BEST of the BROKERS June 14, 2012 H&M Liberum rates the fashion chain “sell” with a target price of SEK170. The broker thinks H&M will struggle to leverage costs and maintain its gross margins in a tough time for European clothes retailers. But it expects like for like sales to rise 1.3 per cent at the firm’s quarterly results on Wednesday. TUI [...]
Spanish worry keeps FTSE low June 14, 2012 BRITISH blue chips dipped yesterday, edging down towards recent six-month lows as a surge in Spanish bond yields to record highs cast the spotlight back onto the problems in top trading partner the Eurozone. Uncertainty ahead of Greek elections at the weekend – which may decide whether the country stays in the currency or opts [...]
Central banks pledge aids US June 14, 2012 US stocks jumped yesterday following the news major central banks are preparing coordinated action if the results of Greek elections this weekend lead to turmoil in financial markets. Energy was the top-gaining S&P sector, rising 1.7 per cent, helped by a two per cent rise in US crude oil prices. Chevron was a top boost [...]
Businesses should be planning for the scenario of a Eurozone collapse June 14, 2012 WITH Greece going to the polls on Sunday, the Eurozone crisis continues to dominate. While we are in uncharted territory – there is no legal or jurisdictional framework that allows for a euro collapse, or exit from the currency by one or more countries – businesses can assume three scenarios to set plans against: a [...]
Nimble thinkers can leave long-term visionaries locked in a time warp June 14, 2012 IN WESTERN Texas, they’re building a clock in a mountain designed to last for 10,000 years. The project, backed by Amazon chief executive Jeff Bezos and many other tech luminaries, will take decades to complete and is the centrepiece of a movement to encourage more long-term thinking. The foundation behind it makes a point of [...]
Sky under threat as BT takes fight to football rights June 14, 2012 BSKYB’S delight at remaining the primary broadcaster for live football in the UK is not unreserved. Increased competition from the likes of Al Jazeera and ESPN has forced it to pay handsomely for the privilege, and the entry of BT into the market threatens its pre-eminence more powerfully than any of its previous competitors have [...]
Are shareholder revolts over executive pay a coherent response to poor performance? June 14, 2012 YES Carol Arrowsmith The 2012 AGM season has witnessed high levels of shareholder activism, focused on the bellwether issue of executive pay. The UK tends not to regulate these issues, believing that companies should follow good practice or explain their position – “comply or explain”. This year we are seeing shareholders challenge some companies – [...]
RAPID RESPONSES June 14, 2012 Accounting error [Re: Accounting rules place box ticking above prudence, Wednesday] Unfortuantely, Syed Kamall has made fundamental errors in his article. The accounting rules proposed by International Financial Reporting Standards (IFRS) don’t allow balance sheet inflation. They are also not yet finalised and the IFRS rules relevant to banks weren’t in operation during the financial crisis. [...]
Cosmopolis is flawed but compelling June 14, 2012 FILM COSMOPOLIS Cert 15 | By Steve Dinneen **** In the future, nobody will move their face. That is, at least, in David Cronenberg’s dystopian vision, adapted from Don DeLillo’s novel Cosmopolis. Through billionaire finance whiz-kid Eric Packer (Robert Pattinson), Cronenberg seems intent on building an American Psycho for the 21st century, with Pattinson essentially [...]
How to escape from the rain June 14, 2012 Seemingly in reaction to the recent weather, an abundance of new watering holes have cropped up in London. The Collection, one of Chelsea’s choicest ventures on Brompton Road, relaunched with Kitchen 264, which includes a swanky new lounge bar designed by maestro of interiors Tom Dixon. He utilises his signature hanging metallic lighting alongside scorched [...]
