UK unemployment rises but claimant count falls March 16, 2011 UK unemployment increased by 27,000 in the three months to the end of January to 2.53m, according to the Office for National Statistics (ONS). The increase took the unemployment rate to eight per cent, the ONS said, with the youth unemployment rate at a record. However, the ONS figures also showed that the number of [...]
Greggs posts record profit on store openings March 16, 2011 Baker Greggs posted a record profit in 2010 as it benefited from new store openings and said it was well positioned to make further progress in 2011 despite the worsening consumer environment. The Newcastle-based firm, which sells pasties, sandwiches, bread and cakes to over six million customers a week from over 1,480 shops, said it [...]
French Connection to up dividend after profit boost March 16, 2011 Fashion group French Connection said it was confident of coping with a tough economic outlook and rising input prices as it beat forecasts with higher full-year profit, and hiked its dividend. The reatailer , which has sold off or closed a string of underperforming businesses, said on it made a pretax profit of £7.3m in [...]
IHG chief Cosslett quits but “business as usual” March 16, 2011 InterContinental Hotels said Andrew Cosslett will step down as chief executive of the world’s biggest hotelier on June 30 but signalled there would be no big changes in strategy as it named current Chief Financial Officer Richard Solomons to replace him. InterContinental (IHG) Chairman David Webster said the company understood and respected Cosslett’s decision to [...]
Renaissance to launch $500m London float March 16, 2011 Oman’s Renaissance Services oilfield services unit Topaz Energy and Marine will launch a $500m (£310m) London listing to fund expansion plans and repay existing debt facilities, it said. The initial public offering will include an over-allotment option of existing shares of up to 15 percent of the total global offer, the company said in a [...]
Bank board uneasy over King deficit comments March 15, 2011 The Bank of England’s supervisory board said that it was uncomfortable with the way Governor Mervyn King’s comments on fiscal policy had been used for political means and that the bank should have “shouted louder” to warn of an impending financial crisis. The chairman of the Bank’s board of directors expressed unease that King had [...]
Eurozone employment improves March 15, 2011 Euro zone employment grew year-on-year for the first time since the financial crisis in the last months of 2010, data showed, driven by job creation in the region’s core as its periphery struggled. Employment in the fourth quarter rose 0.1 per cent from the third quarter and 0.3 per cent year-on-year, offering signs of a [...]
Debenhams upbeat despite tough market March 15, 2011 Debenhams said it was well placed to cope with a worsening consumer market by focussing on growing profit margins rather than chasing sales. The department store chain, which trades from 166 stores in Britain, Ireland and Denmark and about 60 franchised outlets in 23 countries, forecast first half pre-tax profit in line with a market [...]
Collins Stewart hikes dividend March 15, 2011 Broker and financial services group Collins Stewart raised its final dividend for the first time in four years as it posted a three per cent rise in full-year profits. Collins Stewart reported a pre-tax profit of £19m for the year to 31 December, up from £18.4m the previous year, reflecting growth in all its main [...]
Close Brothers in profit rise March 15, 2011 Financial services group Close Brothers said it was well-placed for further growth as it posted higher first-half profits driven by increased lending at its core banking business. Close Brothers, whose services include merchant banking, securities dealing and asset management, reported an adjusted operating profit of £65.4m for the six months to 31 January – up [...]
