The ingenuity behind Burberry’s magic fashion touch September 20, 2011 LIFESTYLE EDITOR DESPITE the possible onset of another recession, the world cannot get enough of Burberry. With its share price up by four per cent after it unveiled its new collection at London Fashion Week yesterday, it is clear that the brand is doing something very, very right. So what’s its secret? Everyone likes a nice rain-resistant [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 19, 2011 FINANCIAL TIMES SIEMENS SHELTERS CASH AT ECB Siemens withdrew more than half a billion euros in cash deposits from a large French bank two weeks ago and transferred it to the ECB, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis. The German industrial group withdrew the money partly because [...]
We need banks to fail more often – not less September 19, 2011 THE Independent Commission on Banking (ICB) has spoken, but not too loudly and with no real urgency. Even if its main recommendations are eventually adopted (such as ring-fencing the retail and investment arms of banks and raising capital requirements), few people feel that this will fix the banking sector’s problems. Even if these measures work, [...]
Pressure piled back on banks amid Eurozone gloom September 19, 2011 World markets slumped today as the Eurozone sovereign debt crisis appeared to be deepening as German Chancellor Angela Merkel suffered a regional election defeat which undermined her power. With the world looking to Germany to help steer the Eurozone out of stormy economic waters the confidence of investors was sapped. Meanwhile a series of meetings [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 18, 2011 FINANCIAL TIMES FEARS OVER RETREAT ON VOLCKER BANK RULES The Volcker rule, which bans US banks from trading for their own account, is set to include exemptions that some officials fear will weaken its impact, people familiar with the situation have warned. In the wake of UBS’s $2.3bn (£1.4bn) loss last week, alleged to have [...]
Debenhams eyeing web sales growth September 18, 2011 DEBENHAMS will issue its first results under new boss Michael Sharp tomorrow with an added emphasis expected to be placed on online growth. The figures for the fourth quarter come as UK retailers face headwinds as household budgets are squeezed. Analysts are expecting the chain to focus on its international growth – particularly at its [...]
Time to plan your golden getaway September 18, 2011 Deserted beaches, colourful fiestas, shopping meccas, or that perfect sunset – every destination opens up a world of golden opportunities. If exploring new places is your passion, the Preferred Rewards Gold Card from American Express can make your getaway even more rewarding. With the value of gold at an all time high, the Card now [...]
CITY MOVES | WHO’S SWITCHING JOBS September 16, 2011 BlackRock Amra Balic has joined the asset manager as the EMEA head of corporate governance and responsible investment. Balic joins BlackRock from Standard & Poor’s, where she was a director in European Corporate Credit Ratings, responsible for corporate governance into the credit ratings process. Prior to joining S&P’s Corporate Governance Services team in 2000, Balic [...]
Moody’s: UK bank ratings safe for now September 14, 2011 CREDIT rating agency Moody’s said proposals from the Independent Commission on Banking (ICB) to ring-fence the retail operations of UK banks and get them to hold more capital would not lead to any immediate rating changes on the sector. Moody’s said, however, that the ICB’s proposals would have a negative impact in the longer-term for [...]
PUBS WAR CAN WAIT AS JOE LEWIS EXPECTS NEW GREAT-GRANDCHILD September 14, 2011 ALL EYES remain on financier Joe Lewis, whose surprise appearance in London on his superyacht Aviva ten days ago has been satisfactorily explained by this week’s hostile move to take control of pub chain Mitchells & Butlers. Case closed. Or is it? As ever with the enigmatic Bahamas-based billionaire, the truth is rather more surprising [...]