Blinkx has cautious outlook May 19, 2009 Online video search engine Blinkx yesterday posted a narrower than expected full year loss, helped by a growing number of users – but concerns over the outlook and the company’s cash position hit its shares, sending them down 13 per cent. The company said it was maintaining a “cautious and conservative stance” due to current [...]
Rose under fire after M&S profits plunge May 19, 2009 SHARES in Marks & Spencer plummeted yesterday after the retailer’s boss Sir Stuart Rose unveiled a 40 per cent collapse in profit and slashed the final dividend by 33.1 per cent. Any hopes of a quick recovery in the sector were quashed after the M&S executive chairman said he was “was not in green-shoots mode [...]
TUI Travel sees demand rise May 19, 2009 TUI Travel, Europe’s biggest tour operator, yesterday boasted of a welcome hike in summer 2009 holiday sales despite the dire conditions facing consumers. The group said summer bookings have proved to be in-line with anticipated demand and also revealed it had fewer holidays left to sell than at this time last year. Chief executive Peter [...]
Staff are less sensitive about fraud in downturn, says Ernst & Young May 19, 2009 FRAUDULENT business behaviours are becoming more acceptable as the recession worsens, an Ernst & Young survey suggested yesterday. The accountancy said of 2,200 workers in major firms across Europe half thought one or more unethical activities – such as giving a cash bribe to win work – was acceptable. There was even a significant minority [...]
ANALYST VIEWS: HOW BAD WERE M&S’ full year RESULTS? May 19, 2009 CAROLINE GULLIVER EXECUTION“The question is whether it can reverse market share losses in womenswear and food and turn the company into a credible international retailer with good growth prospects. Success is not guaranteed and the concern is that it will to cede more share to Next etc.” NICK BUBB PALI INTERNATIONAL“A dividend cut was priced [...]
ICAP in rude health after record profit May 19, 2009 THE world’s leading inter-dealer broker ICAP enjoyed record profits in 2008, it said yesterday, netting chief executive Michael Spencer £23.5m on his holding in the company. Pre-tax profit was up two per cent on the previous year, rising from £330m to £346m excluding one-off items, on the back of soaring revenues, which were up 23 [...]
Former WH Ireland directors make decision to exit quietly May 19, 2009 FORMER WH Ireland directors Laurie Beevers and David Youngman yesterday ended their public squabble with the stockbroking firm’s board by resigning from the company. Beevers and Youngman are thought to have decided to step down quietly in order to avoid a prolonged investigation into the events leading up to merger talks between WH Ireland and [...]
City firms risk brain drain as staff feel pressure of the credit crunch May 19, 2009 A PREDICTED brain drain of talent from London’s financial services sector is in danger of becoming a reality if City firms do not help staff adapt to changes brought about by the credit crunch, new research warned yesterday. According to a study by recruitment firm Badenoch & Clark (B&C), 77 per cent of financial services [...]
Pound hits 5-month high versus dollar May 19, 2009 STERLING yesterday jumped to its highest level against the dollar so far this year, as optimism grew the UK may have seen the worst of its financial crisis. Sterling climbed as high as $1.5438 yesterday, touching its strongest level since mid-December. Traders said the dollar was suffering yesterday as US investors exited the currency to [...]
Daimler snaps up Tesla stake May 19, 2009 German carmaker Daimler is buying a 10 per cent stake in US electric car firm Tesla Motors. The group, known for its luxury Mercedes-Benz cars, currently offers environmentally-friendly Smart cars but is keen to boost its green focus. Tesla in January agreed to build lithium-ion batteries for a new generation of Daimler electric smart cars.