|Cable and Wireless Communications plc shares rocket despite dividend cut|
|Thursday, 24 May 2012 08:21|
News round up: Facebook Inc stock debut "fiasco", Barclays plc 'Citizenship Plan', Greece Eurozone departure, Tough times ahead for UK grocers, Bank of England.
Facebook Inc stock debut "fiasco"
Leading analysts branded Facebook’s stockmarket debut a "fiasco" yesterday as investors lodged lawsuits claiming they had not been told of problems with the business before the float. Shareholders began legal action in New York and California against the social network, its chief executive Mark Zuckerberg, Morgan Stanley, the lead underwriters to the float, and other banks involved.
Barclays plc 'Citizenship Plan'
Bob Diamond, chief executive of Barclays, has launched a new ‘Citizenship Plan’ as part of a drive to restore trust and burnish his bank’s dented image – but offered no blueprint for reforming pay. The three-year plan, unveiled at the bank’s Canary Wharf headquarters, aims to support local communities, contribute to economic growth and improve integrity and service to customers.
Greece Eurozone departure
No "rational person" would want to see Greece leave the Eurozone, Nick Clegg will say today, warning that Britain will be worse off if the currency starts to break up. Markets tumbled again on Wednesday in reaction to fears that Greece’s exit was being prepared. David Cameron was in Brussels pleading with EU leaders to deal decisively with the Greek debt crisis to prevent a "disorderly" collapse of the euro. The Prime Minister warned other member states that there was a risk of the "contagion" spreading from a Greek exit, which would have dire consequences for Britain, The Telegraph writes.
Tough times ahead for UK grocers
British supermarkets are in for a tough few years, according to a report by Moody's, the ratings agency, which has warned that profits at Tesco and Marks & Spencer will be under pressure as customers increasingly seek to cut back on spending money on food. "We expect that UK food retail sales will grow only in the low single-digit range through 2014 as a result of the challenging economic environment," said Yasmina Serghini-Douvin, the author of the report.
Bank of England
The Deputy Governor of the Bank of England has told pension funds they cannot count on a rise in gilt yields to close their ballooning deficits as he warned that more quantitative easing may be on the way. In a speech to the National Association of Pension Funds (NAPF), Charlie Bean also defended the Bank against claims that QE is impoverishing pensioners and crippling final salary schemes by slashing investment returns.
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