Construction industry begins to recover as its decline slows February 2, 2010 HOPES of a recovery were boosted further today with a survey showing that the construction industry shrugged off last month’s snowy weather and shrank at its slowest rate in nearly two years. The CIPS/Markit survey came in at 48.6 during January, up from 47.1 in the previous month. New orders decreased for the second consecutive [...]
Shop price inflation sees modest rise as retailers discount heavily February 2, 2010 DESPITE the January increase in VAT, shop price inflation rose a modest 0.2 per cent on the month as retailers offset the hike through heavy discounting and promotions, according to fresh data from the British Retail Consortium (BRC). Annual shop price inflation now stands at 2.3 per cent. Food inflation slowed for the first time [...]
Investment bank lifts Nomura profit February 2, 2010 FUND-RAISING by Japanese companies helped investment bank Nomura to rack up its third straight quarterly profit, boosting hopes that its earnings recovery and global expansion plans are on track. Japan’s largest broker made a 10.2bn yen (£70.8m) net profit between October and December, compared to a 342.9bn yen loss a year earlier when costs related [...]
UPS upgrades profit forecasts on hopes for a US economic recovery February 2, 2010 UPS yesterday announced that it expects a sharp increase in earnings as the US economy improves in 2010. The company, the world’s largest package delivery service, will be under close scrutiny. Deliveries of packages and goods are often taken as an indicator of the general health of the economy. Chairman and CEO Scott Davis claimed [...]
City Eye February 2, 2010 MANNEQUINS cast a surly stare over passers-by in front of New Look on London Wall, on the day the fashion retailer confirmed plans to raise up to £650m via a London Stock Exchange float.
A IS FOR… A TOUCH OF ACRIMONY AT ALCHEMY February 2, 2010 PROOF, if it were needed, that the old adage about time being the best healer does not always ring true. Private equity veteran Jon Moulton is in the preliminary throes of building his new business, Better Capital, after quitting his former firm Alchemy Partners last September amid a boardroom bust-up over strategy. (His resignation letter [...]
Cable & Wireless sets out proposals for its demerger February 2, 2010 Cable & Wireless (C&W) said yesterday it will raise a $500m (£314m) bond and inject an extra £30m into its pension fund as the UK’s second-largest fixed-line telecoms group finalises its demerger. Cable & Wireless, which has a 138-year history, plans to begin trading as two companies on 26 March. One unit becomes Cable & [...]
Fidelity slashes trading costs February 2, 2010 Fidelity Investments yesterday said it plans sharp price reductions for US online equity trading, the latest move in a price war among retail brokerages that drove down shares of several other firms. Fidelity, the Boston-based mutual fund powerhouse, also said it plans to waive trading fees for 25 exchange-traded funds offered by BlackRock’s iShares unit [...]
Munich Re ups dividend after solid year in 2009 February 2, 2010 MUNICH RE posted forecast-beating full-year results yesterday boosted by a fortuitous combination of unusually low disaster claims and the momentum from a post-crisis revival on financial markets. The world’s biggest reinsurer, in which US investor Warren Buffett has amassed a stake of more than five per cent, reported preliminary 2009 net profit of €2.56bn (£2.24bn), [...]
Retail funds smash £25bn yearly record February 2, 2010 RETAIL fund sales smashed through the £25bn-in-a-year barrier for the first time last year, the Investment Management Association (IMA) revealed yesterday. The record figure was spurred by investors looking for alternatives to holding cash. The best selling funds for the year were corporate bonds. They topped the table for eight months of the year, with [...]
