China GDP on a roll October 21, 2005 China’s economy recorded a whopping 9.4 per cent growth in the last quarter, leaving the anaemic economies of the West far behind. Growth exceeded analysts’ expectations as the Chinese juggernaut was bolstered by strong exports and high public spending. Real gross domestic product (GDP) grew by 9.4 per cent on last year on the back [...]
Paladin gets boost from Talisman October 21, 2005 City followers swept up British oil company Paladin’s shares after a £1.2bn bid with Canadian rival Talisman was agreed yesterday. Shares in Paladin rocketed to close up 74.5p, or 27 per cent, at 349.5p, after the details of the deal were announced. The deal values Paladin shares at 355p, a 17.8 per cent premium on [...]
Judge only trial for drug cartel October 21, 2005 The Serious Fraud Office (SFO) may delay bringing criminal charges against drug company directors accused of rigging the prices of NHS drugs until next year. The delay would allow the suspected cartelists to be tried under the new judge-only court procedure. The SFO opened an investigation into generic drug manufacturers Goldshield Group, Generics UK, Kent [...]
Brown shaves £3bn off budget deficit October 21, 2005 Chancellor Gordon Brown got off lightly yesterday when the public sector finance figures released by the Treasury looked much healthier than expected. However, analysts suspect some sleight of hand in the way the figure has been calculated. The budget deficit narrowed to £14.6bn for the first six months of fiscal year 2005-2006, down from £17.6bn [...]
eBay shares fall despite sales hike October 21, 2005 eBay has grown even bigger in the last three months with sales now topping $1.1bn (£621m), it said yesterday. Shares still fell, however, as the online auction company had to defend itself over its $4.1bn (£2.26bn) purchase of Skype Technologies, the internet telephony company. eBay, which has taken the world by storm with its service [...]
Morrisons to launch cost cutting drive October 21, 2005 Sir Ken Morrison revealed yesterday that he had no plans to quit the retail business his father founded and planned to lead the enlarged supermarket into the post-Safeway era. “My present intention is to stay around for another two to three years,” he said The conversion of former Safeway stores into Morrisons outlets will be [...]
Ford in the red with £213m losses October 21, 2005 Ford fell into the red as losses in its key North American division increased and sales of high-margin sport utility vehicles dropped. The world’s third largest automaker, which is facing a deepening financial crisis, reported its third quarter results yesterday. It announced a $377m (£213m) pre-tax loss compared to a $718m (£406m) profit the previous [...]
Google astounds market with £215m profit October 21, 2005 Global giant Google has exceeded Wall Street expectations by announcing a sevenfold leap in third quarter profits. The search engine reported net income of $381.2m (£214.9m), more than six times higher than the previous year. Profit before tax soared to $550m compared to $15m at the same period in 2004, on a 96 per cent [...]
Green: ‘I am worth £1bn pay’ October 21, 2005 Philip Green defended his stunning £1.2bn dividend payment from Arcadia Group telling City A.M: “Venture capitalists would take much more.” In a day dominated by retail news, Green earned the biggest headlines. Arcadia — which owns Top Shop, Dorothy Perkins, Wallis, Etam and Miss Selfridge — reported a 6.8 per cent rise in sales to [...]
On top of the world October 21, 2005 Retail may be struggling, but Philip Green has just taken a £1bn dividend. Is he embarrassed? Not much. Displaying the timing for which he has become famous, retail entrepreneur Philip Green paid himself a whopping £1.2bn dividend from his retail chain Arcadia. At a time when retailers nationwide are struggling, Arcadia announced a 10.1 per [...]