US inflation in higher-than-expected rise February 17, 2011 US core consumer prices rose at the fastest pace in more than a year in January, indicating a long period of slowing inflation had run its course. The US Labor Department said its core Consumer Price Index, which excludes food and energy costs, increased 0.2 per cent – the largest gain since October 2009. The [...]
King insists a rise in rates is not imminent February 16, 2011 MERVYN King yesterday tried to play down expectations that the Monetary Policy Committee (MPC) would imminently start raising interest rates to curb inflation, insisting that it would be a “futile gesture”. Unveiling the Bank of England’s quarterly Inflation Report, in which it lowered its forecast for economic growth this year from 2.6 per cent to [...]
The new trade minister on exports, China and telecoms… but not banks February 16, 2011 IT IS fitting that new trade minister Lord Stephen Green, who is ordained in the Church of England, should make his first foreign trip to an event that inspires an almost religious fervour amongst its followers. Sitting at Mobile World Congress in Barcelona, surrounded by the giants of the telecoms world, the former HSBC chairman [...]
Delaware judge slams BarCap February 16, 2011 A Delaware judge yesterday slammed the dual role of Barclays Capital in the takeover of Del Monte Foods by a private equity consortium led by KKR. The judge, which delayed the shareholder vote on the takeover by 20 days, criticised Barcap, saying the bank wanted to gain fees on both the sell side and buy [...]
BEST OF THE BROKERS February 16, 2011 AMEC Morgan Stanley has downgraded the engineering consultancy to “underweight” with a target price of £10.80 due to risks from the firm’s excess cash pile of around $1bn. The broker believes that AMEC missed the opportunity to expand through acquisitions when valuations were low in 2009, and sees a risk of the firm acquiring rivals [...]
Hopes of revival for financial sector drives the FTSE higher February 16, 2011 BRITAIN’S leading share index rallied yesterday, powered by banks, on hopes for further upbeat earnings in the sector after Barclays and French peer Societe Generale set the standard. HSBC gained 2.8 per cent, Royal Bank of Scotland rose 4.3 per cent and Barclays, which reported results on Tuesday, was up 1.0 per cent. Societe Generale [...]
How business school helps with a job-hunt February 16, 2011 ASK people who are currently studying an MBA what their top priority is and they will almost all tell you that it’s finding a job after they graduate. Always true, perhaps, but more so at the moment when the economic future remains uncertain. We asked four recent MBA graduates how they used their time and [...]
Agius: 50p tax makes it harder to keep talent in London February 15, 2011 THE 50p top tax rate makes it harder to retain talent in London, Barclays chairman Marcus Agius told City A.M. yesterday. He also said the bank’s “regretted losses” – staff that it has lost despite efforts to prevent them leaving – have risen, adding: “Competition for talent is fierce.” UK banks face a particularly difficult struggle to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2011 FINANCIAL TIMES JERSEY AND ISLE OF MAN OFFER TAX SOP TO BRUSSELS Jersey and the Isle of Man have announced changes to their corporate tax regimes in an effort to neutralise criticism from Brussels. Both crown dependencies said they were withdrawing laws that aim to stop local shareholders from avoiding personal income tax by rolling [...]
Diamond: low returns will be banished February 15, 2011 BARCLAYS chief executive Bob Diamond promised rigorous action to bring up the bank’s returns at its full-year results presentation yesterday, saying that “there are no sacred cows” in his cost-cutting. Diamond was keen to address the bank’s “unacceptable” return on equity of 7.2 per cent in 2010, announcing a target of 13 per cent by [...]