Greggs announces lukewarm results as like-for-like growth decline softens October 9, 2013 High street baker Greggs has reported a 0.5 per cent drop in like-for-like sales in the 13 weeks to 28 September, as they witness a 2.1 per cent drop in like-for-likes in the year to date (release). So things might be looking up slightly, or at least chief executive Roger Whiteside thinks so. He says [...]
N Brown sales soar on internet sales and younger customers October 9, 2013 Retailer N Brown has posted strong sales and operating profits in its half year results for the 26 weeks till 31 August. Total group revenue stood at £406.6m, an increase of eight per cent with an increase in like-for-like sales of 7.8 per cent. Operating profit grew to £48.4m, an increase of 5.9 per cent. [...]
US ISS calls for Murdoch to quit 21st Century Fox October 9, 2013 America's Institutional Shareholder Services (ISS) has called for Rupert Murdoch to quit as chairman of his film and television business, 21st Century Fox. The proxy advisory group called for the media mogul and his two sons, James and Lachlan, to step down from the film company's board, advising shareholders to vote against Murdoch's reelection. The call [...]
What you need to know before the open – 09/10 October 9, 2013 President Obama's comments last night – that there is "no magic bullet" to end the standoff between the two parties – seems to finally be drumming home to markets the ramifications of shutdown. US markets saw their biggest one-day slide in 11 months. There was some stabilisation, however, on the news that Janet Yellen would [...]
Mining company Vedanta sees record oil and gas production October 9, 2013 Metals and mining company Vedanta has reported record oil and gas production in the second quarter of 2013. (Release) The global business, which is the largest miner in India, saw 213,299 barrels of oil equivalent per day (boepd) produced over the period, ending 30 September. Mined metal production increased 16 per cent in the second [...]
Janet Yellen to be next Fed Chief October 8, 2013 PRESIDENT Barack Obama will today nominate Janet Yellen to be the new chair of the Federal Reserve, making her the first woman to hold the most important job in the global financial system. Yellen will replace the outgoing Ben Bernanke at the end of January subject to approval by the US Senate, a White House [...]
Investors scramble for Royal Mail shares October 8, 2013 ROYAL Mail last night shut the order book on its historic £3.3bn privatisation, with the postal service’s 497-year stint as a public body set to end when it joins the London Stock Exchange on Friday. Unprecedented demand has seen hundreds of thousands of retail investors scrambling for shares in the massively oversubscribed state sell-off, the biggest [...]
Lenders fear bubble if UK does not get more houses October 8, 2013 MORTGAGE lenders yesterday warned house building levels are still dangerously low, as the government’s new Help to Buy scheme launched with the backing of five banks, including HSBC. The scheme gives a government guarantee to buyers with a small deposit saved up, making banks more willing to lend and increasing the range of mortgages on [...]
Q and A: How can I get a loan with Help to Buy? October 8, 2013 Q Am I eligible for a loan with this guarantee? A The loans are available to buy a house for less than £600,000 that you will live in. It only applies to capital repayment loans, and is only for buyers with a deposit of between five and 20 per cent of the price. Q How [...]
What the other papers say this morning – 09 October 2013 October 8, 2013 FINANCIAL TIMES Prosecutors give SAC ultimatum US prosecutors have given SAC Capital until November to resolve criminal charges against the hedge fund founded by Steven Cohen or risk paying more than the $1.8bn offer on the table, people familiar with the matter said. Lawyers for SAC Capital met representatives from the US attorney’s office in [...]