Tate & Lyle faces profits fall as prices are dragged down January 28, 2010 FALLING prices for sweeteners paid by soft drinks companies like Coca-Cola and Pepsi are set to turn profits sour at sugar group Tate & Lyle. Sweetener selling prices in the Americas in 2010 would fall short of those in 2009, meaning overall margins from its US corn sweetener business this year would probably be “slightly below” [...]
Worst is over, says Interpublic January 28, 2010 A RENEWED appetite for investment among customers of advertising firm Interpublic shows the recession-ravaged industry is recovering, its chief executive said yesterday. Michael Roth said anecdotal evidence indicated there was “no question” that customers were beginning to focus on 2010 and to invest in their brands again. “I still believe the worst is over,” he said. [...]
Big engine deal for Rolls Royce January 28, 2010 ENGINE-maker Rolls-Royce yesterday won an order from Jetstar Airways, a subsidiary of Australia’s Qantas, for V2500 engines to power up to 90 new Airbus aircraft in a deal worth up to $1.2bn (£738m). The contract includes a long-term engine service agreement for the Airbus A320 planes as well as engines installed on 40 aircraft already [...]
Pinsent to join the JJB board January 28, 2010 OLYMPIC gold winning rower Sir Matthew Pinsent has joined the board of JJB, the troubled retailer announced yesterday as it posted a 28 per cent decline in sales. Pinsent has been appointed as a non-executive director in a bid to breathe new life into the business. He will pick up an estimated £40,000 a year [...]
Shop Direct will slash 1,500 jobs amid fresh wave of cuts January 28, 2010 HOME shopping group Shop Direct is to cut 1,500 jobs, according to the GMB union. The group, which runs Littlewoods, Kays and Woolworths.co.uk, is to slash 900 positions in Sunderland. Other jobs will go in Burnley and Newtown, Wales, as the company seeks to cut costs. The union is now in a 90-day consultation with [...]
H&M sees profits leap as it hits the global expansion trail again January 28, 2010 SWEDISH retailer H&M yesterday said it would open 240 new stores this year in Europe, Asia and the US after net profits rose in 2009. Group profit after tax rose by seven per cent to 16.38bn kronor (£1.39bn) compared to 15.3bn kronor in 2008. H&M said most of the new stores will be in the [...]
Shareholding slumps among UK individuals January 28, 2010 SHARE ownership among British individuals has fallen to an all-time low while foreign investors’ stakes in the stockmarket have risen, official figures published yesterday show. At the end of 2008, individual investors owned just 10.2 per cent of the stockmarket, according to the Office for National Statistics. The number represents a decline from 12.8 per [...]
Business must get prepared for new bribery laws January 28, 2010 BRIBERY and corruption is big business. Just ask a lawyer. With anti-bribery legislation passing through Parliament, a raft of corporate investigations, litigation support and crisis management specialists are gearing up for a flood of new cases in the City. Among these, the most colourful must surely be Daniel Nardello, chief executive of Nardello & Co, [...]
Brewin Dolphin gets a boost as positive update cheers investors January 28, 2010 STOCKBROKER and wealth manager Brewin Dolphin announced an 11.5 per cent rise in first quarter income to £56.9m yesterday, slightly below market expectations. The Smithfield-based investment house saw a year-on-year rise of 5.9 per cent in funds under management for the three months to the end of December, however. The results pushed Brewin Dolphin shares [...]
US data boost recovery talk January 28, 2010 New orders for long-lasting US manufactured goods edged higher in December and the number of workers filing applications for jobless aid fell last week, indicating the economy remains on a recovery path. The US Commerce Department yesterday said durable goods orders rose 0.3 per cent last month, held back by a surprise drop in civilian [...]