ANALYST VIEWS: WILL M&S SALES GROWTH IN THE TOUGH CONSUMER CLIMATE? July 7, 2010 RICHARD HUNTER | HARGREAVES LANSDOWN The increase in sales at the online unit provides further reassurance, and there are some faint signs that the company may be able to recapture some of its former glory. In all, the share price has held up relatively well. FREDDIE GEORGE | SEYMOUR PIERCE Sales on the clothing side [...]
Income down at Freshfields July 7, 2010 MAGIC circle law firm Freshfields Bruckhaus Deringer has posted a double digit drop in revenue, marking the largest income fall reported by the elite UK legal group this year. Turnover for the year fell by 11 per cent to £1.14bn on the back of depressed transactional markets and a drop off in M&A activity. Freshfields [...]
Lawyers billed $75bn last year with Baker top of table July 7, 2010 BUSINESSES paid almost $75bn (£49.3bn) for legal services last year, marking a fall from the previous year as clients tightened their spending. According to annual research conducted by Legal Business magazine, during the 2009 financial year, law firms across the globe collectively billed clients $74.6bn, marking a six per cent drop from the previous year. [...]
CITY A.M. | SHADOW MPC July 7, 2010 ALLISTER HEATH | CITY A.M “The money supply is growing at a faster rate and while the PMI stats are slightly weaker, there will be no double-dip. Fiscal tightening won’t cause a recession. Inflation is too high so rates must go up by 0.25 per cent.” SIMON WARD | HENDERSON “Hike by 25 basis points. [...]
No changes to rates in July July 7, 2010 INTEREST rates should remain on hold this month at 0.5 per cent to offset the impact of fiscal tightening, according to a majority of City A.M.’s Shadow MPC ahead of today’s annoucement by the Bank of England at midday. Seven members of the committee said that policy should remain unchanged this month thanks to concerns [...]
Home loans at a 10-year low July 7, 2010 Mortgage lending by British banks last year fell to the lowest net level since 2000 and bank robberies rose for the first time in seven years as the recession took its toll. Net mortgage lending by British banks fell to £36.3bn last year, compared with £59.4bn the year before and almost £80bn in 2006, according [...]
Germany agrees budget cuts targeting the deficit July 7, 2010 Germany’s government yesterday agreed on a four-year, €80bn (£66.6bn) austerity plan, committing the country to slashing its bloated budget deficit and shoring up chancellor Angela Merkel’s centre-right coalition. The seal of approval from the cabinet on the package is welcome news for Merkel, who had been under pressure to tone down measures criticised at home [...]
Carlyle Group faces $1bn lawsuit over failed fund July 7, 2010 CARLYLE Group is being sued by the liquidators of a failed mortgage-securities fund that was set up by the private equity group, a spokesman for the liquidators said. The lawsuit, which is being filed in the United States and Europe, alleges that Carlyle Group and the former directors of the mortgage-securities fund, Carlyle Capital Corp, [...]
LSE cash equity trading slumps as bonds soar July 7, 2010 ACTIVITY on the London Stock Exchange’s UK cash equity order book slumped in June, though the fall was offset by Europe’s sovereign debt crisis driving volatility and a heightened interest in bond trading. The average daily value of cash equities traded in June was £4.3bn, down one per cent from June last year, while the [...]
Investec may sell Rensburg fund division July 7, 2010 SOUTH African bank Investec yesterday said it had brought in advisers to explore the possibility of hiving off the fund management division of Rensburg Sheppards, which it bought out fully at the end of March. Investec said it had received “a number of expressions of interest” from potential buyers for Rensburg Fund Management (RFM), which [...]
