Rio Tinto profit soars February 10, 2011 Global miner Rio Tinto surprised investors by more than doubling its full-year dividend and promising to return $5bn (£3bn) to shareholders by 2012, looking to soak up bumper cashflows after it reported a record second-half profit. After whittling down a $40bn mountain of debt the company said it was in strong shape to take advantage [...]
Government seals deal over bank lending and bonuses February 9, 2011 The government has reached an agreement with the largest UK banks on lending and bonuses. Under Project Merlin, banks will lend about £190bn to businesses this year. Of that £76bn will go to small firms, starved of lending. The Bank of England will assess whether the loans targets are met met. Chancellor George Osborne formally [...]
Goods trade deficit widens in December February 9, 2011 The goods trade deficit hit a record high in December as imports of aircraft jumped ahead of a change in VAT sales tax, and bad weather caused disruption at airports and ports. The figures chime with a sharp fall in GDP at the end of 2010 and may raise concern among economists that Britain’s recovery [...]
SuperGroup profit soars February 9, 2011 SuperGroup, the British company behind the Superdry fashion brand, posted an 87 per cent rise in third-quarter sales, showing strong trading momentum after a storming Christmas performance. The firm, whose clothes are a favourite of celebrities such as David Beckham, Leonardo DiCaprio and Zac Efron, said on Wednesday total sales were £81.7m in three months [...]
Reckitt misses fourth quarter forecasts February 9, 2011 Consumer goods group Reckitt Benckiser said it is aiming for above industry growth in 2011 despite rising input costs and tough economies after fourth quarter earnings on Wednesday came below forecasts. The group, which makes Finish dishwash products, Cillit Bang cleaners and Nurofen painkillers expects sales to rise four per cent this year and operating [...]
China raises interest rates February 8, 2011 China raised interest rates for the second time in just over six weeks, intensifying a battle in the fast-expanding economy against stubbornly high inflation that threatens to unsettle global markets. The timing was a surprise, coming on the final day of China’s Lunar New Year holiday, but investors have long expected more monetary tightening as [...]
Osborne to raise bank levy by £800m February 8, 2011 The government has said it will increase the levy on bank profits to £2.5bn this year – raising an extra £800m. The change would usually be set out in next month’s Budget. Chancellor George Osborne has yet to reveal the said the levy would help to give a context as banks set their bonuses in [...]
Premier offloads grocery unit for £182m February 8, 2011 Britain’s largest food producer Premier Foods has agreed to sell its canned grocery operations to Princes for £182m, further cutting the group’s debt. As a predominantly non-branded business the canned grocery operations had not been an area of focus for the firm. “Combined with the proposed disposal of our meat-free business, we will have delivered [...]
Xstrata profit jumps 86pc February 8, 2011 Miner Xstrata said its full-year profit jumped 86 per cent, slightly beating expectations, on stronger prices for most of its commodities. Attributable profit surged to $5.15bn (£3.19bn), from $2.77bn last year, beating the $5.05bn consensus of 18 analysts provided by the company. Xstrata, one of the most heavily traded companies in London, said it plans [...]
Thomas Cook takes £20m hit from Egypt crisis February 8, 2011 Thomas Cook said it expected the unrest in Egypt and Tunisia to wipe around £20m off its second quarter profits with holidaymakers being advised to stay away from the region. Thomas Cook, which is Europe’s second biggest tour operator, said revenue rose by seven per cent to £1.81bn in the first quarter of its fiscal [...]
