Glencore denies plans to sell metal warehousing unit June 22, 2011 The world’s largest listed diversified commodities trader, Glencore said it had no plans to sell its metals warehousing unit. Metals traders have in recent days said Glencore was planning to sell its warehousing business. “It’s completely untrue,” a Glencore spokesman told Reuters. Glencore said in March it wants to boost its presence in metals warehousing [...]
Bank of England voted 7-2 to freeze interest rate June 22, 2011 The Bank of England’s Monetary Policy Committee judged the growth outlook had weakened and some members raised the possibility of future quantitative easing, minutes to its June 8-9 meeting showed on Wednesday. The MPC voted 7-2 to keep rates on hold at 0.5 per cent, with new MPC member Ben Broadbent as expected choosing to [...]
H&M profit hit by cotton price rises June 22, 2011 Budget fashion chain H&M has said profits fell again in the second quarter of the year as both cotton prices and wages rose. Profits at the Swedish company fell to 5.75bn crowns ($899m; £548m) from the same period last year. H&M said it had put aside a 248m Swedish crown provision related to an incentive [...]
Ofgem demands UK energy market shake-up June 22, 2011 Ofgem has told the country’s biggest utilities it believes sweeping reforms are needed to the retail gas and electricity market to encourage competition at a time of rising energy prices. “We will pursue breaking up the stranglehold of the Big Six on the electricity market to encourage more firms, like new arrival the Co-op, to [...]
Kesa weighs up options as Comet slumps June 22, 2011 Electricals retailer Kesa said it was examining strategic options for its loss-making Comet business as trade across the group worsened in its new financial year. “We have a strong turnaround plan for Comet to restore its profitability in the medium term and in parallel we are examining strategic alternatives to ensure the best overall value [...]
AZ to sell unit to Dentsply for $1.8bn June 22, 2011 Drugmaker AstraZeneca said it would sell its dental implants and medical devices unit Astra Tech to Dentsply International $1.8bn (£1.1bn) in cash. The US dental company beat bids from rival medtech groups and private equity firms to gain exclusivity to negotiate a deal. Astra Tech, which had revenue last year of $535m, is the world’s [...]
UK manufacturers hit by rising costs June 21, 2011 UK manufacturers have said they faced rising price pressures in June, but order books were better than expected. In the CBI’s latest industrial trends survey, 27 per cent of companies more predicted rising prices than falling ones, up from 24 per cent a month ago. Meanwhile, a slim majority said orders were better than normal, [...]
S&P: Risk of US credit rating cut increased June 21, 2011 The risk of a downgrade to the credit rating of the United States has increased due to a lack of political consensus on how to employ the country’s balance sheet flexibility, Standard and Poors’ said. “Theoretically, there’s a lot of flexibility on the fiscal and the monetary side: you have a central bank that can [...]
May public borrowing falls more than expected June 21, 2011 The budget deficit narrowed slightly more unexpectedly in May compared to a year earlier due to a rise in indirect taxes such as January’s increase in VAT, official data showed. The Office for National Statistics said that public sector net borrowing fell last month to £15.156bn from £16.463bn in May 2010, just below economists’ average [...]
Weatherford to pay BP $75m for Gulf spill June 21, 2011 Swiss-based oil services group Weatherford International, which provided equipment used in the doomed Macondo well, agreed to pay BP Plc $75m toward the cost of the Gulf of Mexico oil spill. BP has agreed to indemnify Weatherford in relation to economic claims from people affected from the spill and environmental damage. However, the settlement – [...]
