TomTom impresses despite fall July 22, 2009 Dutch navigation device maker TomTom posted better-than-expected second-quarter results yesterday and upped its cost-savings target, raising hopes that efforts to manage its debt and update its business model are bearing fruit. Net profit was €20m (£17.3m), down 61 per cent from a year earlier but beating average analyst expectations of €13m as it sold more [...]
Cadbury signs up to Fairtrade July 22, 2009 The UK’s best-selling chocolate bar, Cadbury’s Dairy Milk, is set to become the largest brand to bear the Fairtrade logo, in a move which will see it try to steal market share from its ethical rivals. It is thought that the tie up between Fairtrade and Britain’s biggest selling chocolate bar will raise Fairtrade sales [...]
NS&I says flight to safety over July 22, 2009 National Savings & Investments (NS&I), the taxpayer-backed savings authority, said yesterday that the “flight to safety” by investors – which saw a record £26bn poured into its products last year – is over. As it announced its annual results for 2008/2009 and for the quarter ending 30 June, NS&I said it was operating in a [...]
CITY MOVES WHO’S SWITCHING JOBS July 22, 2009 MercerThe consulting and outsourcing business has appointed Monica Santiago as head of its health and benefits business in the UK. Santiago was previously chief operating officer for Mercer’s health and benefits business in Europe and, prior to that, was business leader for Portugal. She takes over her new London-based role from David Levey, who becomes [...]
Boeing profit rises but 787 yet to take off July 22, 2009 BOEING posted a 17 per cent increase in quarterly profit yesterday, topping expectations, thanks to growth in defence programmes. But the global recession pressured operations, and the company did not say when its futuristic but long-delayed 787 Dreamliner would fly. The world’s second-largest aircraft maker said it was still assessing the schedule for its 787 [...]
Consumer spending drought will persist July 22, 2009 CONSUMERS will continue to rein in spending this year due to a weak economic environment and rising unemployment, according to fund manager Alliance Trust. The firm said that the financial confidence of consumers showed an improvement for a second successive quarter in the last three months, as household budgets improved, but that the economic backdrop [...]
MARSTON’S TOPPED UP BY SHAREHOLDERS July 22, 2009 Pub firm Marston’s, which owns the Pitcher & Piano chain, said yesterday it had received support from 91 per cent of shareholders for its £176m fundraising. It will use the cash to acquire and develop new pubs.
Canis to sell off Setanta slots July 22, 2009 PAY-TV channel consultancy Canis Media has been appointed to sell the nine slots left available on the Sky digital platform after the collapse of Setanta’s British operations. Deloitte, which is handling the administration, asked Canis to handle this latest stage of winding down Setanta’s business, which could raise up to £1m. Canis will also handle [...]
Sportingbet ditches Italia July 22, 2009 ONLINE gaming company Sportingbet yesterday said it was dumping its Italian business due to a tightly regulated local market which restricted expansion plans. Sportingbet said it sold the business to the local management team for a nominal consideration, but did not give details of the deal. The sale of Sportingbet Italia will reduce the company’s [...]
The bankruptcy timebomb is waiting to explode July 22, 2009 WHEN Peter Mandelson was trade and industry secretary, he came back from a trip to America on a mission to foster a greater spirit of entrepreneurialism in Britain by introducing a US-style insolvency regime. He wanted to create a “nation of entrepreneurs” and his belief was that everyone deserved a second chance if they failed. [...]