Business Services Industry
Daily Mail, London, Alex Brummer column.
Knight Ridder/Tribune Business News, October, 2004
By Alex Brummer, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 9--Selective briefings to favoured brokers and investors have long been a source of contention in the City.
But there seem to be few more clear-cut cases than Sainsbury's decision to put the word out to brokers Merrill Lynch that first-half profits will come in much lower than the broker has been forecasting.
If such behaviour has taken place by a company as important as J Sainsbury, this would be unacceptable. One might have thought that even if Justin King, a relative neophyte as chief executive, was unaware of the rules then chairman Philip Hampton would certainly have known better.
The Financial Services Authority is showing admirable determination...
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