Philips profit hit by TV sales January 24, 2011 Philips Electronics reported lower-than-expected fourth-quarter net profit, as poor TV sales hit its lifestyle division, and warned that consumers in mature markets will be reluctant to spend this year. The Dutch lifestyle, healthcare and lighting giant said it has seen a revical in the construction sector, which is expected to lift its lighting division in [...]
StanChart to buy GE Money January 24, 2011 Standard Chartered bank has confirmed plans to buy the Singapore-based firm GE Money. Standard Chartered has not revealed the offer price for the car and personal loans provider, but said GE Money had assets worth $1.8bn (£1.13bn). General Electric has been trimming back its finance arm GE Capital since the financial crisis hit. the company [...]
Rio Tinto wins Riversdale board support for $3.9bn bid January 24, 2011 Rio Tinto’s $3.9bn (£2.4bn) bid for Africa-focussed coal miner Riversdale was given a boost after a representative of Riversdale’s top shareholder Tata Steel backed the offer. The full board of Riversdale, coveted for its coal projects in Mozambique, recommended the bid saying it was unaware of any other offers in the works, even as an [...]
Business travellers stash items worth £1,500 in airplane bags January 21, 2011 Business travellers takes items worth nearly £1,500 in their airplane carry-on bags, according to a survey. The research found that business people typically take 12 items, including essentials like toothbrushes and a shirt. But now smartphones and iPads – costing around £700 – are making their way onto the list as technology becomes a must-have [...]
Coulson resigns as PM’s communications chief January 21, 2011 The prime minister’s communications chief Andy Coulson has resigned. Coulson has faced pressure after revelations about phone hacking by News of the World journalists while he was editor of the newspaper. David Cameron had backed him and said he regretted that Coulson had felt compelled to step aside. Coulson was a key part of Cameron’s [...]
RBS surges on talk of asset protection exit January 21, 2011 Royal Bank of Scotland and the Treasury are in talks over RBS’s possible early exit from the government asset protection scheme that insures the bank’s riskiest assets, an industry source said. “Clearly there are talks going on, but it is very early days,” the source said on Friday. The Asset Protection Agency (APA) – which [...]
Poor retail sales triggered by bad weather January 21, 2011 Retail sales in December were hit by the dire weather – with no year-on-year growth for the first time since 1991. The volume of retail sales was unchanged from the previous year, the Office for National Statistics said. It is the first time there has been no growth in retail sales volume in a December [...]
John Lewis in sharp sales rise January 21, 2011 Sales growth at department store chain John Lewis slowed dramatically last week as consumers tightened their belts after spending freely in the post-Christmas sales. The employee-owned retailer, which also runs upmarket grocery chain Waitrose, said on Friday department store sales increased 4.1 per cent to £55.8m in the week to January 15. Sales in the [...]
Mulberry profits from overseas growth January 21, 2011 Mulberry has seen profits rise as the luxury goods sector continues to bounce back. Pre-tax profit was £4.7m in the six months to 30 September, compared with £1.5m a year earlier. Mulberry said higher sales meant there was little end of summer season stock left to be sold at reduced prices, which maintained its profit [...]
Close Brothers boosted by banking arm January 21, 2011 Financial services group Close Brothers said it was confident of posting solid results for 2011, with growth in its main banking arm offsetting slight losses at its asset management unit. “Given the result year to date, overall we remain confident we will deliver a satisfactory performance for the 2011 financial year,” the company said. Close [...]
