Credit Suisse: banks to get liquidity aid November 28, 2011 THE BANK of England will need to restart and extend its liquidity support schemes for the UK’s biggest domestic banks as they face a wall of £76bn in maturing debt next year, according to research by Credit Suisse. Analysts led by Carla Antunes da Silva suggest that the UK’s “relatively safe haven status” could prompt [...]
City veteran Mayhew to step down as chairman of Cazenove November 28, 2011 DAVID Mayhew, one of the City’s best-connected bankers, is to step down as chairman of JP Morgan Cazenove after 42 years with the blue-chip firm. Mayhew’s name has become synonymous with the Queen’s stockbroker, which sold itself to US banking giant JP Morgan in 2009, and his resignation will draw the curtain on an era [...]
Euro banks need to deleverage November 28, 2011 EUROZONE banks must de-leverage to the tune of €2-3 trillion even if ministers get past the hurdles of arranging euro-bonds and liquidity support, UBS analysts said yesterday in a note to investors. If correct, the estimate means that Europe faces a severe credit crunch even if its political elites agree to issue jointly guaranteed bonds [...]
Swedish plans liquidity rules November 28, 2011 SWEDEN plans to impose tough bank liquidity rules on its top four domestic lenders from 2012, three years ahead of the anticipated global phase-in, a senior regulator said yesterday. “We hope to move forward with a liquidity coverage ratio (LCR) for the big banks. We are working on it for the four big ones,” Lars [...]
TM Lewin’s global spread lifts revenue November 28, 2011 Business clothing company TM Lewin’s sales revenue hit the £100m mark for the first time ever in the year ending 26 February, due to its expanding international market. The firm’s sales revenue jumped 20 per cent to £100.4m, of which 87 per cent came from UK stores and 13 per cent from overseas. Earnings before [...]
A tale of two retailers November 28, 2011 ANOTHER day, another tale of high street woe. Jacques Vert, the “quintessentially British” dressmaker, warned on profits after sales were hit by poor consumer confidence and the late onset of winter. Although it has a stronger balance sheet, we think it shares the same basic problems as Alexon, which fell into administration in September: an ageing [...]
Jacques Vert says the warmer weather brings a chill to sales November 28, 2011 Women’s fashion retailer Jacques Vert yesterday warned that its pre-tax profits are likely to be lower than expected due to the recent warm weather. Although sales for the first 29 weeks of this financial year are 0.8 per cent per cent higher than last year, like-for-like sales have decreased by 0.3 per cent. The group [...]
Clinton Cards facing tough times November 28, 2011 Struggling British cards and gifts retailer Clinton Cards has said sales are falling at a worsening rate as it battles tough trading conditions. The firm, also facing intense competition from supermarkets and the internet, said yesterday that sales at stores open over a year fell 2.4 per cent in the 16 weeks to 20 November. [...]
Shops cutting jobs as retail sales fall November 28, 2011 RETAILERS are taking a beating as consumers tighten their belts, according to the Confederation of British Industry’s (CBI) distributive trades survey, published yesterday, and the GfK consumer products study, out today. Almost half of retailers saw sales fall in the year to November, compared with 29 per cent who experienced an increase – a far [...]
Sainsbury’s stays neutral in supermarket price war November 28, 2011 J SAINSBURY says it will not join the wave of discounting sweeping the retail sector, believing shoppers will splash out on Christmas despite a gloomy economic backdrop. Commercial director Mike Coupe made the vow as Britain’s third-biggest supermarket group unveiled its biggest ever Christmas range, including around 500 groceries and 700 non-food items. “The evidence [...]
