BEST OF THE BROKERS October 7, 2009 KINGFISHERMorgan Stanley upgraded Kingfisher to “equal weight” saying that the retailer’s 19.6p earnings per share target looks increasingly achievable, but that it doesn’t leave much upside with consensus already looking for 18.5p for 2011/2012 earnings. The broker no longer believes that an “underweight” weighting is appropriate. CENTAUR MEDIAKBC Peel Hunt has been very cautious on [...]
CITY MOVES WHO’S SWITCHING JOBS October 7, 2009 NomuraThe Japanese banking group has hired Peter Westaway, a Bank of England veteran, as its new chief economist for Europe. Westaway previously spent 13 years at the Bank in senior roles, covering macro economic forecasting, policy and financial market analysis. He also spent time working at the UK Treasury and the National Institute of Economic [...]
Exxon is the world’s biggest firm again October 7, 2009 ENERGY giant Exxon Mobil has snatched back its crown as the world’s most valuable company after overtaking rival PetroChina, according to the latest Bloomberg data. Exxon’s market capitalisation rose to $330bn (£207.4bn) in the period between 2 September and yesterday, the group said, as PetroChina’s has dropped by 2.2 per cent to $325bn. PetroChina has [...]
HSBC’s Green says banks and bankers should apologise October 7, 2009 HSBC CHAIRMAN Stephen Green yesterday said that the entire banking sector “owes the real world an apology”. Green said that while the world cannot do without banks – bankers need to learn the lessons of the financial crisis that has shaken the world’s economy. In an interview with BBC Worldwide, Green said: “I think the [...]
Versace quits Japanese stores October 7, 2009 Italian fashion house Versace is to rebuild its Japanese operations from scratch and is reassessing its entire company strategy. Versace, which entered Japan 30 years ago said that the stores no longer reflected the brand’s image. Chief executive Gian Giacomo Ferraris took over in July and has kicked of a company-wide review.
Grocery sector can save 1bn October 7, 2009 The UK grocery sector could save at least £1bn over the next five years by improving the quality of product information shared between retailers and suppliers, according to a new report. The estimated opportunity for the industry to realise over £700m in savings was found to fall into two main areas: avoiding shrinkage and eliminating [...]
Rich travellers don’t cut back October 7, 2009 Luxury holidaymakers have refused to cut back on trips abroad, according to the latest study by business advisers PricewaterhouseCoopers. In a survey of 700 luxury club members, only 18 per cent said they would cut back on holidays. Consumers are spending more time finding the right holiday deal as they attempt to “buy clever” during [...]
LSE battle for market share gets tougher October 7, 2009 LONDON Stock Exchange chief executive Xavier Rolet is facing a tough battle to end the year ahead, as upstart rivals continue to gnaw away at the institution’s market share. The LSE’s share of London trading volume stood at 64 per cent yesterday, recovering from the previous day’s all time low of 60 per cent, but [...]
Retail investors boost private client stockbrokers October 7, 2009 THE surge of retail investors rushing back to equities in recent months has become a flood since London’s benchmark FTSE 100 index broke through the psychologically important 5,000 mark on 9 September. This represents a massive opportunity for private client stockbrokers, many of which have seen a boost to both client numbers and to the [...]
Page hit by 36m VAT repayment October 7, 2009 MICHAEL Page said yesterday it has been hit with a £37.4m bill from the Inland Revenue, which the taxman had originally handed over to the firm as a part settlement of an alleged overpaid VAT bill. The firm, which had £138m in net cash at the end of September, said it would appeal against the [...]
