Inditex sales growth slows in tough market December 14, 2011 Sales growth at Spain’s Inditex, the world’s largest clothing retailer and owner of the Zara label, moderated in the third quarter as the euro zone debt crisis crimped spending in the region. The company, founded by Spain’s richest man Amancio Ortega, posted a 9.5 per cent rise in sales growth on for the third quarter [...]
Betfair earnings boosted by football season December 14, 2011 Betfair Group reported first half core earnings at the top end of expectations, driven by a good start to the football season for the world’s largest betting exchange and rises in the number of customers and the value of bets. Betfair, founded 10 years ago by one-time professional gambler Andrew Black and former JP Morgan [...]
TUI to post full-year profit December 14, 2011 Germany’s TUI, owner of Europe’s largest tour operator TUI TraveL, said it expects to post a net profit in its current fiscal year as it passes on rising input costs to holidaymakers and weathers strong economic headwinds. Turnover and operating earnings will grow moderately in the twelve months through the end of September, it said. [...]
Thomas Cook to close 200 shops December 14, 2011 Thomas Cook reported a worse than expected decline in full-year operating profit and said it would close 200 of its underperforming shops in Britain, as it looks to reduce its debt and restore confidence among investors. Europe’s second biggest travel firm by sales, which secured a rescue package from its banks last month, said the [...]
LE Crunch December 13, 2011 EUROPE is in the midst of a severe credit crunch that has seen the market for bank debt disappear as the continent’s money supply shrinks. The conditions are so tough they have sparked a row between the region’s most senior regulators over how to shore up Europe’s crumbling banking system as politicians fall further and [...]
Supply fears pushes up oil December 13, 2011 OIL prices jumped two per cent yesterday as fears over Iran and threats to major shipping lanes sent US crude above $100 a barrel. Crude futures briefly surged nearly $4 a barrel after a frenetic spell of trading in New York at the start of the day. The rise was also driven by the closure [...]
High streets need more than Portas December 13, 2011 IF you want to see how capitalism has transformed people’s living standards, look no further than supermarkets and most recently their digital offerings. Their online shopping services have improved the lives of millions, especially the elderly, those with mobility difficulties, people with young children and the time-poor. For a modest fee – and sometimes for [...]
Fed: No more QE just yet December 13, 2011 MODEST economic growth means interest rates will be held at “exceptionally low levels” until at least mid-2013, the Federal Open Markets Committee (FOMC) said yesterday as it decided to hold steady with its current monetary stance. Strains in financial markets pose “significant downside risks” to the economic outlook, the Committee warned, whilst it worried that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 13, 2011 FINANCIAL TIMES PEPSICO SIGNALS RENEWED FOCUS ON CORE INDULGENT BRANDS PepsiCo, the US drinks and snacks company, has signalled that it will renew its focus on its core “indulgent” brands. The move marks a shift in strategy after mounting criticism from investors that it had invested too much in less profitable health products. SIX FORMER [...]
Citi to sell final Primerica stake December 13, 2011 Citigroup is set to exit from life insurer Primerica by selling its remaining 8m shares in a public offering. Primerica, one of the cornerstones of Citi’s empire before the financial crisis led to a bailout in 2008, went public in 2010.. Last month, Primerica bought back $200m of its shares from Citigroup, as the bank [...]