CITY VIEWS: ARE YOU WORRIED ABOUT HIGHER OIL PRICES DERAILING THE ECONOMIC RECOVERY? June 8, 2011 MALDWYN WORSLEY-TONKS | RED24 “The recovery will certainly slow down because higher oil prices push everybody’s costs up. That takes money out of the economy, which could be spent on things that boost the recovery.” JONATHAN LEGG | GIANT INSURANCE “Yes, it will. An increase in oil prices has an impact on everything. We are [...]
BP downbeat on Rosneft June 8, 2011 BP CHIEF executive Bob Dudley yesterday gave a downbeat view of his firm’s chances of reviving a deal with Russia’s Rosneft, as the oil giant revealed its annual global review of world energy. “Whether that project goes forward or not, it’s very quiet. This is part of a big portfolio of exploration pursuit. Sometimes it’s [...]
SFO break up delayed as crime agency launches June 8, 2011 THE UK’s Serious Fraud Office (SFO) was yesterday granted a temporary reprieve from plans to absorb it into a new national crime agency, after the home secretary Theresa May confirmed that a decision on its break up would be delayed. Speaking as she unveiled more detailed plans for a new agency to tackle organised and [...]
Is George Osborne doing enough to promote growth in the UK? June 8, 2011 THIS week we’re asking members of our readers’ panel, recruited in association with PoliticsHome, to have their say on how well the chancellor is doing. To tell us your views on whether George Osborne has got it right on the economy, banking regulation and the 50p income tax, apply to join the panel at www.cityam.com/panel [...]
Shares of IPO firms fail to match FTSE June 8, 2011 SPECIAL INVESTIGATION | CITY AT WAR SHARES in newly-listed companies in London have failed to match the performance of the FTSE All-Share index since stocks began to recover from the financial crisis, rising an average of just 10 per cent compared to the 50 per cent increase seen on the rest of the index. According to the Bloomberg IPO [...]
Jobs slashed as Southern Cross fights June 8, 2011 STRUGGLING care home operator Southern Cross unveiled plans to cut 3,000 of its staff yesterday as it battles to fend off bankruptcy. The cuts, billed as a means to “address levels of staff effectiveness across its homes”, equate to six per cent of its 44,000 workforce but Southern Cross said they would not affect the [...]
Trading slow at Walker Crips June 8, 2011 SHARES in private-client broker Walker Crips fell yesterday after the company said that trading had slowed in the first few months of the year, despite reporting a rise in both profits and revenue. Revenues at the firm were up 14 per cent to £20.1m compared to last year, while pre-tax profits rose to £1.75m, after [...]
Banks may quit credit scheme June 8, 2011 BRITISH banks that benefited from the government’s Credit Guarantee Scheme at the height of the credit crunch will be able to buy back their debt before maturity, the government said yesterday. Royal Bank of Scotland and Lloyds Banking Group were the main beneficiaries of the scheme, which was closed to new entrants more than a [...]
Microsoft gets ready for war with Android June 8, 2011 MICROSOFT is preparing for an all-out assault on the mobile phone market in a desperate bid to regain ground ceded to Google. The firm plans to unveil a host of new handsets to coincide with the new version of its Windows Phone 7 (WP7) platform – codenamed Mango – slated for release this autumn. Among [...]
Guoco takes control of Rank casinos group June 8, 2011 GUOCO Group yesterday confirmed it has gained majority control of bingo and casino operator Rank Group after a surprisingly high number of shareholders accepted its 150p-a-share offer. Rank, which runs the Mecca Bingo and Grosvenor Casino chains, last month rejected a £586m offer from Guoco saying it significantly undervalued the business. However, holders of 15.6 [...]
