Property will bounce back, says LandSecs July 15, 2009 LAND SECURITIES, the UK’s largest property developer, yesterday signalled that the worst of the property slump was over and said it was gearing up for recovery. After months in the investment wilderness, the firm said it was preparing to join a growing legion of opportunistic buyers keen to exploit a sharp 45 per cent fall in [...]
Car sales in Europe chart healthy rise July 15, 2009 NEW car sales in Europe rose in June for the first time in 14 months, driven higher by scrappage schemes in over 10 member states, in a sign that the battered industry may be motoring towards recovery. Car sales rose 2.4 per cent last month from a year ago, to 1.5m units throughout Europe, where [...]
Ghana gives Tullow approval July 15, 2009 EXPLORER Tullow Oil said yesterday it had gained approval from the Ghanaian energy minister to start work on the Jubilee field Phase 1 Development Plan. The Jubilee field will be developed using a rig, the company said, and will deliver a plateau oil rate of 120,000 barrels of oil per day. The Unitisation Agreement has [...]
Central bank downgrades Japan’s economic forecast July 15, 2009 JAPAN has prolonged emergency measures designed to ease the flow of credit to companies, as the country’s central bank downgraded its economic outlook. The Bank of Japan revised its April forecast of a 3.1 per cent contraction in 2009 to a record 3.4 per cent decline and extended emergency procedures to buy corporate debt from [...]
O2 in NatWest joint venture July 15, 2009 MOBILE operator O2 said yesterday it has teamed up with NatWest bank to launch two new pre-paid cash cards to customers which can be loaded online or in stores. Called O2 Money, the business aims to cash in on the growing demand for mobile banking services. The two cards, Cash Manager and Load & Go, [...]
LSE first quarter revenue drops by eight per cent July 15, 2009 THE LONDON Stock Exchange Group (LSE) yesterday said that weak trading cut first-quarter revenues by eight per cent, beating forecasts, but highlighting the challenge facing new chief executive Xavier Rolet. At his first quarterly trading update since taking over at the exchange, Rolet confirmed that he will continue to cut costs and introduce new tariffs as [...]
H&M reports dismal results July 15, 2009 HENNES & Mauritz, the world’s third-biggest clothing retailer, yesterday reported a bigger-than-expected five per cent year-on-year fall in sales in June. The group’s total sales, which include sales in new stores, rose four per cent, underperforming analysts’ forecast of 8.4 per cent. H&M’s dismal trading update is fresh evidence that consumer-facing businesses are still facing [...]
BURBERRY WEATHERS THE STORM July 15, 2009 BURBERRY, the luxury fashion group known for its camel, red and black check pattern, yesterday met forecasts by posting a four per cent drop in first quarter revenue to £229m. The group said its performance in the UK was “exceptional,” but added trading remained weak in the US and Spain. The firm has responded to [...]
Thornton’s sales melt in summer July 15, 2009 Chocolate retailer Thorntons yesterday posted a fall in fourth quarter sales, blaming the hot weather, but said full-year profit will be a touch ahead of market forecasts. “The board expects that profit before tax and before the anticipated pension scheme credit for the full year ended June 2009 will be marginally ahead of the current [...]
FSA bans insurance broker July 15, 2009 The Financial Services Authority (FSA) yesterday prohibited Graham Darby, director of insurance broker Ambrose Darby, for failing to control the business of the firm adequately. The order bans Darby performing significant influence functions at any authorised financial firm. The FSA found that Darby, who was diagnosed in July 2008 with a severe medical condition, did [...]