Poundland profits up on slump June 1, 2009 EUROPE’S largest single price discounter, Poundland, will today prove that it is continuing to buck the retail gloom and report a 47 per cent jump in annual operating profit. The group said for the year to 29 March operating profit rose to £11.8m from £8m the year before. And earnings before interest, taxes, depreciation and [...]
Share sale aids BoA to speed TARP payback May 20, 2009 BANK of America (BoA) moved halfway to finding the $33.9bn (£21.9bn) the US government has demanded it raise yesterday as it said it had sold $13.4bn worth of shares since Friday. America’s largest bank said in a statement after the closing bell that it had sold 1.25bn common shares at an average price of $10.77 [...]
Forex traders are focusing their attention on the pound June 30, 2009 TOP of the agenda for many forex traders at the moment are two things – the future of the pound in the face of expansionary quantitative easing and a ballooning UK budget deficit. Indeed, these issues were among the most keenly discussed at the forex breakfast co-hosted by City A.M. and Alpari UK last Friday, [...]
Trainee problem threatens pyramid June 30, 2009 THIS year is turning out to be one of the worst to be a trainee lawyer. This September Clifford Chance will axe 21 of its 70 trainees on qualifying, giving the firm a retention rate of 70 per cent. Last year the firm kept on 95 per cent. American firm Jones Day will keep on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 9, 2009 FINANCIAL TIMESSTRATEGIC REVAMP FOR LLOYD’SLloyd’s of London has begun the biggest strategic review it has undertaken this decade in an attempt to ensure the more than 320-year-old insurance market does not fail in exploiting the gaps in the market thrown up by the financial crisis. The institution, which deals in insurance risks from all over the [...]
Controlling banks’ capital no panacea June 21, 2009 VIRTUALLY every week during the bubble years, I would talk to economists who were well aware that the economy was on an unsustainable path. In 2005, 2006 and 2007 some of these were so anxious that they could barely sleep at nights. They usually hailed from the Austrian School of Economics – many of whom [...]
Controlling banks’ capital no panacea June 21, 2009 VIRTUALLY every week during the bubble years, I would talk to economists who were well aware that the economy was on an unsustainable path. In 2005, 2006 and 2007 some of these were so anxious that they could barely sleep at nights. They usually hailed from the Austrian School of Economics – many of whom [...]
Vettel victory sparks a Red Bull assault June 21, 2009 RESURGENT Red Bull laid down the gauntlet to championship leader Jenson Button and his Brawn GP team after registering an impressive one-two in the British Grand Prix at Silverstone. Young pretender Sebastian Vettel cruised to a third Grand Prix victory ahead of team-mate Mark Webber, while Button, winner of six races already this season, finished [...]
Budget deficit biggest threat to recovery June 18, 2009 WE are in danger of getting blasé when it comes to Britain’s disastrous public finances. Yesterday’s figures were truly shocking; the monthly deficit total is now close to what we used to get for a whole year. It is fortunate for Gordon Brown that Sir Fred Goodwin’s decision to repay part of his pension and [...]
Gastronauts land on King’s Road with tasty but predictable results June 15, 2009 THE CADOGAN ARMS 298 KING’S ROAD, SW3 5UG Cost per person without wine: £25 UNTIL it was closed for a grand refurbishment a few months ago, the Cadogan Arms, a roomy pub half way along the King’s Road, was defined chiefly by a clientele consisting of teenagers and those on gap years. For years, the [...]