Bank inflation report due as City heads for holiday season August 9, 2009 With the streets of the City emptying as weary workers head for sunnier climes, the torrent of company results slows to a trickle this week, but the markets will be scrutinising the Bank of England’s quarterly inflation report. The Bank, which releases its report on Wednesday, is expected to predict that inflation will stay low [...]
Traffic numbers go up in July August 9, 2009 Airport owner BAA is set to reveal travel figures today showing that the number of passengers travelling through Heathrow airport in July went up for the first time in three years. And total passenger numbers across the group’s airports are expected to show a slump in the rate of decline. The airport owner’s figures come [...]
CITY MOVES WHO’S SWITCHING JOBS August 9, 2009 Spencer-Churchill Miller PrivateThe high net worth (HNW) wealth management boutique has hired Lady Emily Compton, the former social editor of Tatler magazine. Compton will be responsible for introducing HNW individuals to the business, as well as working alongside founders Alexander Spencer-Churchill and Gina Miller on a new business venture. She has also previously worked as [...]
Xstrata looks to sell its Chilean mine August 9, 2009 MINER Xstrata, the group tied up in a merger battle with rival Anglo American, is in talks to sell off its key stake in a South American mine for an estimated $700m (£420m). “Xstrata Copper has received expressions of interest that may result in the introduction of an additional partner into the El Morro copper-gold [...]
Immigration rulers should welcome City talent August 9, 2009 Immigration has hit the news again with word that the Government is considering extending the points-based immigration system, introduced last year for work permit applications, to applications for British citizenship. It is an emotive subject, but getting immigration policy right is important for the success of the City of London and the government needs to [...]
Razorfish bought by Publicis for $530m August 9, 2009 FRENCH advertising group Publicis yesterday agreed to buy Razorfish advertising agency from technology giant Microsoft for $530m (£317m) in cash and stock. Publicis beat off around eight interested companies for Microsoft’s unit, including the UK’s WPP plc and Japanese firm Dentsu. The Paris-based group’s chief executive Maurice Levy said the price paid was the result [...]
Land Rover wins debt lifeline August 9, 2009 Jaguar Land Rover (JLR) has secured a £75m finance lifeline by mortgaging its stock of Land Rover parts.Burdale Financial, Bank of Ireland’s finance division, has granted a three-year debt facility of up to £75m to the carmaker, which is owned by Tata Motors, of India.The loan is secured on the inventory of Land Rover’s parts [...]
BEST OF THE BROKERS August 9, 2009 ROLLS-ROYCEGoldmach Sachs downgraded the civil aerospace company to Sell after a strong outperformance against its peers. It added that it expected the sector’s downturn to be less severe than investors anticipated, and that Rolls-Royce would benefit from this. It downgraded the company because its shares trade at a premium to rivals.FRANCE TELECOMJP Morgan upgraded France [...]
Media Square heads for tussle with investor August 9, 2009 MEDIA Square, the communications firm led by entrepreneur Roger Parry, looks set for a tussle with its largest shareholder Peter Lynch over concerns the former stockbroker might try to wrest control of the company. In a circular sent ahead of its annual meeting later this month, Media Square has urged shareholders to vote down an [...]
Debt fears cast a cloud over outlook for stocks August 9, 2009 The FTSE 100 hit its highest point for the year last week, boosted by big gains for the banks. But that was until Royal Bank of Scotland (RBS) chief executive Stephen Hester handed out a dose of reality. Unlike Lloyds he refused to speculate that the worst is over and pointed out the next two [...]
