ECONOMIST VIEWS: WAS SECOND QUARTER GDP AS GOOD AS IT WILL GET? July 25, 2010 HETAL MEHTA | E&Y ITEM CLUB “The second quarter is likely to represent the high point as fiscal tightening and a renewed slowdown in global activity constrains a more robust recovery. This preliminary estimate does not radically change the basic picture of a patchy recovery that will only pick up speed gradually.” SIMON HAYES | [...]
THE TIPSTER July 25, 2010 ARM Holdings had a cracking start to the year with the company’s share price racing ahead. Signs of a global economic recovery and an increase in corporate spending on technology is helping the sector. But with the share price trading at the top end of analyst estimates, Tuesday’s interims could be the trigger for profit [...]
High Street cheers after World Cup fillip July 22, 2010 WARM weather and the World Cup encouraged Britons back to the high street last month, boosting retail sales volumes by 0.7 per cent in June, official data showed yesterday. The Office for National Statistics (ONS) also revised up the May increase to 0.8 per cent. Consequently, retail sales volumes rose 1.7 per cent in the [...]
Bank and industry stocks up as FTSE 100 breaks 5,300 July 22, 2010 The FTSE 100 index jumped 1.9 per cent yesterday, boosted by strong banks ahead of today’s European stress test results, and by firmer miners and oils as US stocks rallied on earnings and data. Britain’s top share index closed up 99.17 points at 5,313.81, ending above 5,300 for the first time since 18 May, the [...]
SABMiller beer volumes fall July 22, 2010 Brewer SABMiller reported a decline in first-quarter beer volumes yesterday despite a World Cup boost, after floods, national mourning and a tax hike hit drinking in key markets. The brewer of Miller Lite, Peroni and Pilsner Urquell said that underlying beer and soft drink volumes were one per cent down year-on-year. Analysts were on balance [...]
Development Securities eyes £100m rights issue July 22, 2010 BRITISH property firm Development Securities yesterday said it planned to raise about £100m through a share placing and rights issue to fund future projects. The company, which specialises in office and retail development projects, said it would place about 4.1m shares at 250p a piece, a discount of 8.8 per cent to their closing price [...]
CITY MOVES | WHO’S SWITCHING JOBS July 22, 2010 DLA PIPER The law firm has poached Stephen Hoyle from Ernst & Young to join its London office as a partner and head of UK tax. Hoyle, a specialist in corporate tax and structured transactions, was a partner at E&Y’s international tax services group. Prior to that, he worked as a managing director in Deutsche [...]
Morgan Stanley continues down the road to recovery July 21, 2010 WALL Street lapped up a solid set of second-quarter results from Morgan Stanley yesterday, buoying market sentiment after a disappointing performance over the same period from some of the bank’s peers, notably Goldman Sachs. Morgan Stanley beat analyst expectations with post-tax profit of $1.4bn (£921m) for the three months to June, swinging back into the [...]
MPC moots revival of QE programme July 21, 2010 BANK OF ENGLAND policymakers considered extending the £200bn quantitative easing (QE) programme this month after weaker data pointed to a deteriorating economic outlook. At the monetary policy meeting held on 7 and 8 July, the minutes revealed that the committee considered “arguments in favour of a modest easing in the stance of monetary policy”. “A [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2010 BANK OF IRELAND The bank has appointed Bill Greaves to the position of head of corporate banking in the UK. Greaves previously led the bank’s technology, media and telecoms team, which he established in early 2005 upon joining the group. Prior to that, he led the media team at Barclays. In his new role, he [...]