THE FAMOUS FIVE – ENGLAND’S FOES February 2, 2011 Italy NICK MALLETT’S Italy remain a work in progress, and will have their work cut out again to not collect the wooden spoon, as they have done for the past three years. But there are some positives, and the Azzurri are becoming more competitive, thanks in part to domestic powerhouses Benetton Treviso and Aironi Rugby’s [...]
IFS: Osborne must stick to austerity cuts February 2, 2011 THE coalition must protect confidence in the UK by delivering a reduction in the deficit, the respected Institute for Fiscal Studies (IFS) said yesterday. Loosening fiscal policy “risks undermining investor confidence,” the thinktank warned in its green budget. “Having set out his fiscal consolidation plan, it is important that chancellor Osborne resist the temptation to [...]
British building sector picks up after the December freeze February 2, 2011 BRITISH construction bounced back in January, after a snow-hit slump in December, according to data released yesterday. The sector’s performance exceeded the forecasts of economists, by jumping to 53.7 in the purchasing managers’ index (PMI) conducted by Markit and the Chartered Institute of Purchasing & Supply (CIPS). In December the industry had recorded 49.1, indicating [...]
CITY MOVES | WHO’S SWITCHING JOBS February 2, 2011 Betfair The bookies have appointed a new non-executive director to its board: Baroness Denise Kingsmill. She will also sit on the company’s audit committee in this role. Kingsmill has experience serving on the competition commission, of which she was deputy chairman 1996-2003, and she has also chaired three reviews and taskforces for various government departments. [...]
FTSE sticks above 6,000 after volatile day February 2, 2011 The FTSE’s mainstay miners and banks pushed the benchmark index to close just above 6,000 points – but profit taking and uncertainty over violent clashes in Egypt caused a turbulent day’s trading. The FTSE 100 closed up 42.25 points, or 0.7 per cent, at 6000.07, extending Tuesday’s 1.6 per cent rise. The index has recovered [...]
Ocado losses narrow after shaky float February 1, 2011 ONLINE grocery delivery company Ocado yesterday said its losses had narrowed in 2010 – after it weathered the storm following a controversial stock market float. The internet retailer halved its pre-tax loss to £12.2m. Meanwhile it made pre-tax profit of £300,000 for the final quarter – the first profit it has recorded. Ocado chief executive [...]
CITY MOVES | WHO’S SWITCHING JOBS February 1, 2011 Financial Risk Management Anthony Simpson (pictured) has joined the hedge fund specialist as co-head of global business development. He will be based in London working in partnership with Akio Shimazu and will also join FRM’s executive committee. Formerly, Simpson has worked in a similar role for Ramius, the alternative investment management business of Cowen Group. [...]
AS RECOVERY GROWS, THESE THREE EUROPEAN STOCKS SHOULD BENEFIT February 1, 2011 EQUITY STRATEGIST, BARCLAYS WEALTH Key investment themes in Europe include the likely increase in investment as the global recovery gathers steam, and the probable revival in mergers and acquisitions. These three stocks – in the technology, oil field services and electronics and engineering sectors – look particularly well placed to benefit from these two trends. [...]
French banks have highest exposure to turmoil, sparking worries over losses January 31, 2011 France’s banks are more exposed to Egypt than European and US peers and may see losses on bad loans rise as the country is plunged into political crisis, analysts said yesterday. Protests against Egyptian President Hosni Mubarak’s 30-year rule have led to the closure of the country’s banks and rattled European financial markets. “It is [...]
Consumer spending up in the US January 31, 2011 American consumer spending jumped higher than expected in December, official data showed yesterday. Spending was up 0.7 per cent, while personal income grew by 0.4 per cent. “This represents a very solid end to the year,” commented Peter Newland of Barclays Capital. With spending increasing at a greater rate than income, the savings rate fell [...]