Rating agencies are still far too soft January 16, 2012 MANY people have been outraged by Standard & Poor’s downgrades of so many countries, including France and Austria – and last night, of the European bailout fund itself, now no longer backed by enough AAA-nations to be deemed safe. But those who are angry are deluding themselves. The only scandal is why it has taken [...]
Founder Walker moving ahead in race for Iceland January 15, 2012 RISING concerns over competition laws could clear the way for Iceland Foods founder Malcolm Walker to take control of the supermarket once again. Walker, the chief executive, has moved ahead in the race because Iceland is believed to be worried that a deal with another retailer would not be approved by the Competition Commission. Last [...]
Meccano-set towers: how London offices are evolving January 15, 2012 JE ne regrette rien. That is the message from Chris Grigg when we discuss his decision to quit banking in 2008 to take the reins at commercial property giant British Land. At the time, many in the City thought the former head of Barclays’ commercial bank was simply quitting one troubled industry for another; his [...]
Banks lead FTSE up after bond auctions boost January 13, 2012 Banks led the FTSE 100 up this morning as they were buoyed by tentative signs of recovery in the Eurozone. European shares and the single currency rose after positive comments on the region’s outlook from the European Central Bank and the success of Spain’s bond auction yesterday. Meanwhile Italy launched a €4.75bn bond auction today. [...]
FTSE ends lower as retailers reveal a miserable Christmas January 12, 2012 BRITAIN’S leading shares fell yesterday after a profit warning from Tesco triggered sharp falls in retailers and eclipsed a lift for banks from a successful Spanish debt auction and restructuring at RBS. The FTSE 100 index closed down 8.40 points, or 0.2 per cent, at 5,662.42, once again missing out in a tilt at the [...]
Banks steady FTSE but retailers dive January 12, 2012 The FTSE 100 index saw modest rises this morning as banks performed well in stark contrast to the retail sector which was pulled down by a string of poor results from heavyweights including Tesco. Investors were also digesting the results of a Spanish sovereign debt auction which showed yields going in a positive direction. Spain [...]
Miliband and PM lock horns over rail fares January 11, 2012 A TIT-FOR-TAT exchange between David Cameron and Ed Miliband erupted in parliament yesterday, after the Labour leader hit out at some 11 per cent hikes in rail fares. Miliband blamed the coalition for exorbitant fare increases, yet Prime Minister Cameron said the power to raise prices was given to train companies “by the last Labour [...]
Sainsbury’s sales top forecasts January 11, 2012 Grocer J Sainsbury beat Christmas sales forecasts as store extensions and its expansion into convenience outlets, online shopping and non-food ranges helped it weather a tough market. Britain’s third-biggest supermarket group behind Wal-Mart’s Asda and industry leader Tesco said on Wednesday sales at stores open over a year rose 2.1 per cent excluding fuel in [...]
Commodities spur FTSE 100 gains as banks bounce bank January 10, 2012 COMMODITY stocks led the FTSE 100 top share index higher yesterday, after Alcoa kicked off the US earnings season with an upbeat outlook and data from China lifted sentiment, while retailers rallied after some encouraging updates. London’s blue chip index rose 84.44 points, or 1.5 per cent to 5,696.70, making up for the 1.5 pe [...]
Resource stocks stoke FTSE gains January 10, 2012 The FTSE 100 saw solid gains this morning as resource and energy stocks were boosted by upbeat forecasts from US aluminium giant Alcoa and figures showing growing demand from China. Alcoa, the largest US aluminium producer, reported fourth-quarter revenue that beat Wall Street expectations, even though it registered a loss. The earnings news had a [...]