Slower pace of growth in US May 27, 2010 THE US economy grew at a slower pace in the first three months of the year than previously estimated, according to the Commerce Department’s second reading. Growth in the world’s largest economy was revised down to an annualised three per cent from an initial estimate of 3.2 per cent. Analysts on average had expected GDP [...]
American corporate profits lose their momentum in first quarter May 27, 2010 US corporate profits before tax rose 5.5 per cent in the first quarter on the previous three months but this was down from eight per cent in the fourth quarter of 2009. Rob Carnell at ING said: “Such weakness lends some credibility to thoughts of further equity market softness, as this data can provide a [...]
Revenue’s error leaks tax details May 27, 2010 HM Revenue and Customs apologised yesterday after it sent the confidential details of thousands of tax credit claimants to the wrong people. Tax credit renewal packs were posted to claimants but some mistakenly included the earnings, bank sort code and the last four digits of bank accounts of other claimants, while some received packs with [...]
SILVER SET TO SHINE May 27, 2010 RISING investor demand and a recovery in industrial demand starting late in 2009 were key factors in a strong recovery for silver prices last year, and will continue to drive prices up in 2010, according to the World Silver Survey 2010 released yesterday by the Silver Institute. It expects 2008’s London high of $20.92 per [...]
CITY VIEWS: HOW WILL THE UK ECONOMY FARE THIS YEAR? May 27, 2010 MICHAEL EPHGRABE | AVIVA “I think that things will get tougher because we haven’t seen the worst yet. Economists are forecasting growth, but I don’t think it will be as high as they are predicting. Things will definitely get worse before they get better.” ASTON SINFIELD | SYNERGY SELECTION “Generally the mood is positive. The [...]
Buyout boys scoop Garner May 27, 2010 PRIVATE equity pioneer Jon Moulton dipped into his own pocket to take a controlling stake in recruitment firm Garner yesterday, alongside fellow buyout veteran Pierce Casey. Moulton and Casey put in £1m each to buy almost two thirds of the Aim-listed company, which will be rebranded Norman Broadbent in line with its successful headhunting offshoot. [...]
CWC hit by Caribbean lull May 27, 2010 CABLE & Wireless Communications (CWC) is cautious on the outlook for its key Caribbean market despite seeing signs of stabilisation. CWC, which focuses on the Caribbean, Macau and Panama, split from the former Cable & Wireless group, now Cable & Wireless Worldwide (CWW), earlier this year. It said yesterday the Caribbean had faced its most [...]
Investors support Deutsche’s pay plan as succession talks begin May 27, 2010 DEUTSCHE Bank shareholders backed a new compensation model for bonus payments proposed by Germany’s flagship lender in a nonbinding vote at the company’s annual general meeting yesterday. Shareholders representing about 35 per cent of Deutsche Bank’s capital attended the meeting at Frankfurt’s fair and exhibition centre. Some 58 per cent of these approved the new [...]
CITY MOVES | WHO’S SWITCHING JOBS May 27, 2010 Hogan Lovells The law firm has made its first partner hire since the merger of Lovells and Hogan & Hartson, in the form of antitrust, competition and economic regulation specialist Suyong Kim. Kim is a partner at Wilmer Cutler Pickering Hale and Dorr. She has recently advised on the OFT’s dairy products and tobacco investigations [...]
RSM Tenon moves to main list May 27, 2010 Accountancy firm RSM Tenon yesterday made its official switch over from the Alternative Investment Market (Aim) to the official list of the LSE yesterday. Shares rose 1.2 per cent to 42.25p on the first day of trading, giving Tenon a market cap of around £133m. The company, which specialises in advising entrepreneurs, originally floated in [...]
