US MULLS INTEREST RATE HIKE June 3, 2010 Kansas City Federal Reserve Bank president Thomas Hoenig yesterday said that the central bank should raise rates to one per cent by the end of the summer to avoid having to raise borrowing costs abruptly as the economic recovery gains momentum. His board colleague Dennis Lockhart also said that the US economy is almost strong [...]
Nielsen gears up for listing June 3, 2010 NIELSEN plans to raise up to $1.75bn (£1.2bn) in an initial public offering, becoming the latest private-equity backed company to sell shares into a fragile market. Nielsen is best known for its viewership ratings, which often determine the fate of TV shows. Its top 10 clients – who account for about 23 per cent of [...]
UBS tax deal inches closer June 3, 2010 A Swiss-US deal to end a tax dispute that nearly crippled UBS and undermined Swiss bank secrecy inched closer to full parliament approval as the Swiss upper house gave it its backing yesterday. The deal is yet to be approved by the parliament’s lower house, which will vote on it next week. Yet the chances [...]
UK retailers set to net £126m per goal in World Cup June 3, 2010 UK retailers could net a £126m sales boost for every England goal scored after the group stages of the World Cup, according to research yesterday. The extra sales of sportswear, TVs and food could top £2bn if England reaches the final, according to a report by the Centre for Retail Research (CRR). Retail sales are [...]
Quintain confident as losses shrink and NAV slide slows June 3, 2010 PROPERTY developer Quintain Estates yesterday posted a 1.5 per cent annual fall in the value of its assets, narrowed its losses and said it was in a better financial position to proceed with its growth plans. Quintain said adjusted diluted net asset value (NAV) per share at the end of March fell to 133p, from [...]
Helical says profits will double in 2011 and 2012 June 3, 2010 COMMERCIAL property company Helical Bar expects to double its after-tax profit in both 2011 and 2012 and anticipates spending £150m on acquisitions next year. Chief executive Michael Slade said yesterday he expected Helical, which posted an after-tax profit of £9.6m for the year to the end of March, to earn £20m or more after tax [...]
Johnson & Johnson looks to medical device business June 3, 2010 JOHNSON & JOHNSON (J&J) sees its medical device sales growing faster than the industry through 2014 and plans about 80 “significant” regulatory submissions for its largest unit in the next two years. J&J outlined its growth plans for the medical device business – its top product category with annual sales of $25bn (£17bn) – as [...]
RBS gets six advanced bids for Global Merchant Services June 3, 2010 ROYAL BANK OF SCOTLAND is reviewing six second-round bids for its $4bn (£2.7bn) payment-processing arm, and will soon pick two or three suitors for a final round of bidding, people familiar with the matter said. RBS could pick the shortlist as early as next week and aims to agree the sale of its Global Merchant [...]
Drugmaker Elan says its chief will quit in May 2012 June 3, 2010 IRISH biotechnology firm Elan said its chief executive Kelly Martin will step down in May 2012, following months of disquiet from shareholders. The news comes just six weeks after the firm’s chairman, Kyle McLaughlin, announced his retirement when 28 per cent of shareholders opposed his re-election. Elan said it changed Martin’s contract in order to [...]
CITY BOSS DRUMMING UP SUPPORT FOR TALENTED POLE-DANCING WIFE June 3, 2010 FANS of ITV’s Britain’s Got Talent, which has whipped up millions of Britons into a frenzy yet again ahead of this weekend’s final, will be surprised to know that one of the City’s own has a claim to fame via the show. Those who’ve been following the series may remember Alesia Vasmitzel, the scantily-clad blonde [...]
