Bank stocks up as Eurozone fears ease January 19, 2012 The FTSE 100 today opened with a strong performance in the banking sector with investor confidence being buoyed by efforts to bring the Eurozone back in line after months of damaging instability. The International Monetary Fund (IMF) is seeking to raise up to $600bn (£388.8bn) which would help ease worries about funding in the Eurozone. [...]
AB Foods sales surge fuelled by Primark January 19, 2012 Associated British Foods has reported a 12 per cent lift rise in total sales in the 16 weeks to 7 January, thanks to “exceptional” performances at its sugar division and at discount fashion chain Primark. The group said higher prices and higher production levels meant that total revenues from sugar rose 21 per cent, while [...]
Mulberry sees strong festive sales January 19, 2012 Luxury fashion company Mulberry Group expects 2012 financial year results to exceed its earlier forecast, led by strong Christmas and New Year sales, putting it firmly in the festive winners’ camp in the UK. The company, which designs, makes and sells leather goods and accessories, said retail sales for the 16 weeks to January 14 [...]
St James’s Place assets up as it defies volatile markets January 19, 2012 Wealth manager St James’s Place continued to defy pressure from global financial turmoil during 2011 with a six pe rcent rise in funds under management as new client money offset the impact of weak markets. In a trading statement, the firm said the net inflow of funds under management during 2011 was £3.3bn, bringing total [...]
Kodak files for bankruptcy January 19, 2012 Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America’s best-known companies. The more than 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, [...]
Pay slashed as Goldman shields its bottom line January 18, 2012 GOLDMAN Sachs has been forced to slash pay as the turmoil engulfing the banking industry led to its revenues plummeting last year. The bank revealed that returns on equity fell to their lowest level since it went public over a decade ago, generating just 3.7 per cent for shareholders in 2011 – well below the [...]
Protesters face eviction after High Court defeat January 18, 2012 THE CITY of London last night called on protesters to leave the area around St Paul’s after it won a High Court battle against the group. Stuart Fraser, the City’s policy chairman, said the “public generally is losing out” from the presence of up to 200 tents outside the Cathedral. He spoke out after Mr [...]
Britain on the hook as IMF seeks $600bn in extra funds January 18, 2012 THE IMF went cap in hand to its members yesterday to ask for an extra $600bn (£388.8bn) to rescue governments that it expects to struggle in the euro-led economic slowdown. When the IMF raised $500bn in 2009, the UK gave $28.8bn. Though no detailed plans have yet been finalised this time around, the coalition is [...]
Seven arrests on Dell tip-off January 18, 2012 SEVEN financial industry professionals have been charged with fraud and conspiracy worth $78m (£50.6m) gained by trading insider information in FBI crackdown Operation Perfect Hedge’s most recent arrests This included profits of $62m due to single stock illegal trading of computer company Dell. The “criminal club”, formed from a group of friends, was spread across [...]
Coalition needs to tackle jobs crisis January 18, 2012 BRITAIN’S jobs market has ground to a halt and with more people joining the labour force than leaving it unemployment is soaring. This is an emergency, yet the government is paralysed, with radical supply-siders (including, perhaps surprisingly, several advisers in 10 Downing Street) largely stymied, thanks to Vince Cable and allies. There are some reforms [...]
