Greene King ‘weathering well’ January 26, 2010 GREENE King (GNK) may have managed to weather the worst of January’s snow storms, but the integrated pub and brewery giant expects the rest of 2010 to prove even tougher. During the 38 weeks ending 24 January 2010, the Suffolk based pub chain reported a 4.3 per cent growth in sales, despite a three week [...]
UK economy limps out of recession January 26, 2010 THE UK has officially come out of recession – but only just. Data released by the Official of National Statistics showed the economy grew just 0.1 per cent during the fourth quarter of 2009. Although the figure compares with a decrease of 0.2 per cent in the third quarter of 2009 it still comes way [...]
Consumer confidence up in US but housing market shaky January 25, 2010 CONSUMER confidence in January hit its highest level since September 2008 in the US, according to new data. A decline in job losses in recent months and a resurgent stock market have helped improve consumers’ mood after the US recession that ended last year. Yet concerns remain about the sustainability of the recovery after the [...]
HSBC chief attacks bankers’ bonuses January 25, 2010 HSBC chairman Stephen Green has launched an attack on bankers’ bonuses branding the sums they have been receiving “inflated”. He said bankers would have to accept lower payouts in the future following the furore surrounding their remuneration packages. Green, who is also chairman of the British Bankers’ Association, said: “You’ve had bonuses paid off gross [...]
Siemens sees profits leap after cost cutting January 25, 2010 GERMAN engineering group Siemens has reported a big jump in pre-tax profit despite a sales slump. Siemens has cut its workforce by 22,000 in the past year as well as slashing its administration costs by €2bn (£1.7bn). Its profit rose 23 per cent in the first quarter to €1.48bn from €1.2bn in the same period [...]
Soap sales drive profits rise at Cussons January 25, 2010 BRITISH soap and shampoo maker PZ Cussons said was it poised to make new acquisitions after a 21 per cent rise in its first-half profit. The maker of Imperial Leather, Carex soap and Original Source products ended the six months to 30 November with a pre tax profit of £44.7m – slightly above market expectations. [...]
Ferrero: We will not bid for Cadbury January 24, 2010 ITLALIAN chocolatier Ferrero has ruled out making a rival bid for Cadbury leaving clear Kraft Foods to complete its £11.7bn proposed takeover of the British confectioner. Hershey has already said it had no intention of bidding for Cadbury while Nestle has also confirmed that it does not intend to make a bid. Ferrero said in [...]
Ericsson profits dive by 92 per cent January 24, 2010 PROFITS at Swedish telecoms giant Ericsson plunged 92 per cent in the fourth quarter triggering a cull of 1,500 staff. The company has been hit by an ongoing dip in orders and the costs of its restructuring. Its net profit was 314m kronas (£11.3bn) from October to December compared with 3.89bn kronas during the same [...]
Hornby sales back in the fast lane January 24, 2010 THE popularity of Scalextric sets helped to put toymaker Hornby’s sales into the fast lane over Christmas. Hornby said the racing game had received a boost after current Formula One grand prix teams were introduced. Toys from Disney/Pixar’s Cars has also helped to fuel the sales rise. The company said demand for its brands from [...]
Philips in profit boost January 24, 2010 GLOBAL electronics firm Philips has reported a net profit of €251m (£220m) for the last three months of 2009. The profit reverses a loss of €1.2bn in the same period a year ago as the recession took its toll on the Dutch firm. The company said its profits were higher at all divisions, despite sales [...]
