Lebedev buys Independent for £1 March 25, 2010 THE Independent and Independent on Sunday newspapers have been sold to Russian billionaire Alexander Lebedev. Oligarch Lebedev, owner of the Evening Standard, bought the loss-making papers from Irish company Independent News & Media (INM) for £1. As part of the deal, INM agreed to pay Lebedev’s Independent Print Limited (IPL) £9.25m over the next ten [...]
UK retail sales rebound March 25, 2010 UK retail sales rose strongly between January and February, official figures have shown. Data from the Office for National Statistics (ONS) showed a 2.1 per cent hike. In January, volumes fell by three per cent. Vicky Redwood of Capital Economics said: “February’s official retail sales figures confirm that high street spending bounced back after the [...]
Jarvis plunges into administration March 25, 2010 RAIL contractor Jarvis has plunged into administration after its banks pulled the plug. In a statement to the Stock Exchange the firm said it no longer had the support of its banks and could not “continue trading as a going concern.” Jarvis employs 2000 people mainly on rail and freight maintenance projects. Trading in its [...]
Next profits in 18pc surge March 25, 2010 NEXT saw profits jump by 18 per cent last year as it reacted more quickly to changes in fashion. Pre-tax profits rose to £505.3m with sales totalling £3,406m. The company said spending drop on the high street in the recession had not been as bad as feared. Next, which runs over 500 shops in the [...]
Kingfisher raises dividend after profits boost March 25, 2010 B&Q owner Kingfisher beat profit forecasts and raised its dividend – helped by a rise in sales of eco-friendly products. Pre- tax profit excluding and one-off items jumped 49 per cent to £547m in the year ended January, above the average forecast of £543m. As well as raising its dividend for the first time in [...]
Darling stamps on City workers March 24, 2010 ALISTAIR Darling stepped up his war on banks and the wealthy yesterday, but he refused to announce a raft of gimmicky pre-election giveaways. Delivering what is likely to be his last Budget, he continued to clobber the better-off by unveiling a new top rate of stamp duty. Amid cheers from the Labour backbenches, Darling said [...]
At a glance: All of Alistair Darling’s 2010 Budget tax and spend policies March 24, 2010 THE ECONOMY/ PUBLIC FINANCES l Confirmed pre-Budget report (PBR) 2010 growth forecast of 1-1.5 per cent. But the chancellor revised downwards the 2011 forecast to 3-3.5 per cent to bring forecasts in line with those of the Bank of England. Growth forecast of 3.5 per cent in 2012 maintained. l Inflation spike expected to be [...]
Why the devil is always in the detail March 24, 2010 YOU must hand it to Alistair Darling: to have to unveil a budget deficit of 11.8 per cent of GDP, roughly the same as Greece’s, would have destroyed a lesser politician. The fact that he was able to portray such an abysmal outcome as a triumph is the final proof that contemporary Britain is now [...]
Darling aims for harmony on bank tax March 24, 2010 CHANCELLOR Alistair Darling yesterday threw his full weight behind a drive for international coordination on the implementation of a global risk tax on banks at an International Monetary Fund meeting next month. “This must be brought forward quickly, as I will urge international finance ministers in Washington next month,” Darling said as he presented his [...]
What did you think of the Budget? March 24, 2010 DARLING has delivered his Budget, but what do you think? Apply to join our panel at www.cityam.com/panel by 12pm to answer these questions. Existing members will receive an email this morning. 1) Alistair Darling yesterday unveiled his final Budget before the general election. Overall, to what extent do you approve or disapprove of the Budget? 2) [...]