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 [...]
UK energy bills will soar July 15, 2009 THE UK’s energy bills could rise by 17 per cent over the next decade as a result of government plans announced yesterday to generate one third of the country’s electricity from renewables by 2020. Energy secretary Ed Miliband presented a white paper setting out the government’s plans to also cut carbon dioxide emissions by 34 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 8, 2009 FINANCIAL TIMES ARCELORMITTAL ATTEMPTS TO EASE DEBT BURDENArcelorMittal has started talks with its banks about making conditions for re-paying its $26bn (£16.2bn) of debt less onerous, in a bid to reduce financial pressure on the company as the global downturn continues. The world’s biggest steelmaker has taken this step as an insurance policy against its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 2, 2009 FINANCIAL TIMES M&B SEEKS TO FEND OFF INVESTOR REBELLIONMitchells & Butlers is prepared to head off a potential rebellion by offering its two largest shareholders board representation. Drummond Hall, M&B chairman, is understood to be in talks with Joe Lewis, the Bahamas-based billionaire, and Elpida, the investment vehicle for Irish horseracing tycoons JP McManus and [...]
FTSE gains on commodities rally after price of oil rises July 1, 2009 THE FTSE 100 closed 2.2 per cent higher yesterday, fuelled by a rise in the oil price which prompted a strong rally in commodity stocks, and on hopes that the recession may be drawing to a close. The index was up 91.50 points at 4,340.71, after closing 1 per cent lower on Tuesday. “When (the [...]
US consumer cheer dives June 30, 2009 CONFIDENCE among US consumers dived unexpectedly low in June, despite encouraging signs the worst of the housing slump may be over. The Conference Board’s sentiment index fell to 49.3 in June from 54.8 in May, suggesting the economy is still firmly in the grip of recession. The lack of consumer confidence reflects a weak labour [...]
Markets revving up for race towards year-end June 21, 2009 THE British Grand Prix this weekend has me thinking in motor racing analogies as the financial markets apply the brakes to one of the speediest equity rallies of this generation. As the end of the second quarter approaches, the chicane of thin summertime volumes and quiet corporate activity means we’re unlikely to accelerate into the [...]
Optimists start to look towards cyclical equities June 7, 2009 SPREAD betting on individual equities or sectors is a tricky task, especially at the moment when the timing of an economic recovery is still not entirely certain. Overall sentiment is picking up but companies are still downbeat about their future prospects – so how can spread betters try to make sense of the equity markets [...]
Final salary schemes on the way out June 4, 2009 PENSIONS analysts sounded the death knell for final salary pension schemes yesterday, after supermarket chain WM Morrison became the third major company in a week to end its scheme. The retailer’s decision to bring the curtain down on the scheme follows similar moves by Barclays, which transferred 18,000 staff to a hybrid scheme and energy [...]
Barclays ends final salary pension plan June 3, 2009 BARCLAYS told staff yesterday that it is to close its final salary pension scheme, prompting a furious response from unions, who accused the bank of stabbing its employees in the back. The bank said it was closing the scheme as a result of the mounting cost of financing pensions for some 18,000 staff. Members of [...]