South Africa’s Mondi swings to a profit in the first half of 2010 August 10, 2010 Paper maker Mondi again raised prices for some products and forecast a strong second half yesterday after better demand and prices helped it return to a half-year profit. South Africa’s Mondi, which is also listed in London, said business picked up across all of its paper grades and its domestic division was also improving. “Mondi [...]
BAD TEMPERS AND CHICKEN WINGS IN OBAMA’S ECONOMIC HOTHOUSE August 10, 2010 WHEN Christina Romer, Chair of the US Council of Economic Advisors, quit her role suddenly last week, speculation was rife that she had been forced out due to fighting with colleague Lawrence Summers. Summers is director of the National Economic Council and before his role as coordinator of US economic policy, he was president of [...]
Britain’s trade gap narrows August 10, 2010 BRITAIN’S goods trade deficit with the rest of the world narrowed more than expected to a four-month low in June after exports rose more than four times faster than imports. The Office for National Statistics said that Britain’s goods trade gap narrowed to £7.401bn from £8.028bn in May, a bigger fall than the drop to [...]
Britain’s trade gap narrows August 10, 2010 BRITAN’S goods trade deficit with the rest of the world narrowed more than expected to a four-month low in June after exports rose more than four times faster than imports. The Office for National Statistics said that Britain’s goods trade gap narrowed to £7.401bn from £8.028bn in May, a bigger fall than the drop to [...]
Greggs issues warning over soaring wheat prices August 10, 2010 GREGGS, the UK’s largest bakery chain, has warned that rising wheat prices will hit its business but reported a surge in profit. It said ingredient costs would rise after the price of wheat hit a 22-month high last week, with wildfires destroying crops. But pre-tax profit for the half-year was £18.6m – up 12.3 per [...]
Pendragon profit up 48pc after luxury car sales soar August 10, 2010 CAR dealer Pendragon reported a 48 per cent rise in first-half profit, helped by growing revenues at its premium cars and aftersales businesses, and said it would deliver further growth in the second half. The UK’s largest motor retailer on Tuesday posted a pre-tax profit of £15.7m on sales 15 per cent higher at £1.83bn [...]
IHG profit rise fuelled by business travellers August 10, 2010 InterContinental Hotels – the world’s biggest hotelier – reported a recovery in the hotel market helped by the return of the business traveller as it beat forecasts with a 22 per cent rise in first-half profits. The company, which runs more than 650,000 rooms in over 4,500 hotels worldwide, posted an operating profit of $219m [...]
GDF and International Power agree tie-up August 10, 2010 GDF Suez is offering International Power shareholders a cash sweetener of $2.2bn (£1.39bn) in a reverse takeover of the British firm that will create the world’s largest independent power producer in terms of revenue. The move will also give GDF, Europe’s second-biggest utility, a greater presence in the United States, Middle East and Asia, as [...]
BAA boost as Heathrow has record month August 10, 2010 THE number of people travelling through BAA’s UK airports increased by 0.3 per cent to 10.9m in July. Heathrow recorded its busiest ever month, with 6.7m people making journeys through the airport – 3.5 per cent more than last year. Meanwhile Sunday 18th July was Heathrow’s busiest ever day, with 232,000 passengers. Across BAA, the [...]
EU plans to levy direct tax on UK August 9, 2010 EUROPEAN bureaucrats are preparing plans for an EU-wide levy on financial transactions, domestic aviation and carbon dioxide emissions, putting them on a collision course with the British government. The European Commission wants to impose a series of pan-European taxes to fund its €140bn (£116bn) annual budget, allowing cash-strapped member states to reduce the amount of [...]