First small firm gets funding from the government’s Capital Enterprise Fund August 13, 2009 BUSINESS secretary Lord Mandelson yesterday announced that a Bedford-based firm has become the first to receive money from a £75m government fund launched help small to medium businesses. Octopus Investments, which manages £30m of the Capital for Enterprise (CFE) fund, said that it will invest £2m into software firm KeTech. “Ambitious and innovative businesses like [...]
CITY MOVES WHO’S SWITCHING JOBS August 13, 2009 Reed ElsevierThe publishing group has appointed Ben van der Veer, the former chairman of accountancy firm KPMG in the Netherlands, as a non-executive director, effective from 3 September. Van der Veer was chairman at KPMG Netherlands between 1999 and 2008 and also sat on the firm’s international board and management committee. He is a member [...]
Greencore heralds profit rise August 13, 2009 Irish sandwich giant Greencore has forecast a rise in profits this year thanks to improving UK consumer sentiment and a strong debut in the US market. The group, which also makes ready meals under the Weight Watchers brand, said operating profits had risen when the effects of currency changes are factored out. In a trading [...]
Este Lauder sales nose dive August 13, 2009 Beauty supplier Estée Lauder yesterday met analysts’ profit expectations despite a steep sales decline said the current quarter could be stronger than anticipated as it trims costs in a tough climate. Estée Lauder posted a net loss of $17.9m (£10.8m), for the fourth quarter ended 30 June, compared with a year-earlier profit of $120.2m. Sales [...]
Urban Outfitters beats forecasts August 13, 2009 High street fashion retailer Urban Outfitters yesterday reported a higher-than-expected quarterly profit and saw a modest improvement in sales sending its shares up by more than five per cent. Net profits at the operator of the Urban Outfitters, Anthropologie and Free People chains fell to $49m, (£29m) in the second quarter ended 31 July from [...]
Anheuser-Busch InBev fizzes on Stella boost from drinkers August 13, 2009 ANHEUSER-BUSCH InBev, the world’s largest brewer, yesterday beat analyst forecasts for its second-quarter profit, after sales of its key lager Stella Artois jumped. The brewer said the launch of the lower strength Stella Artois four per cent beer and a new sixties-style marketing campaign had won customers back with a near seven per cent rise [...]
CIT to submit survival plans August 13, 2009 CIT Group, the ailing US lender, has promised to present a plan of action, showing how it will get out of a liquidity crisis, to its regulator within 15 days. Shares of the firm climbed as much as 19 per cent after the statement, which fuelled hopes the lender can avoid bankruptcy. CIT agreed to [...]
RWE books jump in profits despite poor trading in UK August 13, 2009 RWE, Europe’s fifth-largest utility, yesterday met forecasts with a 3.8 per cent rise in first-half operating profit, as lucrative power sales made up for a weak performance at its UK subsidiary NPower. The German power giant said it made an operating profit of €4.1bn (£3.5bn) in the six months to June. Earnings, which had been [...]
AIG takes axe to 900 US jobs August 13, 2009 AMERICAN International Group’s money-losing consumer finance unit yesterday said it eliminated 900 jobs and closed 145 branches in the first half of the year, and may make further cutbacks as it prepares to be sold. In a regulatory filing, American General Finance said its quarterly loss increased sevenfold to $227.2m from $31.8m a year earlier, [...]
HOT TUNA GOES FISHING August 13, 2009 SURFWEAR fashion brand Hot Tuna, which recently completed a restructuring to help it weather the retail downturn, said yesterday it had raised £1.1m through a share placing to fund expansion into new markets. Hot Tuna also said it had appointed executive director Geoff O’Connell, a four-year veteran of the company, as its new chief executive.