Hays profits up but tough times ahead September 3, 2008 UK recruitment firm Hays posted a 25 per cent increase in annual profits yesterday on the back of international growth, but warned that the market would get tougher this year. The company reported pre-tax profits for the year ending 30 June of £264.4m, up from £211.7m, as it enjoyed a 19 per cent rise in [...]
Brown’s £1bn home market rescue gets a cool response September 3, 2008 Critics have rounded on prime minister Gordon Brown’s housing market rescue package saying it will do little to reverse the worst housing slump in 18 years. From today the government has scrapped stamp duty for a year on homes worth less than £175,000 as part of a package of measures designed to revitalise the flagging [...]
Job appointments tumble September 3, 2008 The rate of permanent employment appointments fell in August at the sharpest rate for almost seven years according to a report from KPMG published today. Shrinking demand for staff has led to the lowest number of permanent places since November 2001; the fifth consecutive month of employment cutbacks. Kevin Green, chief executive, of the Recruitment [...]
Alcatel calls former BT CEO to the rescue September 3, 2008 Alcatel-Lucent named its new management team yesterday, handing the task of turning round the ailing French-US telecoms equipment group to former BT chief executive Ben Verwaayen and French business grandee Philippe Camus. The world’s biggest provider of fixed-line telecoms networks has seen its market value drop more than 60 per cent in the 21 months [...]
Why it may be time to reduce investment exposure to UK September 3, 2008 Two trends have dominated financial markets in recent months: global growth has continued to weaken, while inflationary pressure has eased. The main cloud on the horizon now is the renewed upward spike in US mortgage spreads; this prevents the average American house-buyer from benefiting from looser monetary policy and lower bond yields. More positively, energy [...]
Lehman and KDB ready for lengthy talks September 3, 2008 Speculation surrounding Lehman Brothers reached fever pitch yesterday as Korea Development Bank (KDB) confirmed it was in talks to buy a stake in America’s fourth-largest securities firm. The CEO of KDB, Min Euoo-Sung, formerly head of Lehman’s Seoul branch, confirmed yesterday that the state-run bank was in talks with Lehman, led by CEO Dick Fuld. [...]
Recession for UK this year warns OECD September 3, 2008 Britain is nearer recession than both the US and Europe, the Organisation for Economic Cooperation and Development (OECD) warned yesterday as it slashed its UK growth forecast. The grim warning from the Paris based agency is the first time one of the world’s main public forecasters, has predicted a UK recession. The OECD forecast third [...]
InBev plans £1bn deal September 3, 2008 Belgian brewer InBev is planning to put its South Korean beer business up for sale, sources said yesterday. The move is an effort to shed a noncore asset and raise what could be roughly £1bn for its purchase of US brewer Anheuser-Busch. Deutsche Bank and JPMorgan Chase will run the auction for the business, called [...]
Hopes mount for inflation as oil slumps September 3, 2008 $100 a barrel in sight as global demand drops and hurricane misses refineries Oil prices could once again move back below the symbolic $100 a barrel level, analysts said yesterday. The forecasts, which were welcomed by consumers and economists, came after crude plummeted to a five-month low, boosting hopes that spiralling inflation would finally be [...]
Keegan on the brink despite Toon denial September 3, 2008 Kevin Keegan’s Newcastle future remains shrouded in doubt this morning after the club denied he had been sacked amid reports of a board room bust-up with owner Mike Ashley. Fans demonstrated outside the gates of St James’s Park yesterday after rumours spread that Keegan’s second spell in charge was over after less than eight months. [...]
