Wednesday newspaper round-up: Qinetiq, House prices, Retail sales
Wed 28 Dec 2005
LONDON (SHARECAST) - The controversial £1.1bn IPO of Qinetiq, the UK defence ministry’s advanced research laboratory, could go ahead as soon as next month after Treasury officials granted approval for the flotation, writes the FT.
The Dow Jones industrial average ended last night 105.5 points, or 0.95%, down on the first post-Christmas trading day at 10,777.8.
A fall in oil prices, associated with unseasonably mild weather in America’s populous North East, triggered falls in energy-related stocks, which had provided most of the top performers of 2005, the Times reports.
Britain’s bruised retailers received a timely boost on Tuesday when John Lewis reported a rise of 11.7% rise in store sales for the 31-day period up to Christmas, says the FT.
The nation’s retail parks and shopping centres also swarmed with sales-hungry customers, the FT writes.
The Times adds that insolvency experts have predicted a spate of failures among retailers soon after Christmas. December 25 is “quarter day”, when rent is due, and struggling outlets could face collapse.
In the week before Christmas, Unwins, the off-licence chain, and MVC, a DVD and music retailer, called in administrators.
The total pension deficit among Britain’s 100 biggest listed companies is projected to have risen to £75bn this year, from £65bn a year earlier.
Deloitte & Touche, the management consultant, says that falling interest rates increased the combined pension deficit of FTSE 100 companies, offsetting gains from stronger investment markets and higher employer contributions, says the Times.
Hedge funds have been accused of manipulating their December returns to enable managers to pocket huge incentive fees, according to the Telegraph.
A report by Britain's foremost hedge fund academic, Narayan Naik, director of the London Business School's Hedge Fund Centre, says in the final month of the year the secretive funds earn more than 2½ times their average monthly return during the first 11 months.
The head of Italian stock exchange operator Borsa Italiana yesterday said the company "must" find an international partner, with London the first choice venue, reports the Telegraph.
Some 2,500 BAe workers building the UK’s next generation of nuclear submarines in Barrow, Cumbria, have shared a £4m bonus this Christmas, their first for nine years, the Telegraph writes.
House prices have risen for the first time in 18 months, according to a survey published today that provides further evidence that the housing market has turned the corner.
The average price of a house in Britain rose by 0.1% to £160,900 in December from the previous month, according to the latest survey from Hometrack, reports the Independent.
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