Business Diary: Fixture clash is narrowly avoided
Thursday 11 August 2011
Full marks to David Cameron and Sir Mervyn King who avoided what might have been an embarrassing clash yesterday. The Prime Minister was originally set to make his latest statement on the riots at 10.30am, just as the Governor of the Bank of England was cutting his forecasts for economic growth. That might have looked as if the Government was trying to bury the bad news and the PM's office sensibly put his briefing back by half an hour.
S&P not the target of US plane's ire
Some disappointment in US political circles after Fortune magazine tracked down the woman who paid for a plane to fly over New York with a banner reading: "Thanks for the downgrade – you should all be fired". US officials, led by Timothy Geithner, have been rubbishing Standard & Poor's since it dumped on the economy last week and took the plane as affirmation of popular support. But Fortune reports that the woman in question has no problem with S&P – her message was aimed at Wall Street (and originally, she wanted to fly over Washington, only to discover security rules prevented her from doing that).
Thirsty investors back BrewDog
Cheers! says BrewDog, the Scottish brewing company. Three weeks ago, it launched a drive to raise £2.2m worth of funding by selling shares in itself to punters, bypassing venture capital and the banks. It's going well so far – the subscriptions have just gone above £1m and BrewDog is on target to get its £2.2m by the end of the month – a healthy four months ahead of schedule.
Nomura tries to explain UK riots
Are you still searching for the definitive analysis of the unrest of the past few days? Who better than investment bank Nomura to provide one? "Growing nihilism in recent decades has created a large and unpleasant British underbelly that is typically concealed," say the bank's analysts. "But the widespread publicity of the initial looting exposed a security weakness that this group could exploit, via numbers and social media. In essence, we think the 'have-nots' saw others 'have' by looting and decided to perpetrate copycat crimes with no political aims in mind." So we've nothing to worry about then.
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