$3.5bn Dubai repayment due December 13, 2009 DUBAI faces the first major hurdle in its struggle to resolve its debt crisis today as the $3.5bn (£2.2bn) bond by state-owned firm Nakheel expires. Last night there was no indication whether the Islamic bond, or sukuk, would be repaid on time. But the sukuk closed higher at 54 cents to the dollar on Friday [...]
London’s best sales growth for 3 years December 13, 2009 LONDON enjoyed its best sales growth since October 2006, with central London retail sales for November 13.3 per cent higher on a like-for-like basis than a year ago, according to the latest survey from the British Retail Consortium (BRC) out today. “These are great figures,” said Stephen Robertson, BRC’s director general. “These figures show that [...]
Bankers destroy value December 13, 2009 Bankers destroy £7 of value for every pound they create, according to new research by the New Economics Foundation. The research into the social value of different jobs concluded that hospital cleaners, for example, create more then £10 in value for every £1 they receive in pay. Advertising executives and tax accountants destroy even more [...]
Gartmore lists at 220p per share December 13, 2009 Fund management house Gartmore will list on the stock exchange today at 220p per share, significantly below the 270p mid-point it had hoped for. Gartmore’s flotation is the first initial public offering of a private-equity owned company since the onset of the credit crunch in 2007. While its share price will now imply a market [...]
Q & A : THE BANK BONUS TAX December 13, 2009 Q. WHICH FIRMS ARE CONCERNED THEY MAY BE AFFECTED BY THE BONUS TAX? A.The Treasury originally said the tax would only hit the 397 deposit-holding banks and building societies which hold a banking licence from the Financial Services Authority, as well as their subsidiaries. However, the rules have since blurred; the Treasury has already stipulated [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 13, 2009 THE SUNDAYS The Sundays Telegraph DEBENHAMS DIRECTORS GET BUMPER PAYOUTS Directors of Debenhams have received bumper payouts, despite the retailer cutting its dividend payment to shareholders last year. Rob Templeman, chief executive, saw his package increase by a third to £1.24m after he was granted a bonus of £428,073. Michael Sharp, deputy chief executive, saw [...]
People don’t come here for the weather December 13, 2009 In 1733, Voltaire, one of France’s greatest thinkers, wrote a series of letters on the English nation, describing some of the extraordinary going-ons he had discovered during his exile to this country. The findings scandalised many of his French readers, then a truly statist and anti-capitalist nation. “Go into the London Stock Exchange – a [...]
Tory lead narrows in poll December 13, 2009 THE chances of a hung Parliament looked that much greater yesterday, after a poll from YouGov put Labour just nine points behind the Conservatives, who registered 40 per cent support. The City is concerned that a narrow majority for an incoming government, or even worse, no majority at all, will make it impossible to take [...]
Lollipop colours for a party goddess look December 7, 2009 IT’s the one time of year when you can let your hair down – within reason, of course. No drunken snogs at the office party please, or embarassingly short skirts.But fun party makeup?Why not?Sure, you might not wear green sparkly nail varnish to work, or sumptuous gold eye makeup or even siren-red lippie, but you [...]
OUT OF OFFICE December 7, 2009 WAITING FOR GODOT RETURNSActing heavyweights Ian McKellen and Patrick Stewart made the revival of Samuel Beckett’s masterpiece one of the year’s stand-out theatrical events. The show is going to be back at the Theatre Royal Haymarket for 11 weeks early next year. Stewart won’t be returning, but John Rees will be stepping ably into his [...]
