IKEA posts record profit January 20, 2012 Sweden’s IKEA, the world’s biggest furniture retailer, posted on Friday a record profit for the fiscal 2010/11 year on the back of growing sales and a bigger share in almost all of its markets. Net profit at the privately-held Swedish firm, known the world over for low-price, self-assembly, flat-packed furniture, rose 10.3 per cent to [...]
Sir Fred is set to lose his knighthood January 19, 2012 SIR Fred Goodwin looks set to lose his knighthood, after the Prime Minister said the former Royal Bank of Scotland chief executive had been referred to a panel with the power to strip him of the honour. David Cameron said the Honours Forfeiture Committee would look at “what went wrong at RBS” and “who was [...]
Tesco wins Buffett seal of approval January 19, 2012 WARREN BUFFETT, the US investor known as the Sage of Omaha for his stock-picking prowess, has given Tesco his vote of confidence by raising his stake in the embattled supermarket, which shocked markets last week with its first profit warning in 20 years. Buffett’s investment vehicle Berkshire Hathaway has snapped up about £350m worth of [...]
US swoops on internet firm January 19, 2012 MEGAUPLOAD, one the biggest online content hosting websites, has been charged by US authorities for a massive copyright infringement scheme, the latest skirmish in America’s battle against piracy of movies and music. Four company executives have been arrested in New Zealand and will face extradition hearings, accused of engaging in a scheme that took more [...]
Goodwin must lose his knighthood January 19, 2012 IT is time for Sir Fred to become once again plain Mr Goodwin. He should be stripped of his knighthood, awarded in 2004 for services to banking at a time when the Labour party and the Scottish establishment thought he was a genius and a great business hero. He was no such thing and ended [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 19, 2012 FINANCIAL TIMES LOBBYISTS’ REGISTER UNVEILED Proposals to force all lobbyists to join a compulsory register will be set out on Friday as the government moves to toughen the regime for the industry. Launching a consultation on the sector’s governance, ministers will also take views on opening up the register to include other groups that seek [...]
NY Fed sells AIG assets January 19, 2012 CREDIT SUISSE has won an auction to buy a $7bn mortgage securities portfolio once owned by AIG. The Federal Reserve Bank of New York, which did not reveal the sale price, was selling the assets it acquired through the bailout of American International Group in 2008. Goldman, Barclays Capital and Bank of America Merrill Lynch [...]
Thames Water to get Chinese investment January 19, 2012 CHANCELLOR George Osborne’s visit to China appears to have paid dividends for UK companies, as sovereign wealth fund China Investment Corporation looks to buy a stake in Thames Water. CIC is understood to be poised to snap up a 10 per cent stake in Kemble Water, the holding company that owns the utility. Macquarie Bank [...]
Pinsent and McGrigors set for a merger January 19, 2012 LAW firms Pinsent Masons and McGrigors yesterday confirmed they are in merger talks over a deal that could create one of the largest UK law firms by revenue. A tie-up between the groups, both known for their strong project finance practices, would result in a business with a turnover of more than £300m, earning it [...]
Haldane: Asset valuation may have worsened crisis January 19, 2012 ACCOUNTING and reporting rules for banks’ assets and liabilities have in part contributed to financial crises and can lead to confusion, Andrew Haldane, the Bank of England’s executive director for financial stability, said yesterday. Fair value accounting can lead banks to overestimate profits in boom years, he said, because their assets are inflated in a [...]
