London makes up the lion’s share of overcrowded trains July 24, 2013 THE DEPARTMENT for Transport yesterday confirmed what most of the city’s commuters already know: that London-bound trains make up the most overcrowded services in the country. A fifth of passengers, or around 100,000, were forced to stand during the peak of a typical morning rush into the capital in 2012. The DfT said this has fallen [...]
Court upholds pension appeal July 24, 2013 PENSION scheme members cannot jump ahead of other creditors when a company or bank goes bust, the Supreme Court said yesterday, in a landmark ruling that clarifies the ranking of creditors in an insolvency. The ruling was the result of a case brought by the administrators of the UK divisions of investment bank Lehman Brothers [...]
Moody’s ups dividend as bond market grows July 24, 2013 CREDIT rating agency Moody’s posted a higher-than-expected 31 per cent jump in quarterly profit as companies issued more bonds. Total revenue increased 18 per cent to $756m (£651m) in the second quarter, while total expenses rose about 12 per cent to $405.2m. Net income attributable to Moody’s rose to $225.5m, or $1.00 per share, from [...]
Visa beats the street after strong increase in card payments July 24, 2013 VISA reported a quarterly profit that beat Wall Street estimates last night as customers spent more using its cards and the world’s largest credit and debit card network raised its outlook for full-year revenue and earnings. Visa also authorised a new $1.5bn (£979m) share buyback programme, sending its shares up two per cent in after-hours [...]
Snowden stays put July 24, 2013 US INTELLIGENCE fugitive Edward Snowden will remain in transit in Russia after his lawyer said he had not received documents allowing him to travel. Snowden, who has been living in a Moscow airport since 23 June, has been given permission to stay in the country by President Putin.
Kingfisher looks on bright side as sales return to growth July 24, 2013 KINGFISHER, the owner of B&Q and Screwfix, said sales bounced back in the second quarter of the year as the hotter weather sparked demand for barbecues, flowers and garden furniture. Like-for-like sales in the UK and Ireland rose 2.5 per cent in the 10 weeks to 13 July, with total sales up 5.2 per cent, [...]
Tate & Lyle on track despite cold US spring hitting drinks market July 24, 2013 TATE & Lyle yesterday said an unusually cold spring in the US had hit first-quarter volumes but did not prompt it to alter full-year profit forecasts. The sweetener-maker, whose brands include Splenda and Tasteva, said that the expected cold start to the US summer resulted in lower volumes within the beverage sector, which mainly affected [...]
U.S. results July 24, 2013 Ford boosts outlook Ford Motor boosted its full-year outlook and posted a second-quarter profit that trounced expectations on the strength of operations outside North America. Ford said its pre-tax operating profit this year would be “about equal or higher” than last year’s $8bn (£5.2bn), rather than “about equal”. For the second quarter, it reported a [...]
Analyst Views | What did you make of Kingfisher’s statement? July 24, 2013 SIMON IRWINCREDIT SUISSEWhile this beat is encouraging … it shows more the volatility driven by weather, soft comparatives and calendar effects rather than a clear evidence of an improvement in underlying demand. JAMES GRZINICJEFFERIESSales performance was better than expected…The update confirmed a seasonally-driven rebound in the UK, normalisation in French pressures and much stronger performance [...]
Wetherspoons more bullish as UK pub-goers’ mood improves July 24, 2013 JD WETHERSPOON raised its profit forecast yesterday and said it plans to accelerate pub openings thanks to a recovery in margins and a more upbeat mood among customers. The pub chain’s 800 pubs have helped cash-strapped consumers ride out the downturn with promotions like curry clubs and “beer and a burger” bargains. Like-for-like sales rose [...]
