City AM's UK pertinent press
First Published Thursday, 9 July 2009 from Need to Know News
Alistair Darling has predicted that the recession will be over by Christmas, brushing aside doubts that his Budget forecasts are over-optimistic.
In an interview with The Times, the Chancellor defied a gloomy assessment of Britain's recovery prospects set to emerge today in an annual economic health check from the International Monetary Fund.
The process to find a new chief executive for Marks & Spencer suffered a major setback on Tuesday after the retailer said that a key lieutenant to Sir Stuart Rose, executive chairman, is to leave the chain. Carl Leaver, the head of M&S's overseas operations, was seen as a possible to successor to Sir Stuart, reports the Telegraph.
A global investor backlash over executive pay escalated on Tuesday when shareholders turned on Royal Dutch Shell and voted against its executive pay plan. In one of the biggest investor rebellions over directors' pay, about 59% of the oil multinational's shareholders voted down the company's remuneration report. They objected to the discretionary award to executive directors of bonuses for 2006-08 performance, which were made even though the company failed to meet targets, reports the FT.
Deflation tightened its grip on the economy last month after a record fall in retail prices. The retail prices index (RPI), the benchmark for pay deals, fell to -1.2%, the lowest since records began in 1948, dragged down by a decline in energy and mortgage costs, reports the Times.
Cable and Wireless announced plans to extend its long-term remuneration scheme for top managers as the telecommunications company said it would pay out 32m to them in 2009. Richard Lapthorne, C&W's chairman, is attempting to hold on to the company's managers by lengthening the existing long-term incentive plan and establishing a follow-on scheme. C&W said John Pluthero, head of C&W's UK business, would receive 8.3m before tax and national insurance by the existing plan this year, reports the FT.
Japan's economy has suffered its worst quarterly performance since records began more than five decades ago as it continues to struggle with the economic crisis. The world's second largest economy experienced a quarterly 4% shrink in its gross domestic product (GDP) reflecting the continued impact of the recession on the export-dependent nation, reports the Telegraph.
- Citi's Tim Evans on API Petroleum Statistics
"The American Petroleum Institute reported a 0.4 mmbls build in US commercial crude stocks that was on the low end of the range of expectations, with sharply lower imports and somewhat higher crude runs than in the prior week....continued
- Preview: DOE Inventories (w/e March 12th)
Crude inventories are expected to rise 1.3mln following a 1.432mln increase prior Unleaded inventories are expected to drop 1.0mln following a 2.959mln draw prior Distillate inventories are expected to drop 1.5mln following a 2.217mln drop prior Refinery Utilization is expected to rise 0.2% to 80.9%...continued
- Preview: February PPI
...continued
- BOE's Bean...best way to balance competing needs is by "retaining clarity of present remit"
BOE's Bean...best way to balance competing needs is by "retaining clarity of present remit"...continued
- BOE's Bean....'no regulatory regime is perfect'...
...continued
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