Watchdog gives SABMiller green light for Foster’s deal September 28, 2011 Australia’s competition watchdog has given the go-ahead to SABMiller’s $10bn (£6bn) friendly acquisition of brewer Foster’s Group as expected, saying the bid would not lessen competition. SABMiller and Foster’s last week agreed on a sweetened A$9.9bn takeover deal. “The proposed acquisition is not likely to result in a substantial lessening of competition for the supply [...]
Man Group shares dive as client funds pulled in volatile trading September 28, 2011 Man Group saw clients pull out $2.6bn (£1.6bn) of cash in the three months to the end of September, as volatility in world markets knocked the world’s largest listed hedge fund manager’s recovery from the credit crisis off course. The company’s shares plunged by up to 20 per cent in early trading. The firm, which [...]
Retail sales hit 16-month low September 27, 2011 British retail sales weakened at their fastest pace in 16 months in September and stores expect little improvement in October as squeezed consumers clamp down on spending, a survey by the Confederation of British Industry showed on Tuesday. The CBI distributive trades survey’s retail sales balance edged down to -15 in September from -14 in [...]
World stocks bounce back on Eurozone hopes September 27, 2011 The FTSE 100 tracked gains in Asia overnight as the mining sector – which has taken a battering over world economic growth fears – bounced back. World stocks rose for a third straight session with European shares up two per cent early on, as investors took comfort from reports that officials were working to add [...]
M&B sales growth slows September 27, 2011 British pubs & restaurants group Mitchells & Butlers reported slowing sales growth in the fourth quarter, giving prospective suitor Joe Lewis more ammunition to stake his claim. The group, which has rejected two approaches from the billionaire currency trader and and said sales growth at pubs and restaurants open more than a year slowed to [...]
BAE announces 3,000 job losses September 27, 2011 Defence company BAE Systems has announced that it will cut around 3,000 job due to slower sales of the Eurofighter jet. The company, which makes the plane as part of a four-nation consortium, said on Monday that it would not comment on the media reports but would update its employees on Tuesday. It said 3,000 [...]
Moss Bros moves into the black September 27, 2011 Moss Bros swung to a first-half adjusted pre-tax profit, helped by cost cuts and strong sales across both its hire and retail markets and said it expected outturn for the full year to be ahead of its prior view. The menswear retailer said trading in the eight weeks ended 24 September has been impacted by [...]
Daily Mail profits at lower end of forecasts September 27, 2011 Media group Daily Mail & General Trust expects its full-year operating profit to be lower than last year after weak advertising revenues hit its consumer business. The company, whose flagship Daily Mail newspaper is the top-selling mid-market tabloid, said underlying revenue at its A&N consumer media business was down three per cent in the 11 [...]
Close Brothers profits rise September 27, 2011 Financial services group Close Brothers posted higher full-year profits that met market expectations, and said its businesses continued to have good prospects despite the current tough economic climate. Close Brothers, whose services include merchant banking, securities dealing and wealth management, said that adjusted operating profits for the full year ending July 2011 rose 13 per [...]
Bank’s Broadbent signals more QE September 26, 2011 Britain’s economy will not need to weaken much further for the Bank of England to start a second round of quantitative easing, Bank policymaker Ben Broadbent said on Monday. Economists’ expectations have shifted sharply in recent weeks to expect a top-up to the Bank’s £200bn of asset purchases in either October or November, due to [...]
