Commuter chaos in the City as RMT takes industrial action over salaries July 29, 2009 THOUSANDS of London commuters face travel chaos today and tomorrow, as workers on the National Express East Anglia franchise go on strike for 48 hours over pay. Services to Cambridgeshire, Norfolk, Suffolk and Essex will be affected and the action will disrupt many lines in and out of London, including trains for Stansted Airport, Southend [...]
Lehman deal helps Nomura back to profit July 29, 2009 JAPAN’S largest brokerage Nomura reported its first profit in six quarters yesterday, as the purchase of Lehman Brothers’ European and Middle Eastern assets began to pay off. The firm posted profit before tax of 31.4bn yen (£200m) for the three months ending 30 June, compared to a loss of 84.3bn yen in the equivalent quarter [...]
Arbuthnot profits rise despite 1.3m investment bank loss July 29, 2009 ARBUTHNOT Banking Group, the 176-year old firm headed by Henry Angest, yesterday said that first-half pre-tax profit had risen as retail customers ditched high street banks in the wake of the banking crisis. The group said pre-tax profits rose five per cent to a “satisfactory” £702,000 in the period, despite the fact its investment banking [...]
Halfords sales lift in sunshine July 29, 2009 CAR parts and bike retailer Halfords yesterday cheered investors as good weather and the government’s Cycle2Work fitness promotion boosted sales during the quarter. The group said total sales rose 1.3 per cent during the 13 weeks to 3 July, compared to the same period a year ago, as commuters rushed to buy bikes and camping [...]
ArcelorMittal falls into the red as sales slow July 29, 2009 ARCELORMITTAL, the world’s largest steelmaker, posted its third quarterly loss in a row yesterday and forecast only a gradual second-half pick-up after weak demand hit prices. The group reported a second quarter net loss of €581m (£502m), against a profit of €3.7bn a year earlier. Chief financial officer Aditya Mittal said the company had seen [...]
ARE YOU COMFORTED BY CADBURY’S TRADING ? July 29, 2009 SAM HART CHARLES STANLEYThe company has announced that it has launched Fair Trade certified Dairy Milk in the UK and Ireland which may result in further share gains as a potentially substantial hurdle for competitors As a reflection of increasing confidence it announced an eight per cent increase in dividend. KEITH BOWMAN HARGREAVES LANSDOWNCadbury is [...]
UK firms pay back debts July 29, 2009 BRITISH companies are paying down bank loans at a record rate, using the proceeds from a surge in capital markets fund-raising, Bank of England data revealed yesterday. In the second quarter, British private non-financial companies paid off a net £15bn, including £3.6bn in June alone. They raised £21bn from the debt and equity markets. So [...]
Court date looms as UBS and US fail to agree over tax row July 29, 2009 A PROTRACTED legal battle between Swiss bank UBS and the US authorities looks increasingly likely, with the two sides still to reach a settlement over demands that the bank hand over details of 52,000 customers suspected of tax evasion. Lawyers for the Department of Justice (DoJ) said “no agreement has been reached and it’s unclear [...]
Poor the great losers from our fiscal folly July 29, 2009 HERE is a disturbing fact you won’t have read anywhere else: the poorest families in Britain today pay a greater proportion of their income in tax than the wealthiest. Such a claim may sound crazy but here are the figures: the bottom fifth of earners pay 38.7 of their gross income in total tax, the [...]
SJP eyes new wealth clients July 29, 2009 WEALTH manager St James’s Place yesterday said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits. Chief executive David Bellamy said St James’s Place was seeking to attract a new breed of clients and was planning to offer absolute return and fixed-income funds for [...]