Moody’s warns slow growth could hit UK’s AAA rating March 24, 2011 Britain’s triple-A sovereign debt rating could be at risk if slower economic growth makes it harder for the government to rein in its budget deficit, ratings agency Moody’s said. “The government’s ongoing commitment to large-scale deficit reduction is very important to the Aaa rating and stable outlook,” Moody’s said the day after Chancellor George Osborne [...]
UK retail sales fall March 24, 2011 Retail sales fell more than expected in February, retracing some of January’s rebound after a jump in prices which was only partly due to the rise in VAT, hit volumes, official data showed. The Office for National Statistics said sales volumes including automotive fuel fell 0.8 per cent last month after a downwardly revised increase [...]
United Utilities in line for strong full-year March 24, 2011 United Utilities, the largest listed water utility, said trading in the second half had been slightly ahead of its expectations, putting it on track for a “solid” performance for the year. The company said regulated revenue had continued the positive trend from the first half, but would be slightly lower in the second, reflecting seasonal [...]
BAA to spend £50m to tackle snow March 24, 2011 Airports operator BAA said it would invest £50M in better winter defences after a report criticised its response to the snow-induced chaos at London’s Heathrow airport last year. An inquiry into BAA’s handling of last year’s big freeze, which closed runways in the week before Christmas, said BAA had to prove it can keep Heathrow [...]
Kingfisher to step up expansion March 24, 2011 Kingfisher plans to step up its expansion as well as measures to boost profit margins, as it battles tough trading conditions in many markets. The group, which runs market leader B&Q in its home market and Castorama and Brico Depot in France and elsewhere, met forecasts with a 23 per cent rise in full-year profit [...]
Next warns over bleak outlook March 24, 2011 Next said trading conditions in 2011 were likely to get worse before they get better, as it posted an expected nine per cent rise in profit for the year. “Retailing will feel like walking up the down escalator – we will have to work hard to stand still,” Chief executive Simon Wolfson, said. The retail [...]
Imperial Tobacco trading in line March 24, 2011 Imperial Tobacco expects its half year revenues to rise around two per cent as it said trading for its financial year was in line with management expectations. Imperial, with cigarette brands including Lambert & Butler, West and Gauloises, said its cigarette volumes declined one per cent in its half-year to end-March due to a shift [...]
Osborne: Budget “puts fuel in the tank of the economy” March 23, 2011 Chancellor George Osborne said the government would slash corporate tax by two per cent from April in a budget which he claimed would put “fuel into the tank of the British economy”. The chancellor claimed the move was to prove “Britain is back in business”. On corporate tax he said: “We used to have the [...]
Inditex sees profit soar by 32pc March 23, 2011 Zara retail chain owner Inditex has reported a 32 per cent surge in profit, fuelled by business in India and China. Inditex, the world’s largest clothes chain, saw annual profit hit 1.73bn euros (£1.5bn). The Spanish company, which has 55,000 stores in 77 countries, targeted Asia’s fast-growing economies in 2010. Sales in Asian countries accounted [...]
DP World prepares for London listing March 23, 2011 DP World said that it is on track for a listing on the London Stock Exchange (LSE). The port operator – a more profitable part of the debt-laden Dubai World – has passed on its full ear results to the LSE in preparation to lay the groundwork. “We are on track for the London listing,” [...]
