After recent turmoil things are somewhat more placid. It is not easy
to find any good news though and the report on GSK is perhaps the
best on offer.
xxxxxxxxxx cs
=======================
HIGHLIGHTS OF TODAY'S PRESS 23.10.08
Telegraph
==Food sales fall for first time since 1986
Food sales have fallen for the first time in more than 20 years,
according to official statistics.
The volume of food sold in the UK fell for the first time in 22 years
The figures suggest families are cutting back on meat and other
expensive products in the wake of the financial downturn.
==Dollar roars back as global debts are called in
For six years the world has been borrowing dollars to bet on
property, oil, metals, emerging markets, and every bubble in every
corner of the globe. By Ambrose Evans-Pritchard
The dollars must be repaid.
Hence a wild scramble for Greenbacks which has shaken the global
currency system and shattered assumptions about the way the world
works. The unwinding drama reached a crescendo yesterday as the euro
fell to $1.28, down from $1.61 in July. The slide in the Brazilian
real, the South African rand, the Indian rupee, and the Korean won,
among others, has been stunning. Heady talk earlier this year that
dollar hegemeny was coming to an end - or indeed that the US was
losing its status as a financial superpower - now seems very wide of
the mark.
After recent turmoil things are somewhat more placid. It is not easy
to find any good news though and the report on GSK is perhaps the
best on offer.
xxxxxxxxxx cs
=======================
HIGHLIGHTS OF TODAY'S PRESS 23.10.08
Telegraph
==Food sales fall for first time since 1986
Food sales have fallen for the first time in more than 20 years,
according to official statistics.
The volume of food sold in the UK fell for the first time in 22 years
The figures suggest families are cutting back on meat and other
expensive products in the wake of the financial downturn.
==
For six years the world has been borrowing dollars to bet on
property, oil, metals, emerging markets, and every bubble in every
corner of the globe. By Ambrose Evans-Pritchard
The dollars must be repaid.
Hence a wild scramble for Greenbacks which has shaken the global
currency system and shattered assumptions about the way the world
works. The unwinding drama reached a crescendo yesterday as the euro
fell to $1.28, down from $1.61 in July. The slide in the Brazilian
real, the South African rand, the Indian rupee, and the Korean won,
among others, has been stunning. Heady talk earlier this year that
dollar hegemeny was coming to an end - or indeed that the US was
losing its status as a financial superpower - now seems very wide of
the mark.
==
One company able to show the benefits of a falling pound to its
shareholders, just a few hours after King's speech, was
GlaxoSmithKline. But GSK was interesting yesterday for more than just
the earnings boost from a weak pound and strong dollar
Rather than turn in on itself - the natural reflex for most in times
of trouble - GSK is redoubling its efforts to globalise, investing in
markets as diverse as Japan and Egypt, particularly good for its
consumer healthcare business. Vaccines, as well as treatments, are
being given priority, but the company's financial management has
given it a strong balance sheet and cash flows so it can invest
through the downturn, boosting its research and development output.
This financial strength will help give it the edge over rivals when
it comes to securing scarce funding to finance R&D, compared to when
cheap money was available to all.
But for me perhaps the most encouraging words from Witty related to
the opportunities for strategic investments
The Times
==Retail revenues fall as clothing sales unravel
High street sales shrink by less than expected in September but
annual growth contracts to the lowest rate since 2006
==
No British recession would be complete without a run on the pound and
it has duly arrived
Financial Times
==
Labour's law and order record undermined. The Labour government's
record on law and order faced fresh scrutiny on Thursday after
ministers admitted that some police forces had been under reporting
serious crime.
While violent crime overall fell 7 per cent between April and June
compared with last year, the number of serious offences increased by
22 per cent.
Guardian
==
Royal Mail said today that its one-price-goes-anywhere universal
postal service is in the red and under threat.
In a stark warning he said: "Royal Mail has always firmly believed
that the universal service to the UK's 28m addresses is a crucial
part of the economic and social fabric of the country - and we remain
determined to transform our operations and build on the progress we
have made to protect the one-price-goes-anywhere postal service for
every customer.
"However the universal service is undoubtedly in danger unless we
have fairer regulation, the ability to access cash going forward to
keep investing in the business and a long-term solution to the
pension funding burden that currently consumes so much of the revenue
we generate."
Standard
==
Investment bank Goldman Sachs is sacking 600 staff in London because
of the world financial crisis. The legendary Wall Street giant is
getting rid of 10 per cent of its global workforce of 32,500. The axe
will fall heavily on its London headquarters in Fleet Street, where
around 6,000 are employed. The bank would not comment on the job cuts
today but they are understood to be coming from all levels and
departments.
Top bankers at Goldmans can earn £5million or more in a good year but
the axe is more likely to fall on less successful employees earning
hundreds of thousands, rather than millions.
the earnings boost from a weak pound and strong dollar
Rather than turn in on itself - the natural reflex for most in times
of trouble - GSK is redoubling its efforts to globalise, investing in
markets as diverse as Japan and Egypt, particularly good for its
consumer healthcare business. Vaccines, as well as treatments, are
being given priority, but the company's financial management has
given it a strong balance sheet and cash flows so it can invest
through the downturn, boosting its research and development output.
This financial strength will help give it the edge over rivals when
it comes to securing scarce funding to finance R&D, compared to when
cheap money was available to all.
But for me perhaps the most encouraging words from Witty related to
the opportunities for strategic investments
The Times
==
High street sales shrink by less than expected in September but
annual growth contracts to the lowest rate since 2006
==
No British recession would be complete without a run on the pound and
it has duly arrived
Financial Times
==
Labour's law and order record undermined. The Labour government's
record on law and order faced fresh scrutiny on Thursday after
ministers admitted that some police forces had been under reporting
serious crime.
While violent crime overall fell 7 per cent between April and June
compared with last year, the number of serious offences increased by
22 per cent.
Guardian
==
Royal Mail said today that its one-price-goes-anywhere universal
postal service is in the red and under threat.
In a stark warning he said: "Royal Mail has always firmly believed
that the universal service to the UK's 28m addresses is a crucial
part of the economic and social fabric of the country - and we remain
determined to transform our operations and build on the progress we
have made to protect the one-price-goes-anywhere postal service for
every customer.
"However the universal service is undoubtedly in danger unless we
have fairer regulation, the ability to access cash going forward to
keep investing in the business and a long-term solution to the
pension funding burden that currently consumes so much of the revenue
we generate."
Standard
==
Investment bank Goldman Sachs is sacking 600 staff in London because
of the world financial crisis. The legendary Wall Street giant is
getting rid of 10 per cent of its global workforce of 32,500. The axe
will fall heavily on its London headquarters in Fleet Street, where
around 6,000 are employed. The bank would not comment on the job cuts
today but they are understood to be coming from all levels and
departments.
Top bankers at Goldmans can earn £5million or more in a good year but
the axe is more likely to fall on less successful employees earning
hundreds of thousands, rather than millions.
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