Inflation jumps to 17-month high May 18, 2010 UK inflation rose more than expected to 3.7 per cent in April. Bank of England governor Mervyn King must now write to new chancellor George Osborne to explain why the cost of living – set out in the consumer prices index (CPI) – is more than a percentage point above the target of two per [...]
Evolution and Collins Stewart boosted by wealthy clients May 18, 2010 WEALTHY clients are helping asset management groups Evolution and Collins Stewart to cope with volatile markets, they said. Evolution said income and operating profitability had both risen so far this year, although it did not say by how much. Assets under management at its private client division were up six per cent from December 2009 [...]
Vodafone posts £8.6bn annual profit May 18, 2010 VODAFONE has reported an annual pre-tax profit of £8.6bn. The figure has jumped from £3.1bn last year, while sales rose to £44.5bn from £41bn. However, the telecommunications giant took a hit on its key Indian business with a £2bn impairment charge attached to buying new licences. Vodafone, which has 341m subscribers, was upbeat about the [...]
Osborne: Budget to be held on 22 June May 17, 2010 CHANCELLOR George Osborne has announced that the emergency budget will be held on 22 June. He promised to make it harder for the government to “fiddle the figures” – after accusing Labour of issuing dubious forecasts. He said the new Office for Budget Responsibility – designed to keep government spending under the microscope – would [...]
Man Group buys GLG May 17, 2010 HEDGE fund firm Man Group has agreed a deal to buy rival GLG Partners FOR $1.6bn (£1.1bn). Man Group – already the world’s largest listed hedge fund manager – will up its operations in the US through the agreement. The combined group will have assets of about $63bn. In a statement, Man said it has [...]
Alliance Boots profit tops £1bn for first time May 17, 2010 BRITAIN’S biggest pharmacy chain Alliance Boots has posted annual profits of more than £1bn – becoming only the third UK retailer to pass that milestone. The group, bought in 2007 by private equity firm KKR and executive chairman Stefano Pessina for £11bn in Europe’s biggest leveraged buyout, said the 13 per cent increase in trading [...]
Prudential releases details of record rights issue May 17, 2010 PRUDENTIAL has announced details of its record £14.5bn (£21bn) rights issue aimed at funding its planned acquisition of AIA Group. The move for AIG’s Asian business has been dogged by controversy after some shareholders questioned the move. The Financial Service Authority also caused a delay in the launch of the prospectus for the rights issue [...]
US retail sales growth fuelled by car industry May 14, 2010 US retail sales rose more than expected last month – fuelled by the automotive industry. Total retail sales rose by 0.4 per cent following an upwardly revised 2.1 per cent rise in March, according to the Commerce Department. Compared to April 2009, sales were 8.8 per cent higher. The figures represented the seventh consecutive month [...]
Wolseley ups forecast after cost cutting pays off May 14, 2010 THE world’s largest builders merchant distributor Wolseley anticipates beating market expectations for the full year after operating profit more than doubled in the third quarter on cost cutting. Wolseley posted an underlying operating profit of £101m, rising from £48m for the same period last year. However, revenue slipped two per cent on a like-to-like basis [...]
John Lewis sees another sales rise May 14, 2010 JOHN Lewis has posted another week of sales growth with fashion sales up by more than a fifth. The employee-owned firm – which is seen as a bellwether of the UK retail sector – said sales at its 28 department stores and one “at home” store increased 17.7 per cent to £55.1m in the week [...]
