BoA earnings down as new chief named April 15, 2011 Bank of America Corp posted a 37.5 per cent decline in first-quarter earnings and named a new chief financial officer. The largest US bank reported net income of $2bn (£1.2bn), or 17 cents per share, compared with $3.2bn, or 28 cents per share ,in the same quarter a year ago. Analysts on average had forecast [...]
John Lewis weekly sales up 7.3 per cent April 15, 2011 Retail giant John Lewis reported its strongest weekly growth rate since early January Figures show a 7.3 per cent increase on last year’s sales in the week to 9 April. Improved weather boosted summer fashion sales with a 10.3 per cent increase. “The general impression remains that consumers are reining in their spending,” said chief [...]
Moody’s downgrades Ireland by two notches April 15, 2011 Moody’s cut Ireland’s sovereign rating by two notches to the verge of junk status and kept its outlook on negative, pushing the euro lower and adding to renewed pressure on the euro zone’s weaker countries. The downgrade cut short a rare spell of good news for debt-ridden Ireland after the government said on Thursday it [...]
H&M sales drop five per cent April 15, 2011 Hennes & Mauritz said like-for-like sales dropped by five per cent in March compared with the same month last year. The fashion company said that the strong sales in March 2010 had been boosted by good Easter sales. Total sales, which include new stores, were up two per cent. Last month the Swedish chain said [...]
Ladbrokes ends 888 bid talks as revenue rises April 15, 2011 Bookmaker Ladbrokes said it had ended talks over a possible takeover of online gaming firm 888 and that first-quarter revenues were up 2.3 per cent. The company, which had been talks with 888 over a possible takeover, said discussions between the two companies had been terminated. Earlier this week 888 said talks with Ladbrokes were [...]
China inflation jumps to 32-month high April 15, 2011 China’s turbo-charged growth eased just a touch in the first quarter, while its inflation jumped to a 32-month high, putting pressure on the government to do more to rein in prices and keep the economy on an even keel. China’s gross domestic product increased by 9.7 per cent in the first quarter from a year [...]
Euroset confirms pulling its £800m IPO April 14, 2011 The already shaky climate in the UK’s new issues market worsened today as Russian mobile phone retailer Euroset pulled its £800m issue. The flotation has been dogged by uncertainty because of nervousness in the markets, with investors increasingly unwilling to pay up for what they deem to be overvalued stock. City A.M. broke the news [...]
Iceland PM says debt repayment to start in summer April 14, 2011 Iceland will begin making debt repayments to Britain and the Netherlands this summer, using funds raised from the sale of assets from one of its collapsed banks, the country’s prime minister wrote on Thursday. Icelanders last week rejected for a second time a plan to repay £3bn to savers in Britain and the Netherlands who [...]
Reckitt chief in shock retirement April 14, 2011 British consumer goods group Reckitt Benckiser shocked investors by saying its 54-year old star chief executive Bart Becht is to retire and be replaced by Reckitt veteran Rakesh Kapoor, sending its shares sharply lower. Marketing chief Kapoor, who has been with Reckitt for 25 years, will become chief executive on 1 Sept, with Becht staying [...]
WH Smith hikes dividend as profit rises April 14, 2011 Newspaper, books and stationery retailer WH Smith posted a three per cent rise in first-half profit and hiked its dividend as higher profit margins offset lower sales in a tough trading environment. The group, which trades from over 570 high street stores and more than 500 outlets at airports, train stations, hospitals and motorway service [...]
