Morrison sales in slim rise November 4, 2010 Wm Morrison Supermarkets met forecasts with a modest rise in third-quarter underlying sales as the benefits from a small rise in food price inflation were held back by subdued consumer spending. Britain’s fourth-biggest grocer said sales at stores open over a year rose 1.3 per cent, excluding petrol and VAT sales tax, in the 13 [...]
Man Group sees bounce back in client assets November 4, 2010 Man Group, the world’s largest listed hedge fund firm, said client assets rose to $40.5bn (£25.1bn) in the year until the end of September, helped by strong returns from its flagship AHL fund that raise hopes the group can win back investors. Man, which has bought smaller rival GLG with its $25 billion of assets [...]
Services sector up – but tough times ahead November 3, 2010 Activity in the services sector unexpectedly gathered pace in October – but forecast for the rest of the year are weakening. The figures are likely to support expectations that the Bank of England will vote not to inject more stimulus into the economy this week but leave that option open further down the line if [...]
Next warns of 8pc hike in clothing prices November 3, 2010 Next has warned customers that clothes prices could rise by as much as eight per cent in the new year as the cost of cotton continues to rise. Chief executive of the retailer Lord Wolfson said: “While there has been a 45 per cent rise in the price of cotton it accounts for only something [...]
Standard Life sees assets climb November 3, 2010 Standard Life said it expected more profit growth despite tough economic conditions and posted a rise in assets under administration for the first nine months of the year. Standard Life, Britain’s fourth biggest insurer by market capitalisation, said assets under administration for the nine months to end-September rose 13 per cent from last year to [...]
FirstGroup profit rise fuelled by buses November 3, 2010 Transport operator FirstGroup posted a 14.3 per cent rise in first-half profit, helped by continued strong performances from its UK rail and bus businesses. FirstGroup, whose rail business includes the Great Western franchise running into central London, on Wednesday reported an adjusted pretax profit of £77.7m on sales four per cent higher at £3.07bn in [...]
Santander boss confirmed as new Lloyds chief executive November 3, 2010 Antonio Horta-Osório, chief executive of Santander UK, has been named as the new chief executive of Lloyds Banking Group. He will fill the shoes of Eric Daniels at the lender which was bailed out by the UK taxpayer. The resignation of Horta-Osorio would come ahead of a planned initial public offering of the Santander UK [...]
AB InBev tips profit surge November 3, 2010 Anheuser-Busch InBev, the world’s largest brewer, forecast profit would grow at an even faster pace in the fourth quarter than the third after beer consumption shot up in growth markets Brazil, China and Russia. The brewer of Budweiser, Stella Artois and Beck’s said growth of its much-watched core profit (EBITDA) would be “materially” higher than [...]
Admiral on target as turnover rises November 3, 2010 Insurer Admiral has said it remains on track to meet its forecasts for the year in a trading update. Turnover soared 50 per cent during the third quarter to £446m and the number of vehicles covered by the group was 28 per cent higher than the same time last year. “I’m pleased to report that [...]
Royal Mail profit plunges November 2, 2010 Royal Mail has seen its half-year operating profit drop 72 per cent from £184m a year earlier. The loss at Royal Mail Letters totalled £66m, after a £48m profit last year. Royal Mail said the loss was caused by a continuing fall in mail volumes, and had been limited by cost-cutting. It said mail volumes [...]
