Messy divorce for politicians and journalists July 13, 2011 A MARRIAGE breakdown rarely brings out the best in people. The temptation to pursue vendettas for past grievances can become overwhelming. As the media-political partnership ends in the divorce courts, it is getting messy. The politicians most angrily seeking revenge on the press are those who felt most hard done by in the expenses scandal [...]
Hedgies nurse losses after BSkyB sell-off July 13, 2011 THE frantic sell-off of BSkyB shares following the collapse of News Corp’s bid cost arbitrage investors hundreds of millions of pounds as they liquidated their holdings overnight, data showed yesterday. BSkyB’s share price has plunged 18 per cent in the past week as merger arbitrage funds, which buy shares in both a target company and [...]
UK government launches phone hacking probe July 13, 2011 DAVID Cameron yesterday launched a probe into phone hacking allegations at the News of the World and illegal activities at other newspapers, with the first findings due within one year. The investigation will be formed of two public inquiries, headed up by Lord Justice Leveson, and will start “as soon as possible”, Cameron said. It [...]
Gold surges on QE3 hint and Euro crisis July 13, 2011 GOLD surged to a record near $1,590 an ounce yesterday as the possibility of more Federal Reserve stimulus coupled with Europe’s deepening debt crisis fuelled bullion’s longest winning streak in five years. Bullion’s gains accelerated after Federal Reserve chairman Ben Bernanke said the central bank is ready to ease monetary policy further if the economy [...]
EMPLOYMENT RISES BUT JOBS RECOVERY MAY BE STUMBLING July 13, 2011 EMPLOYMENT rose again in May, official figures revealed yesterday, yet there were worrying signs for chancellor George Osborne that the labour market recovery could be facing a slowdown. While employment rose by 50,000 in the three months to May, this was significantly lower than the 88,000 added in the three months to April, while claims [...]
Jobs abroad snubbed by one in ten July 13, 2011 NEARLY one in ten City workers have declined a job opportunity abroad in the last two years, a survey by Morgan McKinley revealed yesterday. While nine per cent have turned down an opportunity, a further 28 per cent were not at all willing or able to move abroad for their careers. Yet one in five [...]
CITY VIEWS: ARE YOU WORRIED ABOUT UK DEBT? July 13, 2011 DAVE PEARCE | NICOLL CURTIN “It’s exasperating that everyone seems to be talking about it, yet there is no obvious solution. It all seems to be viciously cyclical, the government can’t initiate budget cuts without upsetting someone. But I would rather cuts than increased taxation.” DAVID SHRODER | NICOLL CURTIN “I am, but not enough [...]
M&S gloomy on outlook for retailers July 13, 2011 MARKS and Spencer is seeing its market share grow with sales nudging up but warned of a tough road ahead for the retail sector. Chief executive Marc Bolland said that the freshening up of product lines had fuelled sales growth, with healthy eating ranges proving particularly successful in its food halls. Like-for-like UK sales excluding [...]
ANALYST VIEWS: IS BOLLAND TAKING M&S IN THE RIGHT DIRECTION? July 13, 2011 FREDDIE GEORGE | SEYMOUR PIERCE The statement is relatively reassuring and at this stage management is happy to flag up no change to full-year 2012 forecasts. Trading would have benefited from a reasonably buoyant April helped by the late Easter and royal wedding while May was weak. NICK BUBB | ARDEN M&S is keeping its [...]
Asia boosts Burberry’s first quarter July 13, 2011 SHARES in Burberry leapt to yet another record-high yesterday after the British luxury brand reported a 34 per cent underlying growth in quarterly sales. The fashion house outshone market expectations, posting revenues of £367m for the three months to 30 June, with Asian countries leading the growth. Sales from Burberry’s retail operations, which make up [...]
