Merkel’s tantrum will not dent market resolve May 20, 2010 ONCE again Germany has ignored the golden rule of markets – they should never be spooked. So be it but on the day the German Chancellor made some politically challenging remarks on the future of the euro that removed any thought of secretly wanting out of the currency, why on earth did Angela Merkel choose [...]
Bank warns of risks on the downside May 20, 2010 PROSPECTS for the UK’s economic recovery remain uncertain, the Bank of England’s Monetary Policy Committee concluded in minutes released yesterday from its latest meeting. The Committee, which voted unanimously to leave interest rates unchanged at 0.5 per cent, was meeting just after voting in the general election. The minutes reveal the Committee’s concerns about turbulence [...]
Construction industry boost but outlook remains uncertain May 20, 2010 CONSTRUCTION workload, as measured by the Royal Institute of Chartered Surveyors (RICS) survey, has increased for the first time in two years, the latest data revealed yesterday. The RICS quarterly survey of the UK construction market showed that the headline net balance swung into positive territory in the first three months of the year despite [...]
US consumer prices fall bolstering low rates view May 20, 2010 US consumer prices unexpectedly fell in April, the first decline in a year, and the core annual rate recorded its smallest gain since 1966, suggesting scope for the Federal Reserve to keep interest rates near zero for some time. The Labour Department yesterday said its seasonally adjusted Consumer Price Index slipped 0.1 per cent, pulled [...]
FSA swoops for insider trading May 20, 2010 ENFORCEMENT officers from the Financial Services Authority (FSA) raided another London address yesterday in its crackdown on insider trading, taking a 39-year-old man into custody for questioning. The swoop is the latest in a string of arrests by the regulator over insider dealing, including the high-profile prosecution of former Cazenove partner Malcolm Calvert earlier this [...]
SSE warns of tough trading May 20, 2010 SCOTTISH & Southern Energy (SSE) yesterday said the demand environment remained tough and it would delay building a power plant in Wales, as it met expectations with a three per cent rise in full-year profit. Chief executive Ian Marchant declined to give precise guidance for the company’s financial year, which ends March 2011. “We don’t [...]
Mitchells & Butlers profits rise by 50pc May 20, 2010 PUBS group Mitchells & Butlers (M&B) has seen a surge in half-year profits – but its boss warned yesterday that cheap supermarket deals were threatening the industry. The owner of the All Bar One and O’Neill’s pub chains said pre-tax profits for the six months to 10 April were £73m, up from £47m the year [...]
Jaeger cashes in as luxury brands make a comeback May 20, 2010 JAEGER yesterday posted a 16 per cent rise in annual earnings as sales of luxury goods increased following the recession. The group, owned by a management team which also bought the luxury Aquascutum brand last year, made a pre-tax profit of £7m. Sales were flat at £85.5m – but were up 12 per cent so [...]
Liberty sold to Wigley’s BlueGem for £32m in private equity deal May 20, 2010 DEPARTMENT store Liberty was yesterday sold for £32m to a team of former City bankers. BlueGem Capital Partners, founded by former bankers at Merrill Lynch’s private equity unit, including Bob Wigley, has bought Liberty in a deal valuing the company’s shares at about 141.8 p. Liberty was majority-owned by MWB Holdings, the hotel group that [...]
BUDDHA GOES BUST May 20, 2010 THE Buddha Bar has gone into administration. The venue on Victoria Embankment, favoured by stars such as Lady Gaga, hit the buffers after lavish City spending fell off. In better times the bar featured in City A.M’s Bill of the Week when bankers splashed out £13,000 on one meal there in February.
