ECONOMIST VIEWS: IS THE CHIEF OF THE IMF RIGHT TO WARN AGAINST DROPPING THE GLOBAL FINANCIAL STIMULUS PACKAGES? January 18, 2010 ALAN CLARKE | BNP PARIBAS I have a lot of sympathy with what the head of the IMF has said. I am in favour of at least keeping in place quantitative easing or increasing it. The measures brought in have acted to stimulate the economy and household disposable income has remained relatively high despite the [...]
Tories try to encourage ex-City workers to teach January 18, 2010 THE Conservatives yesterday announced plans to encourage former City workers to become teachers by letting them qualify without going on a retraining course. Tory leader David Cameron also said he would raise educational standards by making teaching a “brazenly elitist” profession with higher qualification requirements. Outlining his education manifesto alongside shadow schools secretary Michael Gove, [...]
Myners refuses to rule out US-style levy on the banks January 18, 2010 CITY Minister Lord Myners yesterday warned that a US-style levy on banks could still be slapped on the UK. But just hours later, the Prime Minister’s spokesman appeared to rule out such a move. US president Barack Obama is hitting Wall Street banks with a 0.15 per cent charge on liabilities in a bid to [...]
REVENUES ARE CRUCIAL TO US EARNINGS January 18, 2010 CFD MARKET STRATEGIST, GFT LAST year finished on a high note for global equity markets and this euphoria carried through into the first week of 2010. But after having shot out of their starting blocks, equities have clipped the first hurdle as the fourth quarter earnings season kicked off in the US. Aluminium giant Alcoa [...]
Merged and acquired firms do better than competitors January 18, 2010 FIRMS that carried out mergers and acquisitions last year outperformed the market by more than three percentage points, despite the commonly held view that buyouts often destroy value. According to professional-services firm Towers Watson and City University London’s Cass Business School, acquirers outperformed the MSCI World Index by an average 3.2 per cent in 2009, [...]
France lifts 2010 forecast for GDP January 18, 2010 THE French government has lifted its forecast for gross domestic product growth in 2010, almost doubling it to 1.4 per cent from 0.75 per cent previously, economy minister Christine Lagarde said yesterday. The new figures will be included in a budget update to be released tomorrow, which should also point to a slightly better-than-expected deficit [...]
Virgin Money beefs up team for offensive January 18, 2010 Virgin Money has appointed three senior executives as part of its efforts to build a retail banking brand. Finlay Williamson, who was previously a finance director at Royal Bank of Scotland, becomes the group’s chief financial officer. Williamson takes the reins from Dave Dyer who is moving over to become international development director for the [...]
Strand Hanson strikes a pact with Russia’s Renaissance January 18, 2010 CORPORATE finance boutique Strand Hanson has forged a strategic advisory alliance with Renaissance Capital, under which the Russian emerging markets investment bank is to take a 9.9 per cent stake in the business. The deal comes after a busy year for Strand, which was bought out by a management team led by chief executive Simon [...]
Richemont enjoys sales surge as consumers lap up luxury goods January 18, 2010 LUXURY goods group Richemont – owner of Cartier – said third quarter sales rose 2.6 per cent to €1.58bn (£1.39bn) driven by a three per cent rise in sales of specialist watches and a five per cent rise in jewellery sales. Asian sales levels jumped 25 per cent and despite sales in Japan dropping 12 [...]
Sales go GaGa for online fashion firm January 18, 2010 PARTY gear helped to generate 30 per cent rise in sales at internet fashion retailer Asos over Christmas. Lace and underwear as outerwear inspired by Lady GaGa has been one of the key sellers for the company. Chief executive Nick Robertson said: “I’m the happiest retailer in the UK, nobody else has produced figures of [...]
