BACK ON THE BOIL October 10, 2010 Celebrity chef Gordon Ramsay has news to toast after doubling profits at his troubled restaurant business. Gordon Ramsay Holdings turned a £4.2m profit in the 11 months to August, up from £2.47m in the same period the previous year. Ramsay was forced to restructure and recapitalise his companies after rapid international expansion in 2008 backfired, [...]
Walker to bid £1bn for food firm Iceland October 10, 2010 THE boss of frozen food chain Iceland is planning a £1bn takeover of the firm he founded four decades ago, although he faces a potential bid battle, it emerged yesterday. Malcolm Walker, who together with other managers owns about a quarter of the retailer, is thought to have offered to buy the remaining 76 per cent [...]
Wal-Mart US managers in firing line over sales October 10, 2010 WAL-MART Stores’ US management will be in the firing line at the company’s investor meeting this week, where Wall Street analysts will press for details on rescuing the retailer’s largest business. Sales at US Wal-Mart stores open at least a year have fallen in five straight quarters, hurt by competition from lower-priced dollar stores and [...]
Jobless count set to rise as austerity hits October 10, 2010 UNEMPLOYMENT data published on Wednesday is expected to confirm the gloomy outlook for the UK jobs market and to show that more Britons joined the dole queue last month, intensifying fears of an austerity-induced second wave of job losses. A consensus of City economists predicts that 2,700 additional people will have been claiming Job Seeker’s [...]
BDO: Quantitative easing needed to stimulate UK’s economic growth October 10, 2010 FINANCIAL services firm BDO has called for an extra £50bn to be pumped into the economy through quantitative easing to maintain the economic recovery. The firm backed MPC member Adam Posen’s call for more quantitative easing in the fourth quarter. BDO’s Business Trends forecast is predicting slower than expected growth for the first half of 2011, which [...]
Retail insolvency rates fall to pre-2007 levels October 10, 2010 RETAIL insolvencies fell to pre-recession levels this quarter, according to research from PricewaterhouseCoopers (PwC). Just 360 firms went bust in the third quarter, a drop of 11 per cent from the second and a massive 26 per cent reduction on last year. PwC believes the improvement will be continued as most of the weaker firms [...]
IS THE NUMBER OF UNEMPLOYED LIKELY TO RISE OVER THE COURSE OF THIS YEAR? October 10, 2010 PETER DIXON | COMMERZBANK “Concerns of a slowdown in real activity growth are not without foundation. I suspect that we are near the trough of the unemployment cycle and look for a flat September reading. However, we may not see steep rises in unemployment until public sector job cuts begin to bite in 2011.” MICHAEL [...]
FSA keeps business waiting for approval October 10, 2010 BUSINESSES looking to receive authorisation from the Financial Services Authority (FSA) are now waiting longer for approval, finds new research. Financial services firms looking to receive authorisation from the FSA had to wait up to 21.1 weeks during the second quarter to get the regulatory nod. This marks an eight per cent rise on the [...]
The City is a vital component in UK prosperity October 10, 2010 Now that we have reached the end of the 2010 Party Conference season, it is perhaps time to take a step back and reflect on some of the rhetoric directed at the City in a calm, rational manner. The hostile political environment facing financial services is – to a degree – understandable given the public [...]
Facebook movie top for second week October 10, 2010 Facebook film The Social Network captured the top spot at US box offices for the second straight weekend in a lacklustre frame that saw ticket sales for all films drop about 15 per cent from last year. The Social Network took in $15.5m (£9.7m) with its tale of the website’s founding, which has thrilled both [...]
