After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Lib Dem Lords reject police law May 11, 2011 GOVERNMENT plans to introduce elected police commissioners were thrown out of the House of Lords yesterday thanks to the support of 13 Liberal Democrat peers, in an embarrassing defeat for the coalition. Peers voted 188 to 176 in favour of an amendment wiping out the clause on allowing US-style elected crime commissioners from the Police [...]
Gulliver: Commercial banking is our DNA May 11, 2011 HSBC unveiled a strategic overhaul yesterday that will see the bank cut up to $3.5bn (£2.14bn) in costs, cut “subscale” retail operations and review its presence in 39 countries. “We are not going to try to be all things to all people in all markets,” said chief executive Stuart Gulliver as he launched a plan [...]
Lots of platitudes but little red meat May 11, 2011 WITH around £1.5 trillion of assets on its balance sheet, HSBC is practically the size of a country. Perhaps that’s why most of the ideas unveiled at yesterday’s hotly-anticipated “strategy day” seem to have been stolen from a Whitehall efficiency review. First there was the £100m saving that will come from a “reduction of paperwork”. [...]
Tepid response to strategy overhaul May 11, 2011 INVESTORS hoping for a radical vision from HSBC at its strategy day expressed disappointment yesterday and the bank’s shares fell back to close down 1.54 per cent lower for the day. BNP Paribas’ Sin Fai Lam summarised the review as “reiteration, no revolution” and called the stock “a boring yielder” while Seymour Pierce’s Bruce Packard [...]
Interest rate hike looms as inflation soars May 11, 2011 THE BANK of England risks missing its inflation target for most of the next two years, it admitted yesterday, raising expectations that it will hike interest rates this year. Consumer price inflation is “more likely than not to remain above the target throughout 2012,” the Bank said in its Inflation Report, launched yesterday. The consumer [...]
Economy to expand less than expected, Bank says May 11, 2011 GROWTH forecasts by the Bank of England are now even weaker than in February, worsening the headache for its monetary policy committee and endangering chancellor George Osborne’s deficit reduction plan. “The Bank’s forecasts are moving towards our less optimistic projections,” said Simon Kirby of the National Institute for Economic and Social Research (NIESR). Chancellor Osborne [...]
UK’s trade gap widens despite strong services May 11, 2011 HOPES of an export-led recovery were dealt a minor blow yesterday, as the UK’s trade deficit was shown to have widened in March. The deficit in goods and services grew to £3bn in March, from £2.7bn in February, while visible exports fell by 3.4 per cent compared to February. Services exports continued to grow, however, [...]
Balls must offer alternative instead of carping May 11, 2011 EVERY time there is new economic data, a ritual plays out. The government welcomes the numbers, but shadow ministers claim they aren’t what they seem and that gloom is just around the corner. I remember it well from my time advising former Prime Minister Gordon Brown. For almost a decade Tory shadow chancellors had to [...]
Sainsbury’s shifts focus to non-food May 11, 2011 SAINSBURY’S yesterday said 40 per cent of its sales would be “non-food” by 2020 as it increasingly relies on clothing and other products for growth. The supermarket chain is in the middle of huge expansion with clothing and general merchandise being given more space. Sainsbury’s reported a 12.8 per cent jump in annual pre-tax profits [...]
Ocado tumbles after sales slowdown May 11, 2011 OCADO led the FTSE 250 fallers yesterday, with its shares dropping over nine per cent after it admitted its sales were checked by capacity constraints. Ocado’s growth slowed from 24 per cent in its first-quarter to 18 per cent in the last three months. It says it expects sales to grow by 21 per cent [...]
