JD Wetherspoon, Carlsberg unite September 15, 2009 Pub group JD Wetherspoon and brewer Carlsberg UK have announced a new partnership to supply Carlsberg and Tuborg beers in all Wetherspoon’s outlets. The deal was unveiled yesterday at a launch at the new O2 Academy in Birmingham. JD Wetherspoon said the move was timed perfectly to exploit Carlsberg’s sponsorship of the FA and the [...]
Conygar to raise 60m in placing September 15, 2009 Property trading and development group Conygar said yesterday it intends to raise at least £60m via a share placing at 105p per share, to position it to take advantage of UK investment opportunities as the property market begins to show signs of recovery. The firm, which has just agreed a £28.8m takeover of The Advantage [...]
Anite warns on first half profit September 15, 2009 IT services firm Anite warned yesterday it expects first half profit to come in significantly lower than last year, due to less favourable currency movements and seasonality as well as the impact of the economic downturn. “As we expected, trading for the year to date has been challenging,” the firm said in a statement. “The [...]
PROPERTY FUND GURUS HEDGING THEIR BETS September 15, 2009 ISN’T IT astonishing to discover the lengths to which advisers will go to finesse their PR message? Yesterday, City A.M. ran a piece about the UK Strategic Income Property Fund. It will be managed by Coba Asset Management’s Graham Gould and BDO Stoy Hayward Investment Management, while advisers include industry veteran and former Slough Estates [...]
British policymakers sending sterling lower September 15, 2009 IT WAS all go on the City’s currency trading floors yesterday morning. What sparked the furious trading was Bank of England governor Mervyn King hinting to the Parliamentary Treasury Select Committee that the Bank would implement a cut in the interest rate that banks receive on their deposits with the Bank of England. Immediately, the [...]
CARRY TRADE NOW FUNDED BY DOLLARS September 15, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT One of the more curious developments over the past month has been the appreciation of the Japanese yen along with high-beta risk currencies such as the euro, the pound and the Australian dollar. Since the start of this decade, the dynamic that dominated currency trading saw the yen decline [...]
Zloty is looking less dodgy as stimulus policy boosts Poland September 15, 2009 ON THE face of it, things are looking a bit dodgy for the Polish zloty at the moment. Last week, the currency sunk against the euro. The euro has strengthened against the currency, rising to 4.16 zloty today from 4.0864 on 7 September. On top of this, there was a failed government bond auction last [...]
City warns of flaws in living wills proposal September 15, 2009 THE CITY yesterday flagged up flaws in proposals that will force banks to write “living wills” to help regulators wind them up in the event that they collapse.Chancellor Alistair Darling said yesterday that the government was planning to introduce legislation in November which would require banks to make their corporate structures more simple and provide [...]
WOULD LIVING WILLS FOR BANKS BE A GOOD IDEA OR NOT? September 15, 2009 NIC CLARKE CHARLES STANLEYLiving wills would not be simple to draw up and might prove to be far more complicated for some banks to implement than others. But a safety valve needs to be imposed which would mean that no institution is ‘too big to fail’, as a bank could be wound up quickly, with [...]
German sentiment disappoints September 15, 2009 German market sentiment rose less than expected in September, dampening hopes that Europe’s biggest economy could be headed for a strong recovery. The ZEW economic think tank said that its expectations index for Germany rose to 57.7 from 56.1 in August, its highest point since April 2006, but still much less than analysts expected. The [...]
