JD Wetherspoon urges caution as sales drop May 5, 2010 PUBS group JD Wetherspoon is feeling the sobering effects of lower consumer spending and tax and duty rises with sales growth slowing in recent months. Same outlet sales for the 13 weeks to 25 April slipped 0.8 per cent. This was much steeper than the 0.2% decline recorded over the nine month period. Meanwhile total [...]
Prudential hits regulation hurdle in £13bn cash call May 5, 2010 PRUDENTIAL has stalled the publication of details of its $21bn (£13.8bn) rights issue aimed at helping to fund its $35.5bn acquisition of AIA in Asia. The insurer revealed it was in discussions with the Financial Services Authority about the the deal. The capital structure of the firm is understood to be under scrutiny. The delay [...]
BAE on track for full year growth May 5, 2010 BAE Systems said it expected to deliver earnings growth in 2010 and that the loss of a contract to build new armoured vehicles for the UK army had not hit its outlook for the year. The defence contractor said it expected three of its four divisions to deliver growth in 2010 and that sales at [...]
Next sales rise fuelled by Directory May 5, 2010 NEXT has seen a 4.1 per cent rise in overall sales in the 13 weeks to 1 May. The retailer’s Directory was mainly responsible for the positive figure after it recorded a 7.2 per cent jump. Total sales in shops only rose by 2.8 per cent. The company said it was in line to top [...]
Ken Clarke: Voters need to get serious May 4, 2010 POLITICAL EDITOR Tory big beast warns markets will think electorate is ‘ridiculous’ if it ushers in a hung parliament tomorrow FINANCIAL markets will think voters are “slightly ridiculous” if tomorrow’s general election results in a hung parliament, Ken Clarke said yesterday. In an exclusive interview with City A.M., the shadow business secretary said: “My message [...]
Fresh debt fears rock world markets May 4, 2010 FEARS the €110bn bailout package for Greece might not be enough to stop the spread of the Eurozone debt crisis sent markets worldwide plunging yesterday. The FTSE 100 plummeted 2.6 per cent to 5,411.11, the pan-European Stoxx 600 Index dropped 2.9 per cent to 252.96 – erasing its gains for the year, and the S&P [...]
Ratings firms face EU probe May 4, 2010 EUROPE’S internal markets commissioner Michel Barnier yesterday issued a stark warning to credit ratings agencies, as he demanded an investigation of their methods and floated the possibility of establishing an EU agency tasked with issuing sovereign ratings. Barnier said he had asked for “responsibility” from the ratings agencies, but that he had been “surprised” by [...]
Why Britain needs a Conservative government May 4, 2010 WE are now just one day away from the most important election for a generation. The country is at a crossroads: we have crawled out of recession but our prosperity faces its greatest threat since the 1970s. A discredited government and political establishment have presided over an out of control budget deficit and a bloated, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 4, 2010 FINANCIAL TIMES PAULSON ASSURES INVESTORS OVER GOLDMAN FALLOUT John Paulson, whose hedge fund profited from the transaction at the heart of the civil fraud charges filed in the US against Goldman Sachs, has pledged to his investors that he will bear the costs of any litigation brought against his company in the matter. Mr Paulson’s [...]
Singaporean fund eyes Pru rights issue May 4, 2010 TEMASEK, Singapore’s largest sovereign wealth fund, is considering lending its support to Prudential’s $21bn (£13.9bn) rights issue as a cornerstone investor, City A.M. understands. The $120bn (£79.4bn) government investment vehicle is one of several Asian institutions looking with interest at the terms of the rights issue published this morning. The exact price and timing of [...]
