Warning skilled Brits are moving abroad due to stifling UK costs September 3, 2013 HARD pressed skilled workers are deserting the UK in droves to work overseas due to declining job prospects and high prices, a survey showed yesterday. The poll of 5,600 Brit emigrants working overseas shows a large proportion – almost 40 per cent – are working as skilled technicians with a further 23 per cent classed [...]
Shop prices still falling at fastest pace since 2007 September 3, 2013 PRICES of goods at the UK’s retailers are still shrinking, down by 0.5 per cent in the year to August – the joint-fastest rate since early 2007, six and a half years ago. According to the British Retail Consortium (BRC) and Nielsen, deflation is still in swing, the 0.5 per cent drop being the same rate [...]
Euro uncertainty sends merger and acquisition deals tumbling September 3, 2013 MERGER and acquisition (M&A) volumes plunged in the second quarter of the year, official figures showed yesterday, as uncertainty over the strength of the economic recovery put off buyers. Just 111 deals were done in the three-month period, the Office for National Statistics (ONS) said yesterday, down 42 per cent on the same period of [...]
Barclays to sell retail banking arm in the UAE September 3, 2013 BARCLAYS’ review of retail operations in Dubai has found they do not generate sufficient returns to remain part of the group and so will be sold. The lender reviewed all of its business units earlier this year to see how they fit into its group, and repeated the process after the Bank of England said [...]
McBride hit as competition knocks profits September 3, 2013 MCBRIDE, the household products manufacturer, yesterday reported a sharp fall in sales and profits, blaming weak European consumer demand and fierce competition among branded product makers. The company, which issued a profits warning earlier this year, said pre-tax profits tumbled 21 per cent to £9.5m, down from £12.1m the previous year. Sales fell 6.5 per [...]
Analyst Views: What was your reaction to McBride’s full-year results? September 3, 2013 DAMIAN MCNEELA PANMURE GORDON Although the operating environment is unlikely to improve materially in the near term, this announcement of a re-focused senior management team should allow the business to accelerate the revenue momentum generated in the second half and improve operating margins. NICOLA MALLARD INVESTEC McBride has delivered full year 2013 results in line [...]
Kodak returns after 18 months of bankruptcy September 3, 2013 FORMER photography giant Kodak is back in business, emerging from 18 months of bankruptcy with a leaner business plan. The new Kodak will focus on commercial products such as high-speed digital printing technology and printing on flexible packaging for consumer goods. “You can’t imagine how much I have been waiting for this moment,” chief executive [...]
Punch Taverns and Greene King toast bumper summer takings September 3, 2013 PUB GROUPS Greene King and Punch Taverns have enjoyed a summer of rising sales, helped by the hot summer and growing consumer confidence. Greene King, which operates the Hungry Horse and Old English chains, said yesterday that like-for-like retail sales rose 4.6 per cent in the 18 weeks to 1 September. “This performance has been [...]
InterContinental joins in buyout boom with Rothesay Life deal September 3, 2013 THE WORLD’S biggest hotel chain InterContinental Hotels yesterday offloaded its UK pension plan to Goldman Sachs-owned insurer Rothesay Life, adding further momentum to the UK’s buoyant buyout market. The fiercely competitive deal, which saw a number of other life insurers providers pitch for the business, will see Rothesay take responsibility for the future pension payments [...]
Weetabix owner hopes to take a slice of Tnuva September 3, 2013 CHINESE group Bright Food yesterday revealed the latest move in its global acquisitions drive, revealing that it is holding talks with Tnuva, Israel’s biggest food manufacturer and distributor, about a possible purchase. “This has really just got going, and the two sides are in the process of talking and understanding one another,” Bright Food spokesman [...]