Matalan shrugs off the retail gloom as sales rocket on new product lines June 15, 2009 BUDGET fashion chain Matalan yesterday said it was defying the retail gloom as it reported a 8.2 per cent boost in like-for-like sales for the 14 weeks to 6 June. The group, which has 203 outlets across the UK, said it had seen a jump in footfall due to the introduction of new product lines [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 15, 2009 FINANCIAL TIMESBLU-RAY SALES FAIL TO OFFSET DECLINE OF DVDHollywood’s expensive bet on Blu-ray technology has failed to prevent a sharp decline in home entertainment sales, dealing a blow to the film industry as it grapples with the global economic downturn. The industry’s revenues fell by more than $2.6bn in 2008 as sales of standard DVDs [...]
TENSIONS IN TEHRAN June 15, 2009 Tens of thousands yesterday flocked onto the streets in Tehran, defying a government ban to join a mass rally in protest at President Mahmoud Ahmadinejad’s disputed election win. Later fatal shots killing at least one protester were fired, prompting supreme leader Ayatollah Ali Khamenei to order a probe into the election.
HOW DID MAJESTIC WINE PERFORM GIVEN THE TOUGH ECONOMIC CLIMATE? June 15, 2009 FIONA ORFORD-WILLIAMS EDISON“Majestic managed respectably under the circumstances – it’s not exactly a surprise that it took a heavy hit from corporates cutting back on champagne. It would have been more squeezed if it were flogging basic entry-level plonk wines, since the mid to high end is more resilient.” CHARLES PICK FINNCAP“The results are in [...]
Euro banks facing $283bn writedowns June 15, 2009 EUROZONE banks may need to write down another $283bn (£146bn) on bad loans and securities over the next 18 months, the European Central Bank (ECB) said yesterday. The sum comes on top of an estimated $366bn in writedowns by eurozone banks since the start of the financial crisis in mid-2007, which shows more pain ahead for [...]
Virgin and Universal team up June 15, 2009 Virgin Media is to launch an unlimited music download subscription service through a partnership with the world’s largest music company, Universal. The service, described by the two companies as a world first, would allow Virgin Media broadband customers to stream and download as many music tracks and albums as they want from Universal’s entire catalogue [...]
FTSE launches clean-tech tool June 15, 2009 Global index provider FTSE Group has announced the launch of new tools to help investors seeking exposure to the environmental technology sectors. The new tools include an environmental markets industry classification system, which will allow investors to identify and make peer-to-peer comparisons more easily.
Ten Alps profit hits a plateau June 15, 2009 Media production company Ten Alps posted a flat pre-tax profit for the full year to 31 March, and said the new financial year began with a “decent” order book. Pre-tax profit for the full year was £3.3m, compared with £3.2m a year ago, and revenue fell 1.5 per cent to £80.2m. But Ten Alps, which [...]
Sumitomo to launch 5.7bn rights issue June 15, 2009 JAPAN’S second largest bank by market value, Sumitomo Mitsui Financial Group, yesterday announced a giant £5.7bn share sale, buoyed by strong demand from overseas and domestic investors. The Japanese mega-bank said it will raise 923.1bn yen (£5.7bn) by issuing new common shares, making it one of the biggest fundraisings in Japanese corporate history. The bank plans [...]
Brown to hire Royal spin doctor June 15, 2009 Prime Minster Gordon Brown is set to appoint the man responsible for the turnaround of the Queen’s public image after the death of Diana, Princess of Wales as his new spin doctor. Simon Lewis, whose clients include Buckingham Palace, Centrica and Vodafone, will try to restore Brown’s dogged reputation. Lewis is an old acquaintance of [...]