BEST OF THE BROKERS March 25, 2010 MEDIASET Standard & Poor’s has upgraded its rating on Mediaset to “buy” from “hold” citing the Italian media company’s recent full-year results. Despite the 41 per cent drop in 2009 profits, S&P belives the fact that February revenues at Telecinco were up by as much as 40 per cent, will result in revenue growth in [...]
Lebedev buys Independent for £1 March 25, 2010 THE Independent and Independent on Sunday newspapers have been sold to Russian billionaire Alexander Lebedev. Oligarch Lebedev, owner of the Evening Standard, bought the loss-making papers from Irish company Independent News & Media (INM) for £1. As part of the deal, INM agreed to pay Lebedev’s Independent Print Limited (IPL) £9.25m over the next ten [...]
UK retail sales rebound March 25, 2010 UK retail sales rose strongly between January and February, official figures have shown. Data from the Office for National Statistics (ONS) showed a 2.1 per cent hike. In January, volumes fell by three per cent. Vicky Redwood of Capital Economics said: “February’s official retail sales figures confirm that high street spending bounced back after the [...]
Jarvis plunges into administration March 25, 2010 RAIL contractor Jarvis has plunged into administration after its banks pulled the plug. In a statement to the Stock Exchange the firm said it no longer had the support of its banks and could not “continue trading as a going concern.” Jarvis employs 2000 people mainly on rail and freight maintenance projects. Trading in its [...]
Next profits in 18pc surge March 25, 2010 NEXT saw profits jump by 18 per cent last year as it reacted more quickly to changes in fashion. Pre-tax profits rose to £505.3m with sales totalling £3,406m. The company said spending drop on the high street in the recession had not been as bad as feared. Next, which runs over 500 shops in the [...]
Kingfisher raises dividend after profits boost March 25, 2010 B&Q owner Kingfisher beat profit forecasts and raised its dividend – helped by a rise in sales of eco-friendly products. Pre- tax profit excluding and one-off items jumped 49 per cent to £547m in the year ended January, above the average forecast of £543m. As well as raising its dividend for the first time in [...]
Darling stamps on City workers March 24, 2010 ALISTAIR Darling stepped up his war on banks and the wealthy yesterday, but he refused to announce a raft of gimmicky pre-election giveaways. Delivering what is likely to be his last Budget, he continued to clobber the better-off by unveiling a new top rate of stamp duty. Amid cheers from the Labour backbenches, Darling said [...]
At a glance: All of Alistair Darling’s 2010 Budget tax and spend policies March 24, 2010 THE ECONOMY/ PUBLIC FINANCES l Confirmed pre-Budget report (PBR) 2010 growth forecast of 1-1.5 per cent. But the chancellor revised downwards the 2011 forecast to 3-3.5 per cent to bring forecasts in line with those of the Bank of England. Growth forecast of 3.5 per cent in 2012 maintained. l Inflation spike expected to be [...]
Why the devil is always in the detail March 24, 2010 YOU must hand it to Alistair Darling: to have to unveil a budget deficit of 11.8 per cent of GDP, roughly the same as Greece’s, would have destroyed a lesser politician. The fact that he was able to portray such an abysmal outcome as a triumph is the final proof that contemporary Britain is now [...]
Darling aims for harmony on bank tax March 24, 2010 CHANCELLOR Alistair Darling yesterday threw his full weight behind a drive for international coordination on the implementation of a global risk tax on banks at an International Monetary Fund meeting next month. “This must be brought forward quickly, as I will urge international finance ministers in Washington next month,” Darling said as he presented his [...]