Goldman’s Cohn defends its role as market maker May 11, 2010 GOLDMAN Sachs could not function as a market maker if it was a fiduciary, president and chief operating officer Gary Cohn said yesterday. Executives from the bank, which is facing civil fraud charges from the US Securities and Exchange Commission, were asked by a Senate panel two weeks ago whether Goldman Sachs was conflicted in [...]
Manufacturing surge is a boost to UK recovery May 11, 2010 MANUFACTURING output defied expectations to surge by 2.3 per cent in March on the previous month, while the wider industrial production index jumped two per cent, its strongest monthly expansion in nearly eight years, official data showed yesterday. Both manufacturing output and industrial production rose by 1.2 per cent in the first quarter, stronger than [...]
IMF warns of commodity boom May 11, 2010 Growth across Europe will pick up in 2010 and 2011, but a run in commodity prices could push up interest rates and threaten to destabilise bond markets, according to the International Monetary Fund. In its first European outlook since the €110bn (£93.5bn) bailout of Greece, the IMF warned monetary tightening would undermine the effectiveness of [...]
Chinese inflation still rising May 11, 2010 Chinese annual inflation rose to an 18-month high of 2.8 per cent in April while property prices in the Asian powerhouse rose at a record rate. But a slowdown in money growth and industrial output signalled that incremental tightening measures have started to bite. New bank lending was stronger than expected last month at 774bn [...]
IHG boosted by return of business trips May 11, 2010 BUSINESS travellers have fuelled a jump in profits at the Intercontinental Hotel Group – especially in Asia. The world’s biggest hotels group, which has 640,000 rooms in more than 4,400 hotels, today beat City expectations with a 15 per cent rise in operating profits to $83m (£56m). Revenues per room – a key indicator of [...]
SuperGroup sales surge as youth spending stays strong May 11, 2010 YOUTH fashion retailer SuperGroup, which floated on the London Stock Exchange in March, saw sales soar by 83 per cent to £139m in the year to 2 May. The company, whose Superdry brand is sported by celebrities including David Beckham, said it expected to make a pre-tax profit of at least £25.7m. SuperGroup has 43 [...]
Clarke to become chief executive at Asda while Bond steps up to chairman May 11, 2010 CHIEF operating officer of Asda, Andy Clarke, has been appointed to the role of chief executive and president of the US-owned supermarket. His promotion follows last month’s announcement by Andy Bond that he would step up to become part-time chairman at the retailer. Clarke joined Asda in 1992 but left in 2001 for roles at [...]
TUI says the Icelandic ash cloud has knocked £90m off its profit May 11, 2010 EUROPE’S biggest travel firm TUI Travel said disruption caused by the volcanic ash cloud had so far hit profits by around £90m as it reported widening first-half losses. The group, in which Germany’s TUI AG has a controlling stake of 54 per cent, said yesterday it had to cancel over 175,000 holidays as a result [...]
ANALYST VIEWS: WILL INTERCONTINENTAL’S POSITIVE TRADING CONTINUE? May 11, 2010 SIMON FRENCH | PANMURE “Current trading is strong with April global constant currency revenues per room growth of 5.2 per cent with all regions positive. Having upgraded our forecasts last week we make no change to our above-consensus estimates.” SAM HART | CHARLES STANLEY “The signs are very encouraging with revenues per room on the [...]
Rose leaves Diageo May 11, 2010 Diageo chief finance officer Nick Rose is leaving the company, the drinks giant said yesterday. The surprise announcement came as Rose entered his 18th year with the company – 13 in his current role. Deirdre Mahlan, currently his deputy, will take on the role. She has held a number of senior finance positions in Diageo [...]
