Tesco beats forecasts with 1.4bn profits October 6, 2009 TESCO chief executive Sir Terry Leahy yesterday said that the UK was “past the low point” of the slump as he unveiled bumper profits and sales. Britain’s biggest retailer said that group sales had jumped 8.3 per cent to £30.4bn during the 26 weeks to 29 August – meaning the giant supermarket chain was ringing [...]
PAY CUT FOR BOSSES OF JUST 1 PER CENT October 25, 2009 CHIEF executives of FTSE 100 companies saw their total pay cut by just 1.5 per cent over the past year to an average £3.3m despite cash bonuses falling by nearly a third, research released today shows. Income Data Services (IDS) found average bonuses for blue chip bosses remained above £500,000 even as corporate profits plunged [...]
Darling: Rock won’t be sold to big bank September 3, 2009 CHANCELLOR Alistair Darling signalled yesterday that he would block large banks from buying Northern Rock or the government’s stakes in Royal Bank of Scotland and Lloyds Banking Group in a bid to promote competition. Speaking at a dinner hosted by employers’ organisation the CBI, Darling said the government would sell its banking stakes in a [...]
TORIES MULL TAX ON BAILED-OUT BANKS October 7, 2009 A TORY government would consider a “windfall” tax on UK banks that have received state support, in an apparent sign of shadow chancellor George Osborne’s willingness to play hardball with the City. One possibility for the tax, currently being discussed at the highest levels within the party, would take the shape of a new accounting [...]
Banks take FTSE 100 lower after US figures disappoint October 15, 2009 THE FTSE 100 closed lower on yesterday as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The index ended down 0.6 per cent, or 33.15 points at 5,222.95, retreating from a 56-week closing high set on Wednesday. Although third-quarter earnings from Goldman Sachs and Citigroup came [...]
BEST OF THE BROKERS September 22, 2009 TAYLOR WIMPEYPanmure Gordon changed its recommendation on Taylor Wimpey from “hold” to “sell”. The broker said that, although it believes the firm is now on a much more stable footing following its rights issue earlier this year, the stock’s valuation versus the value of its sector peers has now run a little ahead of itself. [...]
BEST OF THE BROKERS September 22, 2009 TAYLOR WIMPEYPanmure Gordon changed its recommendation on Taylor Wimpey from “hold” to “sell”. The broker said that, although it believes the firm is now on a much more stable footing following its rights issue earlier this year, the stock’s valuation versus the value of its sector peers has now run a little ahead of itself. [...]
RBS closer to Asian exit September 6, 2009 ROYAL Bank of Scotland is nearing a £200m deal to sell off its remaining Asian assets, as chief executive Stephen Hester continues his efforts to streamline the lender. The bank is to sell its retail and commercial banking businesses in India, China and Malaysia to emerging markets-focused bank Standard Chartered, sources said yesterday. The deal [...]
Banks drag down the FTSE as miners and energy drop October 13, 2009 BRITAIN’S top shares closed 1.1 per cent lower yesterday, as weakness in banks outweighed strength in defensive issues, while sentiment was dampened by falls on Wall Street after disappointing corporate earnings. The benchmark FTSE 100 closed 56.02 points lower at 5,154.15, slipping below the 5,200 level which it hit for the first time in more [...]
Return of optimism bolsters FTSE as JP Morgan cheers October 14, 2009 BRITAIN’S top share index surged 2 per cent yesterday, hitting its highest closing level in more than a year, as quarterly earnings from JPMorgan Chase and Intel lifted investor's sentiment. The FTSE 100 ended up 101.95 points higher at 5,256.10, after closing 1.1 per cent weaker on Tuesday. The UK benchmark, which tumbled more than [...]