German recovery stalls February 12, 2010 GERMANY’S recovery from recession has hit the buffers in the final quarter of 2009, according to preliminary figures released on Friday. The German economy failed to grow in the last three months of the year, leaving GDP unchanged compared with the previous quarter. Meanwhile France reported a 0.6 per cent rise in GDP for the [...]
New Look postpones IPO February 12, 2010 HIGH Street fashion retailer New Look has shelved its planned initial public offering (IPO) making it the third private equity-backed firm in as many days to abandon a flotation in turbulent financial markets. The decision to pull back from £1.6bn offering will cast a shadow over other IPO hopefuls, like travel firm Amadeus and online [...]
SSL increases stake in condoms packager February 12, 2010 DUREX maker SSL has paid around £140m to up its stake in Russian condoms packager and distributor BLBV to 75 per cent. The firm, which also makes Scholl footcare products, said it had agreed an option to buy the rest of the business next year. Garry Watts, SSL’s chief executive, said: “We have been delighted [...]
Eurostar slammed in snow chaos report February 12, 2010 EUROSTAR has been heavily criticized in a report into the chaos caused when its services ground to a halt. The independent report said that inadequate emergency plans were in place when six trains broke down in December, leaving 2,500 passengers stranded in the Channel Tunnel. Heavy snow in northern France caused the trains to lose [...]
John Lewis starts the year on a high February 12, 2010 JOHN Lewis has reported one of its healthiest starts to a financial year. Total sales in the first week of February were up 32 per cent. Fashion, including lingerie snapped up for Valentine’s Day – led sales gains by rising 47 per cent as new season ranges came into stores. John Lewis’s flagship store in [...]
West End booming for landlord Shaftesbury February 12, 2010 WEST End landlord Shaftesbury has seen buoyant trading over Christmas and New year, with lettings exceeding predicted prices. The company, which owns large areas of theatreland, said the West End had enjoyed a booming Christmas period. Around 70 per cent of the company’s portfolio comprises shops, restaurants and leisure and property for leisure uses but [...]
EU seals deal to rescue Greece February 11, 2010 A NUMBER of euro zone officials have sealed a deal to help Greece in its debt crisis, European Union President Herman Van Rompuy has said. The agreement came after a summit between Van Rompuy, European Commission President Jose Manuel Barroso, French President Nicolas Sarkozy, German Chancellor Angela Merkel, European Central Bank President Jean-Claude Trichet and [...]
Sports Direct wins the double February 11, 2010 SPORTS Direct has seen a surge in sales and been cleared by a competition commission investigation. Britain’s largest sports retailer raised its full-year profit guidance after the sales jump for the 13 weeks to 24 January. Retail sales rose 9.4 per cent to £326m – lifting gross profit to £136m. Sports Direct – which is [...]
BT to tackle record £9bn pension fund deficit February 11, 2010 STRONGER third quarter profits at telecoms giant BT were today overshadowed by concerns over its record £9bn pension deficit as it published the results of its long awaited evaluation. The FTSE 100 group said it had agreed a 17-year recovery plan for the scheme under which it will pay £525M a year for the first [...]
Rolls Royce raises dividend after profit surge February 11, 2010 ROLLS Royce have posted a 4 per cent rise in full-year profit with its defence contracts helping to boost the figures. The company reported an underlying pre-tax profit of £915m on sales that were 14 per cent higher at £10.4bn for the year to the end of December 2009. Revenues climbed 14.7 percent to £10.4bn [...]
