WHAT THE OTHER PAPERS SAY THIS MORNING February 2, 2012 FINANCIAL TIMES RISKY DEBT USE ON REPO MARKET HITS 2008 LEVELS The use of lower-rated debt in a key US funding market has returned to pre-crisis levels, fuelling fears that the so-called shadow banking system is becoming riskier. The repo market is an important part of the shadow banking sector, which consists of unregulated financial [...]
Sony to lurch further into red February 2, 2012 TROUBLED electronics company Sony is set to make its fourth consecutive annual loss – the worst run in its 54 years as a listed firm – as the group yesterday upped its loss forecast from ¥90bn (£750m) to ¥220bn. Sony also slashed its previous operating income forecast of ¥20bn to a ¥95bn loss. The third [...]
Oscars could Well be the only one to live with Hurricane Fly February 2, 2012 NO Champion Hurdle winner has set the pulse racing as much as Istabraq in the past 20 years, but some would argue that Hurricane Fly has the potential to be even greater. The 10-time Grade One winning hurdler has had some niggling problems during his career, but when on his game, he is breathtaking. Last [...]
Home Retail hires Walden as Argos boss February 1, 2012 HOME Retail Group has named former Best Buy executive John Walden as the new boss of its struggling Argos business. He takes over as managing director of the chain next month and will report to group chief executive Terry Duddy, who had taken on the role temporarily after the departure of Sara Weller last April. [...]
Occupy LSX protesters still noisy and abusive to clergy – St Paul’s January 31, 2012 PROTESTERS outside St Paul’s continue to abuse clergy and disrupt services, cathedral officials said yesterday. The presence of the Occupy LSX camp also triggered a drop in worshippers over the Christmas period, St Paul’s registrar Nicholas Cottam said in a letter to the City of London, despite activists’ repeated claims to be “working with” the [...]
ARM stretches beyond the industry on ever-growing smartphone sales demand January 31, 2012 BRITISH chip designer ARM grew revenues by a fifth in fiscal 2011, running circles around the industry by racking up £491.8m compared to last year’s £406.6m. Pre-tax profits for the fourth quarter jumped 45 per cent on the previous year to £69m. The Cambridge-based company upped its yearly earnings by over a third, counting £229.7m [...]
Cameron defiant in face of jeers over Brussels treaty January 31, 2012 PRIME Minister David Cameron stuck to his guns in parliament yesterday, insisting that he has not backed down over the new treaty agreed in Brussels. The PM faced opposition jeers and increasing discontent among Conservative backbenches. Tory MP Mark Reckless said Cameron had not vetoed anything, and added last night: “The City is left wide [...]
Tesco’s slice of market shrinks January 31, 2012 SUPERMARKET giant Tesco has seen its market share fall under 30 per cent for the first time in almost seven years as it struggled to recover from its dire Christmas trading performance, according to new data from Kantar Worldpanel. Tesco’s market share – based on a measure of how much money has gone through its [...]
SME lending falls but consumer debts drop January 31, 2012 UNSECURED consumer credit fell in December, Bank of England figures showed yesterday, as consumers paid down credit card bills. Lending to firms fell in the three months to November, with small businesses borrowing less than they were a year ago. However, mortgage lending rose to a two-year high, as house-buyers took advantage of low interest [...]
Ocado sales growth picks up January 31, 2012 Online grocer Ocado posted a 27 per cent rise in underlying earnings, forecast first-quarter sales growth of about 10 per cent and said the rate of growth should improve as the year progresses and capacity improves. The group said Tuesday it made earnings before interest, tax, depreciation and amortisation (EBITDA) of £27.9m in the year [...]