JJB Sports looks forward to future after disastrous year May 21, 2009 JJB Sports yesterday revealed the full horror of the past year, posting a full-year loss of £189.2m. Executive chairman David Jones, the man who formerly led the clothes retailer Next in markedly better times, admitted that under its previous management the group came dangerously close to insolvency. And even at the moment nervousness over the [...]
IS THE PERFORMANCE OF AEGIS SURPRISING GIVEN THE CURRENT CLIMATE? May 18, 2009 STEVE LIECHTI INVESTEC“The (Aegis) statement implies disappointing organic sales declines against its larger agency peers, though Havas’ statement on Friday was also poor. This is to some extent a result of strong comparatives in better times, but cannot help near-term sentiment. Comment on costs is more positive with interim chief executive John Napier clearly focusing [...]
CITY MOVES WHO’S SWITCHING JOBS May 27, 2009 Blue Oar SecuritiesThe stockbroker has appointed Shamim Mansoor as a mining analyst from HSBC, where she was vice president of global metals and mining. Prior to that, she spent five years as a mining analyst at Investec. “The mining sector is experiencing an unprecedented period of change. As a global industry, its impact on the [...]
BoE ready to pump more money into economy if needed May 20, 2009 FRESH money will be pumped into the economy if the outlook deterioriates further, the minutes from the Bank of England’s May policy meeting indicated yesterday. At the meeting, all nine members of the Monetary Policy Committee (MPC) voted in favour of extending the central bank’s quantitative easing programme by £50bn, taking the total to £125bn. [...]
Hardcore of fund bosses bank on falls June 1, 2009 A DWINDLING number of hardcore high-profile fund managers continue to hoard cash and shelter in defensive equities, in the belief that recent gains on the FTSE 100 are part of a bear market rally – not a recovery. As the FTSE 100 yesterday broke through the 4,500-point barrier, compared to lows around 3,500 just three [...]
Hardcore of fund bosses bank on falls June 1, 2009 A DWINDLING number of hardcore high-profile fund managers continue to hoard cash and shelter in defensive equities, in the belief that recent gains on the FTSE 100 are part of a bear market rally – not a recovery. As the FTSE 100 yesterday broke through the 4,500-point barrier, compared to lows around 3,500 just three [...]
BEST OF THE BROKERS May 14, 2009 PADDY POWERInvestec said that there has undoubtedly been an improvement in trading at Paddy Power compared to the first two months of the year. The analysts retain their underlying estimates, but upgrade 2010 full year earnings per share estimates around six per cent citings its “sensible strategic acquisition” and rates the stock “buy”. THOMAS COOKAnalysts [...]
The worst may be over, but the UK’s return to growth could be painful May 25, 2009 THE WORST is now over for the UK economy, but the path back to growth will be slow and painful, according to an increasing number of economists. While last week’s GDP figures confirmed the UK economy shrank 1.9 per cent in the first quarter of this year compared with the previous quarter – its sharpest [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 30, 2009 FINANCIAL TIMES EON WARNS ON EU EMISSION COSTSThe European Union risks driving industry out of the region if it continues to push for deeper cuts in carbon dioxide emissions than other economies, according to the chief executive of Eon, one of the world’s biggest renewable energy companies. Wulf Bernotat, Eon’s chief executive, told the Financial [...]
M&S set for dividend cut as slump bites May 17, 2009 STUART Rose, executive chairman of Marks and Spencer, will today meet with the rest of the board to discuss an expected dividend cut, a decision that could propel the group into a battle with its investors. Analysts expect M&S’ total dividend payout to be slashed to just 17.4p, a reduction of 23 per cent, just 12 months [...]