Lloyds bank announces almost 1,000 job losses February 7, 2012 LLOYDS Banking Group announced 990 job cuts yesterday, which the part-nationalised bank said formed part of last year’s broader plans to axe 15,000 jobs across the company. Around 990 positions are set to go as a result of site closures in LTSB Scunthorpe, LTSB Dudley and HBOS Romford and HBOS Newcastle. The roles will come [...]
Mixed results for Royal London February 7, 2012 Royal London has announced a six per cent increase in new business during 2011, despite a dreadful performance from its asset management arm. The UK’s largest mutual life and pensions company bagged £3,291m of new income but income at its RLAM division plummeted by 67 per cent to £379m.
Electra PE is ready to spend February 7, 2012 Electra Private Equity said it expects to take advantage of the gloom in the buyout sector as it reported a rise in net asset value (NAV). Basic NAV per share inched 2.3 per cent up to £23.77 and climbed 2.1 per cent to £22.71 on a diluted level for the quarter to 31 December. The [...]
Retailers pledge warranty action February 7, 2012 Dixons, Comet and Argos, Britain’s three biggest electrical retailers, have promised the UK’s competition watchdog they will improve the transparency of the extended warranties market to avoid a full-blown investigation. The Office of Fair Trading said yesterday its third study in just over a decade of the extended warranties market found consumers may not be [...]
TUI benefits from Thomas Cook troubles February 7, 2012 EUROPE’s biggest travel group TUI Travel said its bookings have outperformed the UK market as it reaped the benefits from strong online sales and troubles at its rival Thomas Cook. The tour operator, which also owns Thomson and First Choice, said yesterday total UK summer bookings were flat in the quarter, compared to a 14 [...]
Inflation slows as shops keep cutting prices February 7, 2012 SHOP PRICE inflation dropped in January, figures out today from the British Retail Consortium (BRC) showed, as last year’s VAT rise fell out of the calculation. Overall, inflation dropped to 1.4 per cent from 1.7 per cent in December, helped by falling commodities prices and declining freight costs, as well as ongoing promotions and discounts. [...]
MOTHERCARE HIRES JOOLS OLIVER February 7, 2012 TROUBLED baby products chain Mothercare has hired Jools Oliver, the wife of celebrity chef Jamie Oliver, to create a new collection of newborn and children’s clothing, bedding and accessories. The retailer, which runs over 1,300 stores in 60 countries including Early Learning Centre stores, said the products are set to hit the shelves in the [...]
FTSE subdued as hopes pinned on a Greek deal February 7, 2012 BRITAIN’S blue-chip index closed flat yesterday after staging a late recovery on talk that Greece was making progress towards securing a bailout deal and avert a messy default. The FTSE 100 gauge ended the session 1.94 points lower at 5,890.26 as gains among banks and oil stocks offset heavy losses in the mining sector, which [...]
Eurozone fears halt rise on good fundamentals February 7, 2012 US stocks rose slightly yesterday, but with the outcome of discussions on a bailout package for Greece uncertain, investors are unlikely to make big bets in coming days. The Dow Jones industrial average was up 33.07 points, or 0.26 per cent, at 12,878.20. The Standard & Poor’s 500 Index was up 2.72 points, or 0.20 [...]
Carry on carry trading the Aussie dollar as rates held February 7, 2012 THE Reserve Bank of Australia caught the markets by surprise after holding interest rates yesterday – contrary to the expected cut. With December retail figures contracting, house prices dropping an average of 4.8 per cent year-on-year and housing construction in a 20 month slump, traders were poised for a 0.25 per cent cut in rate [...]
