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 [...]
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 [...]
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 [...]
Actif tones down its branding October 20, 2005 Actif, which distributes Elle clothing in Britain, has been forced into a French Connection-style rethink of its aggressive branding. Just as French Connection has toned down its use of the risque FCUK logo on its products, Actif chief executive Mark Evans said yesterday that it was going down the same route as shoppers were beginning [...]
Rio to expand in Australia October 20, 2005 The world’s second largest mining company Rio Tinto said it will spend $1.35bn (£768m) to expand its iron ore production at two of its key operations in Western Australia. The company said it would invest $530m expanding its Yandicogina mine to boost its output from 36m tons to 52m tons. It will also expand its [...]
MFI under pressure as shares dip October 20, 2005 Confidence in MFI’s stricken furniture chain was undermined further yesterday after a damning analyst report sent the shares into a nosedive. Richard Ratner, of Seymour Pierce, quoted “reliable sources” stating that the British showroom business had sought an extension of credit terms from trade suppliers. He also suggested that the division could be “put into [...]
FTSE falls to lowest level since July October 20, 2005 The FTSE fell to its lowest level since July as fears about rising interest rates wiped out value on stock exchanges across Europe. It emerged yesterday that the Monetary Policy Committee (MPC) voted unanimously to keep British interest rates at 4.5 per cent. Analysts said that this signalled a rate cut to coincide with November’s [...]
US suffers shock inflation increase October 19, 2005 Inflation trends differed markedly on either side of the Atlantic yesterday, with the American producer prices (PPI) confounding analysts with their biggest gain in 15 years, but Britain got off lightly with a consumer price index (CPI) level of just 2.5 per cent. The American PPI shot up by 1.9 per cent on last month, [...]