June public borrowing higher than forecast July 20, 2012 The UK Government borrowed more than expected in June as a weak economy continued to weigh on public finances, official data showed on Friday. The Office for National Statistics said that public sector net borrowing excluding financial sector interventions — the government’s preferred measure — rose last month to £14.5bn from £13.9bn in June 2011. [...]
De Beers earnings halve July 20, 2012 De Beers, the world’s largest diamond producer by value, said earnings halved in the first six months of the year amid tough trading conditions. The results contrast with a bumper start to last year, and the remainder of 2012 is set to remain challenging. De Beers, which vies with Russia’s Alrosa for the title of [...]
Heineken tops Thai offer in $4.1 bn APB bid July 20, 2012 Heineken NV launched S$5.1bn ($4.1bn) counter-bid for Asia Pacific Breweries (APB) on Friday, beating a surprise offer for the maker of Tiger Beer by a Thai billionaire and setting the stage for a two-way battle. The fight for APB comes amid a wave of industry consolidation and steady growth for emerging-market beer sales. The S$3.8bn [...]
Vodafone growth dips July 20, 2012 Vodafone posted a sharp drop off in organic growth in the first quarter, dragged down by weak trading in Italy and Spain and a worse performance in Britain. The British firm had outperformed its peers in the last year but the tough conditions across Europe forced the group to cut its medium-term outlook and write [...]
Mothercare looks overseas as UK business shrinks July 19, 2012 Baby products retailer Mothercare, facing intensifying competition in Britain, said its overseas sales rose 11 percent in the first quarter, contrasting with a more than 10 per cent fall in total sales in its home market. The company, which also sells maternity wear, said comparable sales in the UK fell 6.7 per cent in the [...]
Coller raises $5.5bn to buy private equity assets July 19, 2012 Coller Capital has raised $5.5bn (£3.5bn) to buy private equity investments from banks and other investors, tapping into a growing niche that has seen some of the biggest pools of capital raised by buyout firms over the last year. As traditional private equity groups have found new capital hard to raise and deals tough to [...]
UK retail sales edge up July 19, 2012 UK retail sales edged up by just 0.1 per cent in June from the month before, official figures have shown. The Office for National Statistics (ONS) said that the dire weather in June had contributed to a contraction in sales in the food sector. Sales volumes were up 1.6 per cent compared with June 2011.
Sports Direct profit soars July 19, 2012 Sports Direct posted a strong rise in full year profit boosted by buoyant online sales, which helped it win market share from rivals. The sports retailer, controlled by billionaire Newcastle United soccer club owner Mike Ashley, on Thursday said its underlying pretax profit rose 17.3 per cent to £162.1m in the 53 weeks to 29 [...]
Halfords chief executive steps down July 19, 2012 Halfords said its chief executive David Wild is stepping down and has reported falling sales after the wet weather hit trading. Wild is to leave the car accessories and bicycle retailer with immediate effect, and chairman Dennnis Millard will take over the role until a successor is found. Halfords said like-for-like revenues fell 5.6 per [...]
Kingfisher sales pick up July 19, 2012 Kingfisher, Europe’s biggest home improvement retailer, said underlying sales recovered in its second quarter, showing its resilience in the economic downturn even though heavy rain put British and French shoppers off buying seasonal ranges. The firm, which runs the market-leading B&Q chain in Britain as well as Castorama and Brico Depot in France and elsewhere, [...]
