Retail sales down again October 21, 2010 Retail sales unexpectedly fell for a second month in a row in September, driven lower by weak clothing and fuel sales, official figures showed. The Office for National Statistics said sales volumes including automotive fuel fell 0.2 per cent last month after a downwardly revised drop of 0.7 per cent in August. Analysts had forecast [...]
Arbuthnot down after tough third quarter October 21, 2010 Banking group Arbuthnot said investment banking conditions deteriorated during the third quarter, sending its shares down sharply. Arbuthnot, which also runs wealth management and financial planning services, said its investment banking arm had nonetheless managed to remained profitable for the past year. “Investment banking market conditions deteriorated sharply in the third quarter, leading to difficult [...]
TUI CFO quits after black hole found in finances October 21, 2010 TUI Travel, Europe’s largest travel company, restated 2009 results and said its finance chief will go after stumbling across £117m ($185m) owed by customers that will now have to be written off. TUI Travel, controlled by Germany’s TUI AG , said that having written off £29m at the time of its third quarter results in [...]
William Hill tops forecasts thanks to World Cup October 21, 2010 Bookmaker William Hill said it expected to report operating profit at the top-end of analysts’ expectations after a strong third-quarter helped by favourable football results and the later stages of the World Cup. The company, which has a high-street and an online presence, said net revenue grew 22 per cent, with Internet revenue up 35 [...]
BAE growth hit after defence budget cuts October 21, 2010 Defence group BAE Systems said changes from the armed forces review would hit growth this year and reduce earnings per share next year. “Changes from the Strategic Defence and Security Review (SDSR) are expected to result in some reduction in growth for 2010,” BAE said in a statement. The company said that a reduction in [...]
Debenhams profit surges by 20pc October 21, 2010 Debenhams met expectations with a 21 per cent rise in year profit and predicted more growth in 2010-11 as it benefits from a shift to higher margin own-bought products. Debenhams, with 167 stores in Britain, Ireland and Denmark, and 60 franchised outlets in 23 countries said it expected to resume dividend payments when it publishes [...]
Credit Suisse profit tumbles October 21, 2010 Credit Suisse’s third-quarter net profit tumbled 74 per cent to miss forecasts, as sluggish equities trading halved investment banking earnings from the previous quarter. Switzerland’s No.2 bank by market value behind UBS said net profit fell to 609m Swiss francs (£398m). Investment banking pretax income halved to 395m francs from an already subdued 784m the [...]
Reality bites October 20, 2010 Axe falls as Britain gears up for biggest cuts since 1976 Chancellor slashes welfare bill by £18bn to shield departments Middle class child benefit cut will affect 300,000 more families Businesses furious at plans for new £1bn carbon stealth tax Police and prisons hit hard but hospitals and schools protected Rail fares to soar by [...]
At a glance: George Osborne’s first comprehensive spending review October 20, 2010 SPENDING FIGURES This fiscal year current expenditure will be £637.3bn. In 2011-12, current spending will be £651.1bn, followed by £664.5bn in 2012-13, £678.6bn in 2013-14 and then £692.7bn in 2014-15. The government will pay £43.3bn of gross government debt interest this fiscal year followed by £46.5bn in 2011-12, £52.4bn in 2012-13, £57.8bn in 2013-14 and [...]
There was no other choice – now George Osborne must hold his nerve October 20, 2010 IT was a timely reminder that action is desperately required to tackle Britain’s out of control budget deficit. At 9:30 yesterday morning, a full three hours before George Osborne got up to deliver his spending review to the House of Commons, the latest monthly budget deficit figures popped up on traders’ screens across the City. [...]