Top Swiss banker felled by scandal January 9, 2012 EMBATTLED Swiss National Bank governor Philipp Hildebrand yesterday resigned from his role with immediate effect, succumbing to weeks of pressure from politicians and the media over controversial currency transactions made by his wife. Hildebrand admitted yesterday he could not provide “conclusive and final evidence” that Kashya Hildebrand had bought half a million US dollars in [...]
Hoare Govett bidder loses top executive January 9, 2012 ORIEL Securities, the expanding stockbroking firm that is bidding for Hoare Govett, has lost one of its senior executives after less than a year. Glenn Poulter, who joined Oriel as head of equities in December 2010, has left the firm after asking chief executive Simon Bragg whether he could extend his settling-in period during which [...]
Morrisons says its festive revenues gained slightly January 9, 2012 WM MORRISON said squeezed shoppers counted their pennies this Christmas, trading down on items like champagne for sparkling wine, as the supermarket chain reported a slowdown in like-for-like growth. Britain’s fourth-biggest supermarket said sales at stores open for at least a year rose 0.7 per cent, excluding fuel and VAT in the six weeks to [...]
December sales boost flattered by 2010’s snow January 9, 2012 HOPE for the British high street was boosted this morning by figures showing a sharp increase in retail sales for December, compared to the key Christmas period the previous year. Like-for-like retail sales were up 2.2 per cent, while total sales — which include newly developed shop floor space — jumped by 4.1 per cent. [...]
ANALYST VIEWS: WERE MORRISONS’ RESULTS IN LINE WITH EXPECTATIONS? January 9, 2012 PHILIP DORGAN | PANMURE GORDON Christmas trading was slightly below best expectations, although in line with the market. Morrison’s shares were fantastic performers in 2011 and, while we see no real downside, we expect others within the sector to pick up the baton in 2012. CLIVE BLACK | SHORE CAPITAL We deem such a performance [...]
HMV hopeful for its survival as sales fall January 9, 2012 EMBATTLED music retailer HMV said sales of consumer gadgets such as headphones and tablet computers had helped improve its sales over the crucial Christmas trading period as the group attempted to offset the long-term decline in CDs and DVDs. Sales at stores open over a year fell 8.2 per cent in the five weeks to [...]
THE TIPSTER January 9, 2012 THE retail festive sales reports are in full swing but today sees not just an ordinary update – this is a Marks and Spencer update. Expectations are for good food sales and based on a strong performance from fellow high street staple Next last week, the clothing side is expected to be none too shabby [...]
FTSE dented by GSK January 9, 2012 The FTSE 100 was dented by pharmaceutical giant GlaxoSmithKline today after concerns over one of its new treatments. GSK shed 2.6 per cent after reported problems with tests on its lung medication Relovair. Traders and investors were eyeing events in Berlin where German leader Angela Merkel and French President Nicolas Sarkozy are meeting today. The [...]
FTSE solid as banks edge up January 9, 2012 The FTSE 100 saw modest advances today ahead of talks between France and Germany on how to create the environment for a sustained recovery in the Eurozone. The bloc’s debt crisis will be top of the agenda when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin. Later this week the European [...]
HMV gets Xmas sales still flagging January 9, 2012 Struggling British entertainment retailer HMV got a little respite over Christmas as sales declines slowed, providing a glimmer of hope the firm may have a future. The group, which last month posted wider first-half losses, said it was in danger of going out of business and put its HMV Live division up for sale, said [...]