M&S pay deal irks investors March 21, 2010 DISGRUNTLED investors in Marks & Spencer are agitating for an overhaul of the company’s board after details of Sir Stuart Rose’s pay sparked a fresh row over corporate governance. Rose will draw an £875,000 salary, plus a bonus, when he moves to the post of non-executive chairman in the summer to make way for incoming [...]
New Look set for discussion on IPO revival March 21, 2010 DIRECTORS of New Look, the fashion retailer which last month sensationally withdrew its £1.6bn initial public offering (IPO) due to ongoing turmoil on the markets, will this week meet to discuss a revival of the float later in the year. The stock market listing will be top of the agenda at a board meeting on [...]
Next to post jumbo profit haul March 21, 2010 SEASONED retail veterans may have been through one of the toughest trading periods in living memory, but high street fashion chain Next looks set to buck the sector trend when it reports a 15 per cent surge in full-year profit later this week. Next is expected to post a pre-tax profit of around £495m at [...]
ALL DRESSED UP March 21, 2010 MONSOON, the retailer famed for its colourfully-printed floaty dresses, saw profits soar skyward over the past year despite the pressures of the downturn, buoyed by strength in its international operations. Monsoon reported pre-tax profits of £32.96m for the year to last August compared to just £3.96 in the previous year.
US recovery is looking strong March 21, 2010 WHATEVER the future for the global economy, the US is well positioned to recover from the recession and retain its hegemonic status, City consultancy firm Fathom will say today. In contrast the outlook for the Eurozone and the UK remain bleak. In its second quarter outlook for the G4 economies (US, UK, Eurozone and Japan), [...]
Sterling is undervalued ahead of the election March 21, 2010 STERLING is undervalued against the euro. Just about every trading desk I talk to seems to think so. However, very few of them tell me they will be willing to back the pound until the general election is over. With the vote out of the way, they say, the arguments for the pound will start [...]
CBI: recovery will be slow and sluggish March 21, 2010 THE UK economy will not recover to pre-recession growth levels even by the end of next year due to dire high street trading and the end of stimulus schemes, the CBI has warned. The employers’ group said GDP would grow by one per cent this year and by 2.5 per cent in 2011. Nervousness among [...]
Crossrail completion vital March 21, 2010 THE completion of Crossrail and tube upgrades should be the main priorities for the next government, according to members of the London Chamber of Commerce and Industry. LCCI chief executive Colin Stanbridge said: “We desperately need action to keep London ahead of our international business rivals such as New York and making firm commitments on [...]
IMF paints grim picture of need for tightening March 21, 2010 DEVELOPED countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the number two official at the IMF said yesterday. John Lipsky, the International Monetary Fund’s first deputy managing director, said the scale of the adjustment required was so vast that it would [...]
Cenkos pulls bid approach for JM Finn March 21, 2010 A TAKEOVER approach by brokerage Cenkos Securities to investment management house JM Finn has been pulled after the parties failed to reach agreement on price and the degree of fit between the two businesses. Cenkos, founded by Andy Stewart, held a number of informal discussions with JM Finn over recent weeks but subsequently decided the [...]
