Businesses ‘face power shortages’ February 2, 2010 BUSINESSES and homes across the UK could face power shortages in the years ahead, energy regulator Ofgem has warned. The regulator also warns that a proportion of consumers may not be able to afford the higher energy prices they will have to face. Ofgem says there is “reasonable doubt” about whether the UK’s energy market [...]
BP annual profits plunge February 2, 2010 OIL giant BP has seen its annual profits plunge 45 per cent after lower oil and gas prices and depressed refining margins took their toll last year. The FTSE 100 group posted replacement cost profits – a measure that takes into account the cost of replacing the company’s oil reserves at current prices – of [...]
New Look to float on stock exchange February 2, 2010 BUDGET High Street fashion chain New Look is planning to float on the stock exchange in a bid to raise £650m. The company, owned by Permira and Apax, said that new shares would be used to pay down debts and help bankroll its expansion plans. It said that a secondary sell-down by existing shareholders was [...]
Madoff’s London unit escapes fraud charges February 2, 2010 THE Serious Fraud Office (SFO) has said it will not take any action against Madoff Securities International – a London arm of frausdster Berine Madoff’s business empire. Directors of the Mayfair-based business have also escaped charges as prosecutors had “insufficient evidence”. The SFO said in a statement there isn’t enough evidence to “provide a realistic [...]
John Lewis to open “Olympic” store February 1, 2010 DEPARTMENT store John Lewis is to open a shop next to the 2010 Games site as part of its sponsorship deal. The shop, in Stratford, will sell Olympic merchandise and become the 26th home-grown sponsor. An estimated 10,000 licensed products which will be on sale. The john Lewis Flagship store in Oxford Street will also [...]
Manufacturing activity at 15-year high February 1, 2010 MANUFACTURING activity expanded at its fastest pace in 15 years in January, according to a new survey. The CIPS/Markit manufacturing purchasing managers’ index jumped to 56.7 last month from an upwardly revised 54.6 in December. It was the highest since October 1994 and well above analysts’ forecasts for a reading of 54.0. The improvement came [...]
Ryanair raises profit forecast February 1, 2010 BUDGET airline Ryanair increased its profit forecast for the year after posting a smaller than expected third-quarter loss. Europe’s biggest low-cost airline said a drop in fuel prices had helped to improve the company’s figures. Ryanair’s loss of €10.9m (£9.5m) in the three months to the end of December compared with a €118.8m net loss [...]
Amazon profits soar thanks to book reader January 29, 2010 AMAZON profits surged by 71 per cent in the final three months of 2009. The online bookseller said its Kindle electronic book reader had driven the sales boom. The device – Amazon’s bestselling product – will face competition from Apple’s new iPad, which was unveiled this week. Overall sales at Amazon – which now offers [...]
House prices start 2010 with a lift January 28, 2010 HOUSE prices jumped bye 1.2 per cent in January compared with the previous month, according to figures from the Nationwide Building Society. The average UK home costs £163,481, following the ninth monthly property price rise in a row. Nationwide’s chief economist, Martin Gahbauer said figures which showed the UK economy had come out of of [...]
Debenhams appoints new chairman January 28, 2010 DEBENHAMS has appointed Nigel Northridge as its new chairman to replace John Lovering. The company said Northridge – currently chairman of betting group Paddy power – will step up to the role on 1 April Lovering had chaired the retailer since 2003 and led its flotation on the London Stock Exchange in 2006. Northridge is [...]
