Morrisons profit halves in fight to win shoppers September 11, 2014 MORRISONS appeased investors yesterday by hiking its dividend payout by five per cent despite the troubled supermarket group reporting a plunge in first-half profits. Underlying pre-tax profits fell by 51 per cent to £181m in the six months to 3 August – its lowest in eight years – after Morrisons slashed the price of thousands [...]
Ocado dismisses concerns over Waitrose as sales beat forecasts September 11, 2014 SHARES in Ocado edged two per cent higher yesterday, after the online grocer surprised the City with a better-than-expected rise in sales. Ocado, which prides itself on its high-tech warehouses, said sales rose 15.5 per cent to £218.5m in the 12 weeks to 10 August, up from 13.4 per cent in the second quarter. Chief [...]
Analyst Views: What did you think of Ocado’s performance in the third quarter? September 11, 2014 JAMES GRZINIC | JEFFERIES Market was too concerned on slowing sales and the confirmation of an acceleration in third-quarter retail sales growth to 15.5 per cent was a relief. NICK BUBB | INDEPENDENT ANALYST The figures didn’t look too bad, although given the amount of extra capacity, it is hard to escape the feeling that [...]
David Cameron won’t rule out UK air strikes in Syria September 11, 2014 The Prime Minister has not ruled out air strikes in Syria against Islamic State (IS) militants, his spokesman confirmed yesterday. The intervention came after foreign secretary Philip Hammond said the UK would definitely not be taking part in any military air action in the country. Speaking in Berlin, Hammond said: “Britain will not be taking [...]
M&C Saatchi’s ad revenue soars on strong UK and US markets September 11, 2014 ADVERTISING giant M&C Saatchi saw revenues rise three per cent during the first half of the year, it reported yesterday, to £82.6m on the back of strong growth in the UK and US. With a 17 per cent jump in profit to £8m during the six months to 30 June, the group said it was [...]
Floral tribute for victims of 9/11 terror September 11, 2014 Friends and relatives of the nearly 3,000 victims of the devastating 9/11 attacks on New York’s World Trade Centre —many of whom worked for BGC Group — have marked the 13th anniversary of the terrorist atrocity by putting flowers, toys and photos on the names which are written at the National September 11 Memorial and [...]
Europe’s banks hit their capital buffer targets September 11, 2014 Europe’s biggest banks were closing in on their capital targets at the end of last year, global regulators at the Basel Committee said yesterday, indicating the lenders appear to have met the goals by now. Now the banks have built up the vital buffers, they should be able to dedicate more resources to lending and [...]
Bank of England fears rate hike could send assets topsy turvy September 11, 2014 INVESTORS must be prepared for an increase in interest rates in the UK and across the world, or risk market chaos when the hike happens, Bank of England policymaker Donald Kohn said yesterday. Kohn fears that investors have surged into risky assets in a search for yield – exactly as very loose monetary policy was [...]
German $280bn current account surplus likely to raise eyebrows September 11, 2014 THE GERMAN government will come under pressure to do more to boost domestic demand after a report revealed yesterday that it was on track to achieve a record current account surplus this year. A forecast by the Ifo think tank estimated that Europe’s largest economy would have the world’s largest current account surplus, at about $280bn [...]
Weak Eurozone is dragging down UK growth forecasts September 11, 2014 BRITAIN’S burgeoning economic recovery is still being held back, economists at the Institute of Chartered Accountants in England and Wales (ICAEW) warned today. It chopped its 2014 GDP growth forecasts for the UK from 3.4 per cent to 3.2 per cent as weak demand across the Channel was now hitting British export volumes. Worries over the [...]