Stagecoach boosted by revenue rise March 7, 2011 Bus and train operator Stagecoach said it was producing strong profits despite harsh winter weather hampering some of its services. Like-for-like revenue growth for the financial year to date in UK Bus was 1.9 per cent, while UK Rail revenue grew 6.9 per cent, the interim management statement said. Revenue growth in North America was [...]
UBS chief Gruebel waives bonus March 4, 2011 Oswald Gruebel, chief executive of UBS, is the first head of a major bank to say he will forego his 2010 bonus after the wealth manager’s share price fell during the year. While the Swiss bank has succeeded in stemming wealth management outflows – one of Gruebel’s stated priorities – and returned to profit in [...]
US payrolls surge as jobless rate nears two-year low March 4, 2011 US employers hired more workers in February than in any month since May last year and the unemployment rate fell to a near two-year low, raising hopes the economic recovery has gathered critical momentum. Nonfarm payrolls increased 192,000, the Labour Department said on Friday, above market expectations for 185,000 jobs. Data for December and January [...]
Eurotunnel hit by loss after insurance dispute March 4, 2011 Rail operator Eurotunnel has reported a 57m euro (£48m) loss, compared with a net profit of 7m euros a year earlier. The loss was triggered by a dispute with insurers over a fire in the Channel Tunnel in September 2008. The firm also said the cost of servicing its debts had increased by more than [...]
House prices fall at fastest rate for a year March 4, 2011 House prices fell 0.9 per cent in February, and by 2.8 per cent in the three months to February compared with a year ago, their fastest annual pace in more than a year, mortgage lender Halifax said on Friday. Halifax said that February’s drop offset a 0.8 per cent rise in January, but it expects [...]
Ocado sales up 25pc March 4, 2011 Online grocer Ocado posted a 25 per cent rise in first-quarter sales and said it remained profitable, despite a challenging economic backdrop which has hit many retailers hard. The group, which mostly sells the products of grocer Waitrose, said it made gross sales of £146.2m in the 12 weeks to 20 February, in line with [...]
WPP beats forecasts after strong US performance March 4, 2011 A rebound in the United States advertising market allowed WPP, the world’s largest ad group, to follow its peers and post strong full-year results on Friday and a solid outlook for 2011. WPP, whose ad agencies include JWT and Ogilvy & Mather, posted fourth quarter organic revenue growth of 8.5 per cent and said the [...]
UK service sector growth slows March 3, 2011 Growth in the dominant service sector slowed sharply in February after January’s weather-related bounce and companies recorded job losses for the fifth month running, a survey showed. February’s headline services PMI index fell to 52.6 from January’s eight-month high of 54.5, a peak that followed a negative reading in December blamed on snow. The index, [...]
Aviva profit jumps by a quarter March 3, 2011 Aviva reported a forecast-beating 26 per cent increase in 2010 profit, helped by cost cuts and stronger sales of high-margin life policies. Aviva, Britain’s second-biggest insurer by market value, said it made a 2010 operating profit of £2.55bn, up from £2.02bn pounds the previous year. Analysts had expected a profit of 2.44bn, according to the [...]
Government gives green light to Murdoch BSkyB deal March 3, 2011 Rupert Murdoch’s News Corp took a huge step towards securing its prized £8bn buyout of BSkyB when the government accepted proposals designed to alleviate competition concerns. The move, which could still be challenged by media rivals in court, would allow News Corp to avoid a prolonged investigation and instead start negotiating the terms of the [...]
