Federal Reserve holds interest rates amid “softening” employment market August 6, 2008 The Federal Reserve, in a widely expected move, held US interest rates at two per cent last night, with Dallas Federal Reserve Bank President Richard Fisher the only dissenter among the 11 person panel. The statement from the central bank referred to the “softening” labour market and the “considerable stress” upon the financial market as [...]
Michael Page rebuffs bid from Adecco August 6, 2008 A bid significantly above £1bn will be needed to secure recruitment firm Michael Page, analysts said yesterday, as Swiss rival Adecco confirmed an approach. Adecco’s bid approach, which it said was at an early stage, was believed to be around 350p a share, a level deemed too low by analysts. “On valuation ,(the) rumoured 350-370 [...]
L&G rises despite fall in first half profit August 6, 2008 Legal & General saw its first-half profits plummet after stock market volatility wiped out the value of its investments, but the group’s shares climbed as it grew new business by 8 per cent. Under European Embedded Value accounting rules, first half post-tax profits fell from £672m to £56m, taking into account the fall in L&G’s [...]
Oil to keep sliding after slumping to 3-month low August 6, 2008 Oil fell to $118 a barrel yesterday, a three-month low, as traders reacted to rising supplies and declining demand in America and Europe. The price of US crude fell as low as $118 a barrel, before recovering to trade at $119.13. While in London Brent crude fell by $2.20 to $118.48 a barrel. Oil supplies [...]
Services shrink again August 6, 2008 Britain is likely to slide into a recession next quarter, or could already be in one, according to City economists following the publication of more miserable data documenting further declines in both the services and manufacturing sectors yesterday. In July, the services sector shrank for the third month in a row, according to the CIPS/Markit’s [...]
Turquoise to slash trading costs in price war with LSE August 6, 2008 Turquoise, the new trading platform, is planning sweeping price cuts ahead of its launch later this month as it prepares for a vicious price war with the London Stock Exchange (LSE), City A.M. can reveal. The counter-attack by Turquoise, run by a consortium of nine top City banks, follows the announcement by the LSE last [...]
Coach Moores hands captain Pietersen a license to thrill August 6, 2008 England coach Peter Moores is encouraging Kevin Pietersen to be his own man in leading England after his first practice session as England captain was washed out by rain. Pietersen will skipper the Test side for the first time at The Oval tomorrow in the fourth and final Test against South Africa, following the shock [...]
Europeans can break the PGA duck August 6, 2008 One of golf’s biggest home jinxes will be put to a serious test at Oakland Hills this weekend – and I wouldn’t mind betting that a piece of history will indeed be made. Unbelievably, no European has claimed the US PGA Championship title since Scottish-born Tommy Armour lifted the trophy 78 years ago, but they [...]
It’s relief all round as Ramps finally joins the cricket elite August 6, 2008 While Surrey star Mark Ramprakash celebrates his 100th 100, David Jesudason tells how it wasn’t all plain sailing When Mark Ramprakash finally held his bat aloft in celebration of earning his place among the cricketing elite, it was a feeling of relief rather than elation which met with the crowd’s appreciation. The 38-year-old’s unbeaten 112 [...]
The buck stops here: the pressure is on for the US coffee shop giant August 6, 2008 With Starbucks posting its first ever losses, is our love affair with Americanos finally over? Starbuck is weird. It comes from Seattle, which means it is only the third thing ever to come out of that city that anybody has heard of, after Microsoft founder Bill Gates and Nirvana frontman Kurt Cobain. It also takes [...]
