Food inflation: First signs of energy cost surge feed through to supermarket shelves as discounts fail to stem price growth
Inflation jumps to 17-month high May 18, 2010 UK inflation rose more than expected to 3.7 per cent in April. Bank of England governor Mervyn King must now write to new chancellor George Osborne to explain why the cost of living – set out in the consumer prices index (CPI) – is more than a percentage point above the target of two per [...]
Evolution and Collins Stewart boosted by wealthy clients May 18, 2010 WEALTHY clients are helping asset management groups Evolution and Collins Stewart to cope with volatile markets, they said. Evolution said income and operating profitability had both risen so far this year, although it did not say by how much. Assets under management at its private client division were up six per cent from December 2009 [...]
Vodafone posts £8.6bn annual profit May 18, 2010 VODAFONE has reported an annual pre-tax profit of £8.6bn. The figure has jumped from £3.1bn last year, while sales rose to £44.5bn from £41bn. However, the telecommunications giant took a hit on its key Indian business with a £2bn impairment charge attached to buying new licences. Vodafone, which has 341m subscribers, was upbeat about the [...]
BA halts strike in court victory May 17, 2010 BRITISH Airways (BA) last night won an eleventh-hour reprieve in its bid to stop cabin crew from walking out, after the High Court granted an injunction on grounds that the strike was unlawful. The judgment ruled that Unite, the union representing cabin crew, did not communicate ballot results to members, meaning the strike – which [...]
Pru reveals its cut-price rights issue May 17, 2010 PRUDENTIAL boss Tidjane Thiam formally embarked on his make-or-break bid for AIA in Asia yesterday as he unveiled a heavily discounted $21bn (£14bn) rights issue. One investor remarked the market had “squeezed” Prudential into offering 11 shares for every two shares held at 104p, a gaping 81 per cent discount to Friday’s closing price of [...]
Libor rises to 9-month high May 17, 2010 RISING concern over the exposure of banks to the highly-indedbted European countries has seen the rate at which banks lend to each other rise to its highest level since August. The key three-month US dollar London inter-bank offer rate, or Libor, rose 0.46000 per cent yesterday from Friday’s 0.44506 per cent. The euro rate rose [...]
Why hiking Vat will be very painful May 17, 2010 SO George Osborne has got his office for budget responsibility, tasked with auditing the public finances and producing independent economic forecasts. It is a splendid idea and a great opportunity for Sir Alan Budd, its first boss, to create a set of truly transparent national accounts. A crucial test will come with the treatment of [...]
Jupiter moves on flotation May 17, 2010 FUND manager Jupiter is throwing caution to the wind and listing its shares in London, despite uncertain demand for initial public offerings in recent months. The move, which could provide as much as £1bn in capital, comes just a month after the group headed by Edward Bonham-Carter decided to hold back its flotation in light [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2010 FINANCIAL TIMES FERROUS STEELS ITSELF FOR LONDON FLOAT Ferrous Resources, the Brazilian iron ore miner, confirmed its intention to list in London next month, adding momentum to a new round of mining and energy flotations in the capital of resources finance. With an expected valuation of about $4bn (£2.8bn), Ferrous could be the biggest “pure-play” [...]
Kumar pays to settle Galleon case May 17, 2010 A former McKinsey director who pleaded guilty to criminal charges in the Galleon hedge fund insider trading case reached a $2.8m (£1.9m) civil settlement with US market regulator the Securities & Exchange Commission yesterday. The former director of the management consultant firm, Anil Kumar, was among 21 people charged last October and November in what [...]
