Network Rail profit plunges as debt rises June 3, 2010 NETWORK Rail profits plunged by almost 75 per cent over the past year – while the company’s costs and debts rose. The UK rail infrastructure company made pre-tax profits of £395m – down from more than £1.52bn last year. Regulator, the Office of Rail Regulation (ORR) has warned it that any bonus payments this year [...]
Kingfisher profit up after cost savings June 3, 2010 B&Q owner Kingfisher – Europe’s biggest home improvements retailer – posted a 15 per cent rise in first-quarter profit as cost savings and reduced losses in China offset a fall in underlying sales due to poor spring weather. The group, which runs Castorama and Brico Depot in France, made a retail profit of £146m in [...]
House prices up in May – but pace slows June 3, 2010 HOUSE prices rose by 0.5 per cent in last month, according to a survey by Nationwide. The lender said the increase meant prices had risen 12.2 per cent since February 2009. House prices have risen in 12 of the past 13 months on the Nationwide index, although the pace of growth appears to be slowing. [...]
Mortgage lending in slim rise June 2, 2010 MORTGAGE approvals by a forecast-beating two per cent in April. The Bank of England said approvals edged up to 49,871 in April from 49,008 in March and the highest since December. However, net mortgage lending rose less than expected, up £490m in April from £168m in March and below forecasts for a rise of £700m. [...]
Red Knights shelve Man Utd bid June 2, 2010 THE group of wealthy thy Manchester United fans dubbed “The Red Knights” have shelved plans to make a bid for the club. The members said media speculation had triggered “inflated valuation aspirations” and contributed to the sidelining of a bid. It said it would only pay a sensible price for Manchester United, with £1bn the [...]
Jupiter sets price for listing June 2, 2010 FUND management house Jupiter has set a price range of 150-210 pence for its London listing, valuing the company between £718m and £868m. It also confirmed that it expected to raise gross proceeds of about £220m by issuing just over 122m new shares. It had mentioned that figure last month when it announced its decision [...]
New Look profit rises – but silence on IPO June 2, 2010 BUDGET fashion retailer New Look posted a 17.7 per cent rise in annual profit but has remained silent about its ambitions for a stock market return after postponing its flotation in February. The chain, which blamed volatile financial markets for derailing an expected £1.7-£2bn listing, said higher taxes and unemployment, and a weaker pound, would [...]
Prudential ditches AIA deal June 2, 2010 INSURER Prudential has ditched plans to buy AIA after a last ditch bid to renegotiate the price failed. The deal – for AIG’s Asian arm – had been beset by problems after a shareholder rebellion. In March, Prudential agreed to buy AIA for $35.5bn (£24.6bn), but last week asked for the price to be cut [...]
House prices rise again June 1, 2010 HOUSE prices in England and Wales rose 0.2 per cent on the month in April, according to figures from the Land Registry. The government agency said that left the average price of a home at £165,596. The annual rate of house price inflation stands at 8.5 per cent. Prices have been rising fastest in London [...]
Eurozone unemployment tops 10 per cent June 1, 2010 THE eurozone jobless rate has surged to a near 12-year high of 10.1 per cent in April. There was a rising number of people without work in Spain, Portugal and Italy. Analysts noted that this was the smallest monthly rise since last November. Howard Archer of IHS Global Insight said: “We remain doubtful that the [...]
