30,000 jobs? It’s a start, says Gulliver August 1, 2011 WHEN HSBC chief Stuart Gulliver told investors in May that the bank had a “cost problem”, few expected him to wield the axe quite so dramatically. But he insists that casting out middle managers to the tune of 30,000 in gross job cuts is still not enough: “It will be a very long journey,” he [...]
THE TIPSTER July 31, 2011 TRADERS are long on silver as the precious metal looks like it might be setting up to test its highs from earlier in the year of around $50. The precious metal has seen its fair share of volatility in the last week – dipping back below the $40 mark – so could be a buy. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 26, 2011 FINANCIAL TIMES LAW FIRM STOPS WORK ON INQUIRY INTO PHONE HACKING BCL Burton Copeland, the law firm, is no longer advising News International about an investigation into phone hacking. The firm stopped working for NI, which publishes Rupert Murdoch’s UK newspapers, last week, insiders familiar with the situation said, after it was called in at [...]
Political fears drag down Wall Street July 26, 2011 The stalemate in US debt talks dragged down stocks for a second day yesterday, and light volume showed investors remained reluctant to make bets despite another round of healthy earnings. Declining issues solidly outpaced advancing ones, even though major averages showed mostly modest declines. A failure to raise the US debt limit by an 2 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 24, 2011 FINANCIAL TIMES CHINA EYES BARTER PLAN TO BYPASS US SANCTIONS ON IRAN PAYMENTS Tehran and Beijing are in talks about using a barter system to exchange Iranian oil for Chinese goods and services, as US financial sanctions have blocked China from paying at least $20bn for oil exports. The US sanctions against Iran, which make [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 17, 2011 FINANCIAL TIMES TESCO TO TRIAL LOYALTY CARD AT US OPERATION Tesco is poised to trial a version of its successful Clubcard loyalty scheme in the US, as it strives to stem losses at its Fresh & Easy chain. Tim Mason, chief executive of Fresh & Easy, said the business, which currently has 176 stores and [...]
Nestlé spends $1bn to buy stake in Chinese candymaker July 11, 2011 NESTLÉ, the world’s largest food company, is paying a hefty $1.7bn (£1.1bn) for a 60 per cent stake in candymaker Hsu Fu Chi International to move deeper into fast-growing markets in China. Nestlé’s biggest deal in China so far will take it closer to its target of 45 per cent of sales from emerging markets [...]
Global recovery fears hit banks as they lead the FTSE lower July 11, 2011 CONCERNS over Europe’s debt crisis and the global economy sent Britain’s top shares sharply lower yesterday, leaving investors anxious for a strong earnings season to kick-start further buying of equities. The UK benchmark index ended down 61.42 points or one per cent at 5,929.16, its lowest close since 29 June, extending a 1.1 per cent [...]
China’s economy looks to be on shaky ground July 11, 2011 INFLATION in China hasn’t been tamed. Statistics released at the weekend suggest annual inflation for June is running at 6.4 per cent, up from 5.5 per cent in May; while food inflation for June shot up 2.7 per cent on the month to 14.4 per cent. Tomorrow, China will release its GDP statistics, which are [...]