Santa rally looks unlikely as FTSE loses ground on very light volumes December 19, 2011 BANKS dragged the FTSE 100 lower in extremely light trade yesterday after the British government estimated the cost to banks of reforming the UK banking system could be as much as £8bn. London’s blue chip index was down 22.35 points, or 0.4 per cent, at 5,364.99, with volumes at just 67 per cent of their [...]
Banks hit by Vickers as North Korean leader dies December 19, 2011 The FTSE 100 was solid this morning but the festering Eurozone crisis continued to sap confidence in riskier assets and banks were down as the government confirmed that they would be hit with the full impact of the Vickers Report. But the agenda was dominated by the death of North Korean leader Kim Jong-il, sparking [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 18, 2011 FINANCIAL TIMES FACEBOOK SET FOR SUIT OVER US PUBLICITY LAWS Facebook’s practice of showing people that their friends “like” specific products could run afoul of a California law that gives both celebrities and ordinary citizens the right to control how their names and pictures are used for commercial endorsements. A federal judge in San Jose [...]
CITY MOVES | WHO’S SWITCHING JOBS December 18, 2011 The Miles Partnership Sue Shipley is to join the search firm as a partner to specialise in retail. Shipley was previously the global practice leader at Odgers Berndtson, where she led successful searches for the chief executives of Primark and Thorntons, the managing director of Wickes, and the director general of the British Retail Consortium. [...]
Sports Direct to hit profit forecast December 15, 2011 Sports Direct, Britain’s biggest sporting goods retailer, posted a two per cent rise in first-half profit and said it was on track to meet its target for the year. The firm, controlled by Newcastle United owner Mike Ashley, said it was confident of reaching its full year target for underlying earnings before interest, tax, depreciation [...]
Embrace new technology to get ahead of the competition December 14, 2011 AS WELL as regulatory compliance, insurance companies are being forced to adapt to new and ever shifting consumer demands. Technology is allowing insurers to innovate with products such as pay-as-you-drive insurance models, but also allows them to change the way that they interact with customers. CHANGING BUSINESS MODELS As in banking, it is no longer [...]
Official timekeeper for 2012 finds too many brand benefits to count December 13, 2011 COUNTDOWN TO THE LONDON 2012 OLYMPIC GAMES 226 DAYS TO GO Omega’s president Stephen Urquhart explains why it will be keeping time in London once again Q. What was your brand’s primary reason for being involved with the Games? A. Omega first served as Official Olympic Timekeeper at the 1932 Los Angeles Olympic Games and [...]
US retail sales growth weak in November December 13, 2011 US retail sales grew less than forecast in November, tempering some of the expectations for a strong holiday season that had been raised by signs of bumper Thanksgiving weekend sales. Total retail sales increased 0.2 per cent after rising by an upwardly revised 0.6 per cent in October, as less spending on food and beverages [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2011 FINANCIAL TIMES Evraz raises prospect of Severstal merger Evraz has raised the possibility of a merger with Severstal in a deal that would unite Russia’s two biggest steelmakers to create the world’s eighth-largest producer by output, with a combined market capitalisation of £12bn. Alexander Abramov, Evraz’s chairman and founder, said in an interview with the [...]
FTSE tumbles as doubts over Eurozone deal take their toll December 12, 2011 Britain’s FTSE 100 fell in light volume yesterday, with investors selling riskier banking and mining assets as analysts concluded that the lack of detail in a European deal on fiscal union left question marks over its long-term plausibility. London’s blue-chips fell 101.35 points, or 1.8 per cent, to 5,427.86, erasing Friday’s 0.8 per cent rise, [...]