Kier forges ahead with healthy order book September 16, 2010 Construction firm Kier said it had entered the new financial year with healthy order books after posting full-year pre-tax profit up 11 per cent. The firm said it had a strong order book for its construction and support services units at £4.2bn, and a record net cash position of £175.2m. It posted full-year pre-tax profit [...]
Kesa lifted by World Cup TV sales September 16, 2010 Electricals retailer Kesa beat forecasts for first-quarter sales, with trade boosted by robust demand for TVs in the run-up to the World Cup and more sales over the internet. “After a positive first quarter we still anticipate that our markets will remain challenging for the remainder of this financial year,” the firm said. Kesa which [...]
John Lewis sees £111m profit but warns over headwinds September 16, 2010 John Lewis said trading conditions would likely get tougher as tax hikes and public spending cuts hit shoppers, as it reported a 28 per cent rise in first-half profit. The group said its strong first-half performance gave it confidence that both its department stores grocery chain Waitrose would cope well. “Despite the economic headwinds, and [...]
Kingfisher beats profit forecast with cost-cutting September 16, 2010 Kingfisher, Europe’s biggest home improvement retailer, beat first-half profit forecasts, helped by cost-cutting and business improvements that it said would help it to cope with a tough consumer outlook. The group, which runs market leader B&Q in Britain and the Castorama and Brico Depot chains in France, said it made a profit before tax and [...]
EU wages war on derivatives September 15, 2010 RADICAL curbs on short selling and derivatives trading proposed by the European Commission to bring the multi-trillion dollar industry in from “Wild West territory” were condemned as costly and potentially uncompetitive by hedge funds yesterday. The proposals, released to coincide with the collapse of Lehman Brothers two years ago, require increased disclosure of short selling [...]
Police warn on IRA threat September 15, 2010 CITY banks yesterday received a stark warning from the City of London Police that the threat of terrorism is “real and ever-present”, after the Real IRA warned it had made banks and their staff a potential target for attack. The force said that the official terrorist threat level had not been raised because of the [...]
Ofcom could probe BSkyB September 15, 2010 OFCOM could be asked to review News Corporation’s bid for BSkyB if a formal offer is made with business secretary Vince Cable likely to issue an “intervention notice”. The notice would order the watchdog to look at the impact of the takeover. News Corporation wants to take over the remaining 61 per cent of BSkyB [...]
We must unleash the private sector September 15, 2010 IF you want to know why the looming cutbacks to the public sector will be so painful, look no further than what is happening to wage bills. It is extraordinary that at a time when savings are desperately needed, state sector wages are still growing much faster than those in the private sector. In the [...]
Carmakers face OFT probe September 15, 2010 A NUMBER of Europe’s best-known vehicle makers, including Mercedes-Benz, are at the centre of a price fixing investigation by the Office of Fair Trading (OFT). The OFT last night confirmed that it had launched both criminal and civil investigations into suspected price-fixing by major lorry manufacturers in the UK. The OFT said it was looking [...]
Rok drafts in PwC ahead of refinance talks September 15, 2010 ROK is understood to be setting up refinancing discussions with its lenders, a month after the building group issued its second profit warning of the year. A company spokesman said it was not at risk of breaching its covenants, and said the move to renegotiate its debt was an indication it was confident of meeting [...]