Iceland cut from FTSE index September 17, 2009 Iceland has been dropped from leading equity benchmarks following the collapse of its financial markets in the wake of the failure of its three main banks over the last 12 months. Both the FTSE and MSCI index firms said they will no longer track economic indicators of the troubled Nordic country.
ITVboard is split over Ball pay demands September 17, 2009 TONY Ball is said to be seeking a package worth up to £20m as chief executive of ITV, should he manage to bring the company’s share price back to health. But the boardroom is understood to be split over the terms of the deal, which is expected to include the ex-BSkyB boss putting some of [...]
Investment in UK by foreign firms halves September 17, 2009 BRITAIN saw its foreign investment slashed by half last year as the downturn led foreign firms to ditch spending plans in the UK, according to a UN survey. The world investor flow survey from the UN Conference on Trade and Development (Unctad), reveals that investment in the UK was hit harder by the global recession [...]
GUY HOLDS HIS HANDS UP September 17, 2009 GUY Hands, the founder of private equity firm Terra Firma, yesterday conceded that he had paid too much for music firm EMI, his largest investment at £4bn. He said he would not have bought the company if the auction for the company, held in 2007, had happened just two weeks later.
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 [...]