Retail layoffs to soar as six chains falter January 2, 2012 MORE than 11,800 retail jobs and 870 high street shops may be lost in coming weeks after six struggling high street names were put up for sale or into administration in December. Retail analysts warned of a potential wave of consolidation in the sector and grim trading updates this month as poor Christmas trading put [...]
High street facing a bleak midwinter as commitments loom January 2, 2012 A PERFECT storm of rental payments, tax deadlines, squeezed consumer spending and stretched lending conditions is swirling round the UK retail sector, with the new year expected to be crunch time for several struggling firms. Not only was Christmas day the latest official quarterly rent payment for retail tenants, but stores also need cash to [...]
Level pegging for top three in Iowa polling January 2, 2012 REPUBLICANS in Iowa will kick off the voting in the first caucus of the US presidential elections tonight, with recent polls putting all of the top three candidates within two per cent of one another. Public Policy Polling put Ron Paul, once viewed as a wildcard candidate, in the lead yesterday, at 20 per cent. [...]
US sells $3.5bn of arms to the United Arab Emirates January 2, 2012 THE UNITED States has agreed the $3.5bn (£2.26bn) sale of an advanced anti-missile interception system to the United Arab Emirates, part of an accelerating military build-up of its friends and allies near Iran. The deal, signed on 25 December and announced later by the US Defense Department, “is an important step in improving the region’s [...]
Iran test fires long-range missiles in Gulf naval drills January 2, 2012 IRAN said yesterday it had successfully test-fired what it described as two long-range missiles, flexing its military muscle in the face of mounting Western pressure over its nuclear programme. The announcement came at the climax of 10 days of naval exercises in the Gulf, during which Tehran has warned it could shut the Strait of [...]
Exxon gets low compensation from Venezuela January 2, 2012 AN arbitration panel has awarded US oil giant Exxon Mobil $908m (£586m) in compensation for Venezuela’s 2007 nationalisation of its assets, less than 10 per cent of what the firm sought in its legal battle with the Opec nation. Venezuelan President Hugo Chavez likely will celebrate the ruling as a vindication of his confrontation with [...]
Hedgie star Harding set for windfall as he beats slump January 2, 2012 THE HEDGE fund run by “black box” pioneer David Harding (pictured, right) has emerged as one of the few major winners after a dire year for the industry. Winton Capital’s futures fund returned 6.3 per cent in 2011, according to provisional figures seen by City A.M. This contrasts with the average hedge fund’s 4.45 per [...]
Lufthansa says EU carbon plan will raise prices January 2, 2012 GERMANY’S Lufthansa told passengers yesterday to brace for higher ticket prices as it refuses to shoulder the costs of a carbon trading scheme at the centre of a brewing trade spat. The world’s second largest long-haul carrier said it faced €130m (£108m) in extra costs this year and became the first major operator to announce [...]
WANEY SEES IN 2012 AT NEW YEAR’S EVE CONGA January 2, 2012 DILEMMAS, dilemmas. Should one have accepted the invitation to see in 2012 with Microsoft co-founder Paul Allen at Roman Abramovich’s £5m party on the Caribbean island of St Barts? Or should one have saved oneself the bother of a plane journey and make an appearance at restaurateur Arjun Waney’s New Year’s Eve party at his [...]
BILL OF THE WEEK January 2, 2012 WHY BUY one case of finest Bordeaux when you can buy 61? So thought one commodities trader at a major European bank, who spent £81,150 buying the entire 1855 collection from the international wine merchants Fine + Rare. Like a high-end pub crawl, except with a case of the 2009 vintage from each of the [...]
