Performance flat at Brewin July 29, 2009 STOCKBROKER and fund manager Brewin Dolphin yesterday said income remained broadly flat over the third quarter despite the impact of the economic downturn. Investment management income for the three months to 28 June rose 0.1 per cent to £49.18m, while the group’s investment banking division posted a 4.8 per cent rise in revenues to £2.33m. [...]
CITY MOVES WHO’S SWITCHING JOBS July 29, 2009 Kreab Gavin AndersonTom Grimmer has joined communications firm Kreab Gavin Anderson as managing partner, China. Grimmer will be based in Beijing and will advise multinational companies as well as Chinese corporations with international growth plans. He has worked and studied in Asia since 1985, previously working as senior communications advisor, Asia Pacific, to Credit Suisse [...]
Poor the great losers from our fiscal folly July 29, 2009 HERE is a disturbing fact you won’t have read anywhere else: the poorest families in Britain today pay a greater proportion of their income in tax than the wealthiest. Such a claim may sound crazy but here are the figures: the bottom fifth of earners pay 38.7 of their gross income in total tax, the [...]
ArcelorMittal falls into the red as sales slow July 29, 2009 ARCELORMITTAL, the world’s largest steelmaker, posted its third quarterly loss in a row yesterday and forecast only a gradual second-half pick-up after weak demand hit prices. The group reported a second quarter net loss of €581m (£502m), against a profit of €3.7bn a year earlier. Chief financial officer Aditya Mittal said the company had seen [...]
First drop in revenue for Microsoft July 23, 2009 SOFTWARE giant Microsoft yesterday posted its first drop in revenue since it went public in 1986, after it was hit by the global downturn and falling sales of its key products. The world’s biggest software firm said revenue for the three months to the end of March was $13.65bn (£8.3bn), a drop of six per [...]
City’s most successful accountant still has plenty of fire in his belly July 20, 2009 IT IS EASY to tell when you are nearing , Deloitte boss John Connolly’s office because an awful lot of people you bump into in the firm’s corridors begin to ask about his welfare. “Is John in?” asks one, a tad nervously. “What mood is he in today?” asks another. There is a feeling of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 16, 2009 FINANCIAL TIMES CLARKE WARNS CAMERON NOT TO CHALLENGE ‘PRO-BUSINESS’ STANCEKen Clarke, the outspoken former Conservative chancellor, has warned David Cameron not to translate his “standing up to big business” rhetoric into policies in government. However, the shadow business secretary said he “overwhelmingly approved” of Cameron’s transformation of the Tory party. “So long as Mr Cameron [...]
Property will bounce back, says LandSecs July 15, 2009 LAND SECURITIES, the UK’s largest property developer, yesterday signalled that the worst of the property slump was over and said it was gearing up for recovery. After months in the investment wilderness, the firm said it was preparing to join a growing legion of opportunistic buyers keen to exploit a sharp 45 per cent fall in [...]
Wall Street books impressive gains July 15, 2009 US stocks jumped yesterday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel that lifted hopes for a rebound in technology spending and improved corporate profitability. The broad S&P 500 has gained 6.1 per cent so far this week as companies, including Intel and Goldman Sachs, [...]
Times are tough, but lawyers aren’t giving up their wine cellars quite yet July 14, 2009 JUST after the collapse of Lehman Brothers last year, at a lavish Clifford Chance party held at Goldsmith’s Hall, a French lawyer told me glumly: “London used to be such a good place to make money.” The champagne and canapes might have been flowing at the time, but the words did capture the feeling that [...]