Market report: FTSE benefits from caffeine hit as inflation falls June 19, 2012 Coffee and a promise to safeguard the Eurozone from further contagion pushed the FTSE up 0.4 per cent in early trading this morning. As a result London’s blue chip index broke through the 5,500 level – a technical level seen as key for spurring further buying. Last night European leaders at the G20 summit in [...]
Costa Coffee owner Whitbread boosts sales by 13.9 per cent June 19, 2012 Sales at hotel and restaurant group Whitbread, the owner of Costa Coffee, were up 13.9 per cent in the last quarter. Excluding new openings, like-for-like sales were up 4.5 per cent in the 13 weeks to 31 May 2012, the group said this morning. Most of the growth came from the firm’s flagship coffee chain, [...]
Home Retail says sales fall slows at Argos June 19, 2012 Home Retail, Britain’s biggest household goods retailer, said sales at its main Argos business fell at a slower rate in its first quarter, while sales at its Homebase home improvement business were severely dented by wet weather. Sales at Argos stores that have been open for over a year fell 0.2 per cent in the [...]
Microsoft introduces tablet computer range to take on iPad June 19, 2012 Microsoft signalled a significant change in strategy last night by announcing its own range of tablet computers to take on Apple’s iPad. The firm, which has traditionally eschewed the hardware business in favour of licensing software to the third-party manufacturers, said it will launch a range of tablets under the “Surface” brand. The range includes [...]
From relief to despair as election rally dies June 18, 2012 UNIMPRESSED markets quickly thudded back down to reality yesterday after a relief rally on the back of Greece’s elections results proved short-lived. Despite equities soaring on the news that the pro-bailout New Democracy party had scraped its way to a narrow victory in Sunday’s vote, ongoing worries over the future of the single currency soon [...]
SFO drops investigation into Vincent Tchenguiz June 18, 2012 THE SERIOUS Fraud Office (SFO) was yesterday forced into an embarrassing climbdown after dropping a high-profile fraud investigation into flamboyant property tycoon Vincent Tchenguiz. The regulator’s decision to admit that there are “no longer reasonable grounds” to consider Tchenguiz a suspect could leave it with a substantial bill for damages to his business interests. He [...]
EU rules could push up cost of retirement June 18, 2012 PENSIONERS could face a reduction in income of up to 20 per cent if new European Union rules on capital requirements are implemented, according to accountancy firm Deloitte. The Solvency II reforms are set to shake-up the continent’s insurance business by setting common standards and increasing capital requirements. But this could have the side effect [...]
Plus Markets wins investor vote on sale June 18, 2012 PLUS Markets yesterday gained approval for the disposal of its stock exchange business to ICAP, following weeks of controversy over the move. The sale of Plus-SX, home to Arsenal FC’s listing, for £500,000 was passed at yesterday’s general meeting – but a substantial number of abstentions means less than a third of investors backed the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2012 FINANCIAL TIMES Sants: City’s status under threat London’s position as a global financial centre is under threat because the UK financial sector is not rethinking its business models quickly enough in the face of a new political atmosphere and regulatory change, says Hector Sants, the departing chief executive of the FSA. Sants warned that banks, [...]
Melrose in talks over £1.4bn bid for Elster Group June 18, 2012 AFTER four years with no major investments, manufacturing buyout specialist Melrose yesterday confirmed it is in talks to buy German engineering firm Elster Group. Following speculation over the weekend, Melrose yesterday confirmed it was pursuing an all-cash deal that values Elster at $2.3bn (£1.4bn), offering $20.50 per Elster’s American depositary share. The price is a [...]