The UK’s fate: Neither boom nor bust September 1, 2010 A PAINFUL, extended soft patch, not a disastrous hard landing: that was the message from yesterday’s batch of global economic indicators. The US manufacturing survey improved in August, spectacularly refuting widespread expectations of a collapse and fuelling a market rally; the UK’s factory sector is still growing, albeit at a slower rate. Hard-core bulls and [...]
Hague’s adviser resigns September 1, 2010 FOREIGN secretary William Hague’s special adviser resigned yesterday because of “untrue and malicious” allegations about the nature of the two men’s relationship. Hague denied suggestions Christopher Myers, a 25-year-old Durham graduate, was appointed for improper reasons. Although he admitted the pair occasionally shared hotel rooms during the general election campaign, Hague said: “[Christopher] is easily [...]
Darling admits bonus supertax failed to work September 1, 2010 FORMER chancellor Alistair Darling admitted yesterday that his controversial super-tax on bankers’ bonuses failed to change the industry. The Labour MP said banks had sidestepped the 50 per cent tax on bonuses over £25,000 to stay competitive. “I think it will be a one-off thing because, frankly, the very people you are after here are [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 1, 2010 FINANCIAL TIMES MEAT PRICE SURGE FUELS FEARS OF FOOD INFLATION Global meat prices have hit a 20-year high as robust demand from emerging countries has coincided with a drop in production by exporters such as the US and Australia, fuelling concerns about rising food inflation. The UN Food and Agriculture Organisation’s index of meat prices [...]
Tesco eyes Carrefour’s Asian assets September 1, 2010 TESCO is one of at least ten bidders circling for the Asian assets of French retail giant Carrefour. The Thai, Malaysian and Singaporean operations owned by Carrefour are being offloaded – offering Tesco an expansion of its Asian operation. Under its Tesco Lotus banner it is already a major player in Asia with hypermarkets in [...]
JPMorgan winds down prop trading to meet Volcker rule September 1, 2010 WALL STREET titan JPMorgan Chase has told 20 London-based traders their jobs are at risk after deciding to wind down its global commodities proprietary trading business. JPMorgan is the latest investment bank to act on US President Barack Obama’s so-called “Volcker rule”, which requires institutions to hold no more than three per cent of their [...]
Jimmy Choo considers float September 1, 2010 LUXURY fashion brand Jimmy Choo is considering a flotation as early this year, as private equity owner Towerbrook mulls the retailer’s future. Recent reports have named Goldman Sachs and Morgan Stanley as the most likely advisers to Jimmy Choo, to help Towerbrook decide whether to sell or float the firm. TowerBrook bought a majority stake [...]
Burger King in talks with 3G September 1, 2010 FAST FOOD chain Burger King is in advanced talks with 3G Capital over a sale that could see the company move back into private hands. News of the ongoing discussions with the New York-based investment vehicle sent shares soaring 15 per cent to $18.86 in American trading. This was the biggest jump in share prices [...]
Giant predicts property pain September 1, 2010 HOUSE prices could crash by up to 20 per cent as interest rates rise, the outgoing head of Britain’s largest retail stockbroker warned yesterday. Peter Hargreaves, who steps down as chief executive of Hargreaves Lansdown today, said residential real estate values would be squeezed by tightening monetary policy while commercial property would be hit by [...]
Hargreaves’ future is out of its control September 1, 2010 HARGREAVES’ fortunes are inextricably linked to that of the wider share market. The FTSE 100 rose almost 20 per cent from 1 July 2009 to 30 June this year, after being down by more than a third from mid-2007, and it is this buoyancy in equity markets which is the true driver behind its record [...]
