August retail sales are flat September 17, 2009 RETAIL sales stalled in August as the growth in high street spending lost some of its momentum, but analysts stressed sales were still on track for growth. Figures from the Office for National Statistics (ONS) showed retail sales volumes were flat in August compared to a downwardly revised 0.2 per cent rise last month. This [...]
Consumers’ expectations of inflation are holding steady September 17, 2009 CONSUMERS’ expectations for inflation over the next year remained steady in August at 2.4 per cent, a quarterly survey from the Bank of England showed yesterday. The Bank of England/GfK NOP survey showed that Britons’ current expectations of inflation were 3.8 per cent, down from four per cent in May, but well above the 1.6 [...]
US enjoys construction recovery and fall in new benefit claimants September 17, 2009 THE number of new houses being built in the US rose in August to the highest level since November, while new jobless claimants fell. The commerce department said housing starts rose 1.5 per cent to a seasonally adjusted annual rate of 598,000. The modest increase was tempered by the fact that the market had expected [...]
Growing DIY trend boosts B&Q profits September 17, 2009 DIY chain B&Q was hailed the “jewel in the crown” by Kingfisher’s chief executive Ian Cheshire yesterday, as the growing trend of home improvement boosted sales and lifted profits ahead of expectations. Kingfisher yesterday said pre-tax profits leapt by 35 per cent to £288m in the 26 weeks to 1 August, from £214m the year [...]
ARE YOU CHEERED BY KINGFISHER’S UPDATE? September 17, 2009 RICHARD HUNTER HARGREAVES LANSDOWNThe inadvertent leak of the positive surprise has today been confirmed by Kingfisher, which has enjoyed a 35 per cent hike in profits. Good weather, the removal of competition such as MFI, a close eye on cost and stock control and the revamping of its offerings have all helped. MATTHEW MCEACHRAN SINGER [...]
Profits slide at John Lewis as crunch hits September 17, 2009 THE John Lewis Partnership, seen as a bellwether for middle-class consumer confidence, yesterday reported a 20 per cent dive in first-half profits. Despite a strong performance from its grocery chain Waitrose, the group said pre-tax profits were down by £21m to £86.3m in the six months to 1 August. The group’s department store, famed for [...]
PAI in move to shrink 5.4bn buyout fund September 17, 2009 PAI PARTNERS, mainland Europe’s biggest private equity group, has offered to let its investors halve their commitments to a €5.4bn (£3.3bn) buyout fund as it seeks to resolve a row over its future. The Paris-based group, whose two top executives quit last month, made the non-binding offer on its most recent fund in a letter [...]
SUITS YOU SIR September 17, 2009 US BILLIONAIRE investor Warren Buffett yesterday emerged as a style icon, after turning Chinese suitmaker Dalian Dayang Trands into China’s best-performing clothing stock. Shares in Trands surged 229 per cent after Buffett, 79, was said the firm’s suits were “wonderful”. Retail investors interpreted the Sage of Omaha’s comments as a sign that he will invest [...]
Balfour raises 380m to buy rival US firm September 17, 2009 CONSTRUCTION firm Balfour Beatty yesterday said it has agreed to buy US project management firm Parsons Brinckerhoff for $626m (£380m), in a deal partly funded by a surprise rights issue. The group said it was launching a fully underwritten £353m cash call to fund the acquisition, which it believes will give it a leading position [...]
M&Ain focus in Credit Suisse’s buyer/seller list September 17, 2009 KRAFT’S bid last week for UK confectionary giant Cadbury will be the first of many buyout attempts, according to a Credit Suisse analyst. The analyst at the Swiss bank Richard Kersley yesterday sent out a table of companies that he believes are the most likely to buy a rival and of those companies that look [...]