ANALYST VIEWS: WHAT DO YOU MAKE OF DSG’S TRADING UPDATE? September 2, 2009 MATTHEW MCEACHRAN SINGER CAPITALDSG indicates that revenues are slightly ahead of expectations. Overall, and ahead of the all-important winter trading period, and the World Cup next summer, this statement is encouraging. But, within this, like-for-like sales in the UK were down by 14-15 per cent. JOHN STEVENSON KBC?PEEL HUNTUK like-for-like sales remain challenging at both [...]
…as its boss survives a crucial vote on controversial pay plan September 2, 2009 DSG yesterday succeeded in passing a resolution at its annual meeting, asking shareholders to pass a share option that would enable directors to sacrifice up to 25 per cent of their salaries in exchange for options worth £3 for every £1 they contribute. The scheme will allow chief executive John Browett to replace a quarter, [...]
Sales outlook starts to improve for DSG… September 2, 2009 DSG, the electrical retailer behind Currys, Dixons and PC World, yesterday posted a smaller-than-expected fall in quarterly sales and said that the outlook had improved slightly. The firm also confirmed it had sold its loss-making Polish division for a nominal €1 (60p) to IDMSA Brokerage House, following the shedding of its other loss-making Swedish and [...]
Credit Suisse on the lookout for private banks, says top director September 2, 2009 CREDIT Suisse is actively seeking to make acquisitions in private banking, one of the bank’s senior directors said yesterday. Walter Berchtold, chief executive of Credit Suisse’s private banking business, said at an industry event that the firm was “clearly ready to acquire”. Sources close to the Swiss bank said any purchase was likely to be [...]
Regulators had five chances to rumble Madoff, says report September 2, 2009 US FINANCIAL regulators missed five chances to uncover Bernard Madoff’s $65bn (£40bn) Ponzi fraud, a scathing report said yesterday. The report by the inspector general of the US Securities and Exchange Commission (SEC) Charles Grassley said the SEC launched five investigations into Madoff’s activities dating back to 1992. But the giant fraud was only uncovered [...]
O’Brien ups ante at INM September 2, 2009 IRISH billionaire Denis O’Brien was yesterday accused of trying to push Independent News & Media (INM) into administration so he can snap up its Irish titles in a fire sale. The charge came on the day that O’Brien – who owns 26 per cent of INM – called for an extraordinary meeting to vote on [...]
Boris battles Brussels bureaucrats September 2, 2009 STRIDING down the European corridors of power in Brussels yesterday, Boris Johnson looked every inch the City’s knight in shining armour. The London Mayor has styled himself recently as one of the lone champions of Britain’s financial services industry, with his outspoken views on abolishing Labour’s new 50p tax rate, his vehement support of the [...]
A NEW MINI ADVENTURE September 2, 2009 GERMAN carmaker BMW yesterday said it would build a further two versions of the Mini at its UK production plant. The group is to build the new models at its Cowley plant in Oxfordshire, which employs 3,500 workers. One of the models – a coupe version – will be formally unveiled at the Frankfurt Motor [...]
Turner throws his weight behind banks’ living wills September 2, 2009 THE UK’s biggest banks will be forced to prepare for their own failure by simplifying their legal structures, which could end up increasing their tax bills, FSA chairman Lord Turner said yesterday. Turner backed plans to make institutions draw up so-called “living wills” which make it easier for a bank to be broken up should [...]
Google inYouTube music video victory September 2, 2009 YOUTUBE owner Google has cut a deal with PRS for Music, the UK songwriter and music publisher association, that will allow it to resume showing music videos on the popular website. Google has agreed to make an undisclosed royalty payout to PRS to buy the rights to make music available on YouTube, after it was [...]
