There could be baa-bad news for retailers afoot June 6, 2011 DE-BLEAT-ING sheep numbers across the globe could have traders flocking into short positions on retail stocks later this year. Wool hit a 23-year high last week. Clothing retailers were decrying the increase yesterday, speculating on how long they can absorb the cost. The UK managing director of Hugo Boss Bernd Hake said that they would [...]
GLOOMY JUNE DATA NOT ALL DUE TO JAPAN June 6, 2011 WELL, that was a poor start to the new month. Last week saw the release of a stack of economic numbers from around the globe, the majority of which were significantly weaker than expected. The US data were particularly disappointing as the Chicago PMI, consumer confidence, S&P/Case Shiller house price index, vehicle sales, ADP employment, [...]
Barbershop Quartet: Four slick groomers June 6, 2011 It stands to reason that if you’re going to sport one of the finest suits money can buy, you’ll want the rest of your appearance to be up to scratch as well. To that end, in a recent revamp of its No 1 Savile Row premises, tailoring giant Gieves & Hawkes has become host to [...]
Why there may be no escaping the cyber war June 6, 2011 The cyber war has begun. Sony has been repeatedly punched in the face by hackers and now President Barack Obama says any more attempts to pry into the emails of his staff will be treated as an act of military aggression. (At this stage it’s probably best to ignore the fact that the US’ track [...]
IS THE UK REALLY OPEN FOR BUSINESS, MR CAMERON? IF SO… DON’T LIST BROADGATE June 5, 2011 CITY A.M. today launches a campaign against proposals to give listed building status to the Square Mile’s Broadgate estate, and calls on the government to prove the UK is open for business by rejecting the plans. If the government decides to list the 1980s site then plans to redevelop it into a new headquarters for investment [...]
Lloyds readies branches sale June 5, 2011 INVESTMENT banks are finalising sale documents that will start the bidding process for £4.4bn worth of assets at Lloyds Banking Group and Northern Rock. Citigroup and JP Morgan are putting the finishing touches to the information memorandum for the £3bn Lloyds branches, which will then be delivered to potential bidders over the next week. Britain [...]
Broadgate: symbol of red tape Britain June 5, 2011 ON the face of it, it is hardly a major story that English Heritage wants to list the Broadgate office and retail estate in the City, a rather ugly 1980s construct in desperate need of modernisation. It is, however, a deeply symbolic move that confirms not only that Britain isn’t open for business but that [...]
Strauss-Kahn case begins June 5, 2011 FORMER IMF chief Dominique Strauss-Kahn will today plead not guilty to charges he tried to rape a New York hotel maid, an accusation that has wrecked his chance of becoming France’s next president. Strauss-Kahn, 62, is facing up to 25 years in prison if convicted on charges of a criminal sexual act, attempted rape, sex [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 5, 2011 FINANCIAL TIMES PAULSON FUND FALLS 6PC IN MAY Paulson & Co, the world’s third- largest hedge fund, saw the value of its flagship fund drop close to 6 per cent in May, echoing losses across the industry. The loss tops negative returns in the first quarter at the $37bn (£22.5bn) New York-based money manager, famed [...]
Royal Mail may cut 40,000 jobs June 5, 2011 The Royal Mail could slash 40,000 jobs over the next five years in order to revamp its business model in the face of falling post volumes and impending privatisation. The postal service is in the middle of a modernisation drive, agreed with the Communication Workers Union. The programme includes about 24,000 job cuts. But as [...]
