WHAT THE OTHER PAPERS SAY THIS MORNING August 16, 2009 THE SUNDAYSThe Sunday TelegraphBAE WARNS OF CREDIT THREAT TO SUPPLIERSBAE systems has warned that its supply chain is at risk from suppliers failing to obtain adequate credit. The defence giant is supplied by tens of thousands of smaller manufacturers that are far more vulnerable to the funding squeeze than the company itself. BAE has a [...]
CITY MOVES WHO’S SWITCHING JOBS August 16, 2009 Bill & Melinda Gates FoundationThe Bill & Melinda Gates Foundation has appointed Joe Carrell, currently an official at its global health policy and advocacy group, to head its new London office. Carrell, who joined the foundation in 2001, will move over from Seattle in January 2010, to oversee the organisation’s first European outpost, which is [...]
TV VIEW: RAY STUBBS August 13, 2009 Title race will be closer than everManchester United and Liverpool both have the motivating factor of 18 titles each, and both have strength in depth. Yes, United have sold a few players, but let’s see how they react. Chelsea will be a big force this year and while I think it would be naive to [...]
CITY MOVES WHO’S SWITCHING JOBS August 12, 2009 RSAThe insurer has appointed Christian Torkington as its new UK chief operating officer. Torkington joins from Scottish Widows, where he was managing director of operations. Prior to that, he worked at Barclays in a variety of senior roles, and was also the chief executive of an economic development agency. RSIM Rensburg Sheppards Investment Management has [...]
Collapse in commodities ends BHP’s record run August 12, 2009 BHP Billiton, the world’s largest miner, yesterday reported a 30 per cent slide in annual profit excluding writedowns, its first fall in seven years, pummelled by a slump in metals prices and demand. It said there were emerging signs of demand improving in North America, Europe and Japan, but said it was too early to [...]
Regulator adopts a measured Code for bonuses August 12, 2009 NEWS that the Financial Services Authority (FSA) wants to influence but not emasculate the bank bonus culture is welcome, but was the only sensible option. The City watchdog has clearly listened to industry concerns, particularly the worry that an excessive clampdown on remuneration would spark an exodus of workers overseas. Jocelyn Mitchell, employment partner at [...]
Insight sold to BNY Mellon August 12, 2009 LLOYDS Banking Group has confirmed that it is to sell its Insight Investment unit to Bank of New York Mellon in a £235m cash-plus-shares deal. The bank, which has been conducting a review of its asset management businesses with an eye to disposals, said it had reached an agreement in principle with BNY Mellon, ending [...]
Large cap index back on the up as sentiment stays high August 12, 2009 THE FTSE 100 closed up by 1 per cent yesterday, as investors took their positions ahead of last night’s Federal Reserve statement on US growth prospects. The index ended 45.42 points higher at 4,716.76, after closing down 1.1 per cent on Tuesday, its biggest fall in a fortnight after hitting 2009 highs on Friday. “Great, [...]
Bank’s forecast to be very downbeat August 11, 2009 THREADNEEDLE STREET’S latest growth and inflation forecasts published today are widely expected to be downbeat about the prospects for the UK economy, pointing to a weak recovery and the potential for further expansion of quantitative easing (QE). In light of last week’s monetary policy decision and worse-than-expected second quarter GDP data, economists expect the Bank [...]
Undervalued peso poised to benefit from US recovery August 11, 2009 GIVEN the poor state of Mexico’s economy, you might think that its currency, the peso, would be suffering. Hit hard by global recession and falling oil prices, the real economy is expected to shrink by 5.5 per cent in 2009 while the country’s industrial production is contracting month-on-month. And even the country’s growing tourist industry [...]