $50bn spend September 6, 2010 US President Barack Obama yesterday announced a six-year plan to revamp ageing roads, railways and runways with a $50bn (£32.4bn) up-front investment to jump-start job creation. The plan is one of several economic initiatives that Obama is due to unveil this week aimed at generating some desperately needed US job growth and limiting predicted Democratic [...]
Strikes and Brussels cripple London September 6, 2010 BY one estimate, today’s strikes will cost London £50m. That is hugely expensive for an exercise in grandstanding by politically motivated militants – and it fails to quantify intangible costs such as stress, inconvenience and general misery. Anyway, if you are reading this in a print copy of City A.M., congratulations – you’ve made it [...]
Green tipped for coalition September 6, 2010 HSBC chairman Stephen Green could stun the City by resigning to become the coalition government’s trade minister, it was reported last night. Green has been named as the frontrunner to take up the post after months of searching by Prime Minister David Cameron. He would succeed Lord Davies, who was lured away from Standard Chartered [...]
Citigroup in row over $50bn of deferred tax September 6, 2010 CITIGROUP, the American behemoth, is embroiled in a dispute with analysts and accountants over whether it should store up capital to cover $50bn (£32.4bn) of deferred taxes. Citi says it will earn enough cash to justify ignoring the need to hold reserves against the deferred charges. But critics say the necessary target – $99bn of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 6, 2010 FINANCIAL TIMES HIRING RATES ARE FLAT IN THE UK Employers expect a “static” rate of recruitment for the remainder of this year, according to new research, underlining concerns about the momentum of economic recovery. The survey of 2,100 employers by Manpower, the recruitment company, is likely to intensify debate on whether the private sector can [...]
Barnier takes on UK with bank tax plan September 6, 2010 EUROPEAN finance commissioner Michel Barnier will take on the UK today when he advocates setting up a series of liquidation vehicles funded through a region-wide bank tax. Chancellor George Osborne has refused to back the use of tax revenues to create funds to wind down failed institutions, arguing that ring-fencing the proceeds of banking levies [...]
