Unemployment inflicting huge toll on UK July 15, 2009 EVEN though the economy has now stabilised, the recession’s terrible human cost keeps on rising. Yesterday’s jobless data was horrific; younger people are being hit especially hard. Jobless numbers jumped by 281,000 to 2.38m in the three months to May, the largest quarterly rise since 1971; 7.6 per cent of the workforce is now officially [...]
Rio Tinto in China strife July 15, 2009 RIO Tinto, the world’s second-largest iron-ore producer led by Tom Albanese, has been accused of mass bribery by an official Chinese newspaper, as the row over arrested executives from the firm continues to mount. The state-owned China Daily paper said Rio has bribed all of China’s 16 major steelmakers, and threatened to cut them out [...]
Oversight for US hedgies July 15, 2009 PRESIDENT Obama’s administration sent legislation to Congress yesterday to bring hedge funds under government supervision. The Securities and Exchange Commission (SEC) would oversee hedge funds, private equity and venture capital funds. It would have the power to open their books and they would be subject to fuller disclosure.
Strong gains on markets July 15, 2009 MARKETS on both sides of the Atlantic rose strongly yesterday on the back of healthy corporate results and improving US economic data. The FTSE 100 closed up 2.6 per cent at 4,346.46 led by mining and financial shares, its biggest jump since 24 April. In the US the Dow climbed 3.1 per cent to 8,616.21, [...]
JOB GLOOM FOR CLASS OF 2009 July 15, 2009 BRITAIN’S unemployment rate has surged to a 12-year high, with young adults aged 18-24 particularly badly affected, official data showed yesterday. The news confirms growing fears that unemployment will continue to rise for many months, even though the economy and the banking systems have stabilised. Figures from the Office for National Statistics (ONS) showed that [...]
BEST OF THE BROKERS July 15, 2009 INVENSYSAhead of Invensys’ interim management statement tomorrow, Nomura said that it expects the company to confirm that the short-term environment remains difficult and uncertain. The broker does not expect any changes to its full year 2010 guidance, and retains its “buy” rating with a 12-month target price of 275p. LAND SECURITIESKBC Peel Hunt upgraded Land [...]
Northern Foods jumps as warm weather boosts barbecue sales July 15, 2009 FOOD manufacturer Northern Foods yesterday reported solid first-quarter trade, boosted by warm weather, and said it was optimistic it could beat full-year profit targets, lifting its shares by 12.2 per cent to 61.7p. Northern Foods, which makes food products and ready meals for retailers as diverse as Marks & Spencer and Aldi as well as [...]
Walker set to give go-ahead for tighter rules for directors July 15, 2009 SIR David Walker will put forward plans for a major renovation of boardroom culture among UK financial institutions today, with the publication of his review of corporate governance. Walker is expected to set out a series of radical proposals, which will include subjecting company directors to mandatory annual elections and the introduction of powerful risk [...]
Cattles’ loans are extended July 15, 2009 EMBATTLED sub-prime lender Cattles said yesterday it extended the maturity of its £500m banking facilities until the end of the year, although it still has other crippling debts. The business said its syndicate of 22 banks, led by Royal Bank of Scotland, had agreed to give it breathing space by extending the facility, which was [...]
Trump lawsuit thrown out July 15, 2009 A New Jersey judge yesterday dismissed a lawsuit for defamation filed by Donald Trump against an author whose book gave an estimate of the real estate developer’s wealth much lower than Trump’s own. Superior Court Judge Michele Fox rejected arguments by Trump’s lawyers that he had been the victim of “actual malice”.
