Price cuts hurt Carrefour’s sales April 12, 2012 Europe’s biggest retailer, Carrefour, reported lower first quarter sales than analysts had expected yesterday. First quarter sales were €22.5bn (£18.6bn). Sales fell 2.1 per cent, not including fuel, currency and calendar effects, while French hypermarket sales dropped 5.8 per cent. It said that its recently implemented ‘Reset’ plan for French hypermarkets had also hurt sales, [...]
Petropavlovsk sees 60pc rise in its gold haul April 12, 2012 RUSSIA-FOCUSED gold miner Petropavlovsk said gold production in the first quarter of 2012 rose 60 per cent on the same period a year ago, boosted by higher grades of the precious metal extracted from its Pioneer mine in Russia’s Far East. The company said it produced 120,800 ounces and is on track to produce its [...]
Churchill Mining seeks $2bn in coal dispute with Indonesians April 12, 2012 CHURCHILL Mining is heading to an international court of arbitration in May to fight for $2bn (£1.25bn) compensation in a dispute over an Indonesian mine that has one of the world’s biggest undeveloped coal reserves. Last week, Indonesia’s supreme court moved to reject an appeal by Churchill Mining which has been fighting Indonesia’s Nusantara Group [...]
Roche sales remain flat as Illumina bid battle rages April 12, 2012 SWISS drugmaker Roche dangled the prospect of a higher offer before reluctant US bid target Illumina yesterday along with broadly flat first-quarter sales supported by its top-selling cancer drugs. Genetics specialist Illumina has rejected Roche’s $6.7bn sweetened takeover offer and has also urged investors to vote against Roche’s bid to get its own nominees on [...]
Commercial property firms at their busiest in over two years April 12, 2012 COMMERCIAL property developers in Britain have enjoyed their busiest month in more than two years, according to research out today. Public sector work has expanded for the first time since February 2010, while private sector developers posted their first growth in nine months, figures compiled by Markit for Savills showed. Around one in four commercial [...]
Grainger is on track to pay down debt pile April 12, 2012 GRAINGER, the UK’s largest quoted residential landlord, said yesterday it expects a lift in the value of its UK portfolio and an improvement in sales when it reports its half year results next month. The Newcastle-based company, which operates in Germany as well as the UK, said completed sales from both portfolios in the six [...]
LONDON 2012 IMAGE OF THE WEEK April 12, 2012 JOHN Lewis, one of London 2012’s sponsors, has rolled out the official Olympic merchandise to all of its UK stores. It will now offer over 3,000 products, a small selection of which are shown above. Wenlock, the Olympic mascot, and Mandeville, the Paralympic mascot, feature heavily, alongside iconic symbols of London. Between now and the [...]
Weak exports weigh on GDP growth hopes April 12, 2012 ECONOMISTS have warned that weak international sales are dragging down the UK’s economic growth, as official figures yesterday revealed falling goods exports in February. The trade deficit rose for the second consecutive month, up £0.9bn to £3.4bn, driven by falling goods exports to non-EU countries. Furthermore, January’s deficit was revised up from £1.8bn in initial [...]
World Bank bullish on China’s long-term growth prospects April 12, 2012 CHINA’S economic growth will slow to a 13-year low in 2012 according to a World Bank report published yesterday, although it should avoid the “hard landing” feared by its leaders. The report predicts growth of 8.2 per cent on the previous year, firmly higher than the 22-year low of 7.5 per cent forecast by Chinese [...]
House buyers suffer as credit conditions batter mortgages April 12, 2012 TIGHTER credit conditions are starting to impact on lending to home-buyers, according to chartered surveyors’ figures published today. Loans for home purchase dropped to 43,450 in March – an 11 per cent drop on February and the lowest since December 2010, e.serv’s mortgage monitor revealed. First-time buyers particularly suffered, with loans for homes under £125,000 [...]