Glasenberg adds to stake in Glencore September 19, 2011 GLENCORE boss Ivan Glasenberg has made another show of confidence in the commodity trader, buying almost £13.5m of shares to add to his holding as part of a plan to use his dividend income to buy more shares. Glasenberg, who announced last week he had bought £10m of shares and would buy more, bought another [...]
Multi-trillion yen boost to rebuild Japan September 18, 2011 TRILLIONS of yen will be raised in tax over the next decade to pay for post-earthquake reconstruction work, the Japanese government’s tax commission has announced. The proposed supplementary budget will bring in ¥11.2 trillion (£92.4bn). Either higher income and corporate taxes, or a combination including higher tobacco taxes, are expected to be used. The tax [...]
Rogue trader loses UBS $2bn September 16, 2011 UBS is expected to plunge bank into the red this quarter after the bank said a single rogue trader had cost it $2bn (£1.26bn). Ratings agency Moody’s has put the bank on review for a potential downgrade, it said late last night, citing “ongoing weaknesses in the group’s risk management and controls”. The trader at [...]
UBS $2bn rogue trader suspect held in London September 15, 2011 Swiss bank UBS said a trader had lost it around $2bn (£1.26bn) in unauthorised deals, and police in London arrested 31-year-old Kweku Adoboli in connection with the case. Adoboli – a director of exchange traded funds and “Delta 1” working in the bank’s London office, according to his profile on networking site LinkedIn – was [...]
Economy not rebalancing fast enough September 14, 2011 IT is not good news on the jobs front. Unemployment jumped by 80,000 over the past three months; employment is up by just 24,000 over the past year. The post-recession jobs rebound has ground to a halt. The economy is rebalancing towards the private sector but no longer quickly enough. Private sector employment peaked at [...]
Troubled JJB pins hopes on incentive plan September 5, 2011 THE City last night took a hopeful view of the £14m incentive plan launched for the bosses of troubled retailer JJB Sports. Shares in the firm, which was rescued by a deal with landlords in March, closed up 2.4 per cent despite a dire day on the rest of the FTSE, after it said senior [...]
International growth drives Hayes profits up by 50pc September 1, 2011 Recruiter Hays said it would continue to focus on international markets, where strong demand helped deliver a 50 per cent rise in its full-year profit, in the face of slowing growth in the UK’s private sector. Hays, which specialises in placing office workers such as accountants and secretaries, on Thursday posted pretax profit before exceptional [...]
Aer Lingus upgrades full year outlook August 31, 2011 IRISH airline Aer Lingus saw a surge in second quarter profits but blamed the effects of industrial action by its cabin crew for overall losses in the first half of the year. The airline, which is owned in part by the Irish government and Ryanair, posted an operating loss of almost €28m (£24.6m) in the [...]
HOW JAMES MURDOCH CAN TRUMP BROOKS’S August 31, 2011 GOOD NEWS for anyone looking forward to joining James Murdoch at the bar of the prestigious gentlemen’s club Brooks’s, as its secretary Graham Snell has confirmed all is not yet lost for the News Corp heir’s membership application. As those of you who read The Capitalist’s original story on 9 August will recall, things were [...]
Regus profits up as sales grow August 30, 2011 Office space supplier Regus expects further improvements in its sales after it posted a 34 per cent rise in first-half adjusted pre-tax profit on a pick up in demand from big businesses for temporary space amid economic uncertainties. Luxembourg-headquartered Regus, which offers ready-to-use offices for rentals as short as half a day, said on Tuesday [...]