Home Retail is hit by slump at Argos June 10, 2010 HOME Retail Group posted a bigger-than-expected drop in first-quarter sales at its Argos stores, hit by a drop in demand for video games and televisions. The group, which also runs Homebase, said economic conditions were challenging and uncertain but that it was still aiming to deliver flat profits over the full financial year, in line [...]
PZ Cussons is confident of its full-year results June 10, 2010 SOAP and shampoo maker PZ Cussons said it was on track to meet full-year forecasts, even though trading conditions in the UK remain tough. The firm, owner of the Imperial Leather, Carex and original Source brands, said yesterday its results for the year to 31 May “are anticipated to be in line with expectations.” PZ [...]
No World Cup magic June 10, 2010 WITH the start of the World Cup just days away, fans have been splashing out on flat-screen TVs. It’s strange then that the bigger-than-expected slump in Argos revenues was driven by weak TV sales. If the catalogue retailer can’t shift tellys in the run up to the year’s biggest sporting event, when can it? This [...]
Net-a-Porter to cater for men June 10, 2010 The net-a-porter group is to launch a menswear site. “Mr Porter” will launch for the spring/summer 2011 season, with brands including global designer labels such as Burberry, Ralph Lauren, Lanvin, YSL, Gucci, Margiela, Balmain, Dunhill, Margaret Howell, Rick Owens, John Lobb and MR by the designer, Roland Mouret. There will also be style advice on [...]
Park profit dips but revenue rises June 10, 2010 Christmas hampers and financial services firm Park reported a fall in pre-tax profit yesterday, while revenues increased. Pre-tax profit fell to £5.3m from £6.2m a year earlier, for the year to 31 March. However, revenue increased to £263.2m from £250.5m and operating profit leapt by 38 per cent. A final dividend of 0.88p per share [...]
VAT hike hit by think tank June 10, 2010 A leading policy think tank has slammed the expected VAT hike, claiming a bank tax would be a fairer way of cutting the deficit. The Institute for Public Policy Research (IPPR) says the improved economic conditions should allow banks to pay an additional £20bn a year in tax. It claimed the tax revenue could be [...]
CITY VIEWS: should vat go up or should banks be taxed more? June 10, 2010 BRIAN COLGAN | AVIVA “I think tax the banks more. Increasing VAT equals less spending which drives less money into the economy. They caused the problem so they can get us out of it.” JAMIL ALAM | RBS “Definitely the banks in my opinion. Why charge the individual? The bottom line is, they created the [...]
David Willetts prepares to hike university tuition fees June 10, 2010 UNIVERSITIES minister David Willetts yesterday indicated the coalition government was preparing to hike tuition fees, describing students as a “burden on the taxpayer” that needed to “be tackled”. He also hinted that interest rates on low-cost student loans – which cost the tax payer some £1.2bn a year – could also be increased. “If fees [...]
TYRIE TO GRILL TREASURY June 10, 2010 ANDREW Tyrie was yesterday elected as the chair of the influential Treasury Select Committee, giving him a powerful base from which to grill the chancellor, ministers and senior figures from the financial services industry. “The Committee has a crucial role to play in Parliament and more widely at a difficult time for the economy,” said Tyrie.
Miners carry the FTSE to small gains after talk Australia could axe new tax June 10, 2010 ARALLY by miners lifted Britain’s top share index by the close on Thursday, while improved economic sentiment gave the banks a boost. Another sharp fall for BP, however, limited the index’s gains, as the costs of the disastrous oil spill in the Gulf of Mexico continued to cloud the company’s future. Miners delivered the bulk [...]