VOICE OF THE CITY July 2, 2012 CITY professionals have voiced deep scepticism over the possibility of the coalition meeting its borrowing targets, with less than one in seven believing that the government can hit its forecasts. Our Voice of the City panel, run in association with PoliticsHome.com, found that just 13.7 per cent of respondents thought that the current parliament would [...]
CITY MOVES | WHO’S SWITCHING JOBS July 2, 2012 Kingfisher Karen Witts will join the home retailer’s board as finance director in October. She is currently finance chief for Africa, Middle East, Asia and Asia Pacific at Vodafone, and is also a non-executive director of Wolseley. Witts worked at BT Group for more than 10 years, most recently as finance head for BT Retail. [...]
BEST of the BROKERS July 2, 2012 AVOCET MINING Canaccord Genuity has cut its recommendation on the gold miner from “buy” to “hold”and reduces its target price to 100p from 245p after it lowered 2012 production guidance by 15 per cent. HALFORDS Panmure Gordon has downgraded the retailer from “buy” to “hold” and cut its target price from 315p to 220p, as [...]
UK banking and commodities rally on likelihood of economic stimulus July 2, 2012 BRITAIN’S top shares extended gains yesterday, led by rallies in banking and commodity stocks, with the market primed for fresh economic stimulus moves later this week, building on measures agreed by an EU summit to counter the Eurozone debt crisis. But some commentators were more pessimistic on the market outlook, feeling that with uncertainties still [...]
US stocks edge higher despite signs of slump July 2, 2012 US stocks edged higher yesterday, shaking off a surprise contraction in US manufacturing, which some investors took as a signal the Federal Reserve will take more forceful actions to boost the economy. The Institute for Supply Management’s manufacturing index came in at a lower reading than expected in June, registering a contraction in the sector [...]
Germany’s economy is only king in the blind valley of the Eurozone July 2, 2012 In the present debate on the euro crisis, Germany is frequently portrayed as a model of economic strength, a beacon of fiscal prudence and a proponent of structural reform. Her resources seem endless and her government debt an indisputable safe-haven. If only Germany shared her strength and resources more generously, the euro debt crisis could [...]
The science of measuring the money supply can be artfully constructed July 2, 2012 I WISH people were banned from talking so loosely about the money supply. It’s like someone telling you that “the London underground station is closed”. Unless you know which one, it isn’t very helpful. There are a number of ways to measure the money supply, but the main problem is that they often fail to [...]
Libor needs swift modernisation to recapture trust July 2, 2012 WE SHOULD be under no illusion about how catastrophic the failure of the Libor rate setting mechanisms has been. There has been widespread manipulation of the most important price of risk. And we don’t need reminding how important the price mechanism is for the allocation of everything from goods to services, and of course capital. [...]
Would a vote for Scottish independence in its referendum be boon for its businesses? July 2, 2012 YES Stewart Hosie Scotland is a country rich in opportunity and bursting with innovation, but sadly this does not translate often enough into greater commercial opportunities. Independence will provide us with new tools – tax credits for example – to deliver a step-change in Scotland’s research and devlopment. Independence provides greater scope to shape the [...]
RAPID RESPONSES July 2, 2012 Winners and losers [Barclays chair was right to resign over scandal, yesterday] Bob Diamond should be applauded for having led and very successfully grown Barclays’ investment banking operations into a global titan. But an operation or organisation typically reflects the standards and behaviours of its leaders, especially if the leader has a strong personality. Philip [...]
