QE3 is still on the table, Fed minutes show October 12, 2011 A CONTROVERSIAL third phase of quantitative easing could still be on the cards in the US, it emerged last night. Two of the Fed’s 10-person committee “said that current conditions and the outlook could justify stronger policy action” than the central bank’s Operation Twist, the minutes to its September meeting revealed. Operation Twist – which [...]
Record sales at Republic despite UK’s retail slump October 12, 2011 REPUBLIC, the private equity owned clothing chain now run by former Asda chief executive Andy Bond, has achieved record sales despite the slump on the high street. The accounts for Republic (Retail) show sales rose 4.5 per cent to £181.19m. Operating profit for the year to 30 January fell 7.3 per cent to £27.27m, however, [...]
Call for taxman to resign over Goldman case October 12, 2011 THE UK’s top tax collector admitted yesterday that he should not have struck a secret deal with Goldman Sachs to forgive a chunk of unpaid tax. David Hartnett was called before a committee of MPs to explain his role in agreeing a deal that saved the bank up to £10m in interest on a tax [...]
Shares in Man plunge after losses at AHL October 12, 2011 THE STRUGGLING hedge fund industry suffered another blow yesterday as Man Group revealed its flagship vehicle had been caught out by the recent rally in equities. Shares in Man, the world’s largest listed hedge fund, plunged six per cent after it said AHL, its computer-driven vehicle, lost 5.5 per cent last week as hopes of [...]
Integration of GLG is still main issue October 12, 2011 THERE was, until yesterday, a solitary bright spot for Man Group, the beleaguered hedge fund giant. AHL, its flagship vehicle and main profit driver, was still performing well despite a torrid time for the rest of the business, adding $1.5bn in the second quarter while almost every other fund lost money. That’s no longer the case. AHL, [...]
Turbulence prompts mass exodus from hedge funds October 12, 2011 INVESTORS pulled out around five times more cash from hedge funds in the month to 1 October than in the prior period, during one of the most turbulent few weeks for stock and bond prices since the 2008 financial crisis dampened appetite for risk. Gross outflows, as measured by the GlobeOp Capital Movement Index, which [...]
Unemployment soars as economy weakens October 12, 2011 UNEMPLOYMENT hit a 17-year high in August as new private sector jobs failed to offset public sector lay-offs, according to the Office for National Statistics’ figures, out yesterday. According to the latest statistics from the Labour Force Survey, 8.1 per cent of the workforce was unemployed from June to August . That represents an increase [...]
Public sector pay freeze ignored as inflation bites October 12, 2011 PUBLIC sector workers have seen pay increases outstripping those in the private sector, despite George Osborne’s promise of a pay freeze. Average regular pay (excluding bonuses) for state workers in the three months to August increased by 2.2 per cent on the same period last year, taking weekly pay to £470 per week. Private sector [...]
Pepsi posts better profit October 12, 2011 PEPSICO is planning to raise prices on some drinks and snacks in the coming weeks to help offset higher commodity costs. The maker of Pepsi-Cola reported slightly better than expected third-quarter earnings last night, sending shares up four per cent. The US firm reported net income of $2bn (£1.27bn) compared with $1.92bn a year earlier. [...]
UK groups buy abroad amid slump October 12, 2011 HOPES of a long-term recovery in Britain’s global buying power are boosted today with the publication of figures showing it has held on to its position as the second-most active nation in mergers and acquisitions. British companies made $83.26bn (£52.82bn) of acquisitions overseas so far this year while foreign firms spent $64.35bn on buying British [...]
