Reckitt Benckiser profits up as firm plots expansion February 8, 2012 British consumer goods group Reckitt Benckiser announced fourth quarter profits were up eight per cent at £546m as it launched a major push into emerging markets to offset sluggish European and North American sales. The firm – responsible for brands including Durex, Finish and Vanish – saw revenues increase to to £2.4bn for the quarter and [...]
Harry Redknapp found not guilty of tax evasion February 8, 2012 Harry Redknapp – the manager of Tottenham Hotspur football club – has been found not guilty of tax evasion in a case at Southwark Crown Court. The manager had been accused of hiding £189,000 in a Monaco bank account to avoid paying tax. He stood trial alongside Milan Mandaric, his former boss and now chairman of Sheffield [...]
UK banks to see weak loan growth – Citigroup February 8, 2012 UK banks could see weak loan growth in 2012 as households and corporates cut debt levels amid a tough economic environment and regulators press them to raise capital ratios, Citigroup said. Citigroup analyst Andrew Coombs downgraded Royal Bank of Scotland Group to “neutral” from “buy,” and cut his price target on Lloyds Banking Group on [...]
RBS chief Hester ‘considered quitting’ February 8, 2012 Royal Bank of Scotland chief executive Stephen Hester has revealed that he considered quitting during the furore over his bonus. Hester told the BBC that he was “not a robot” and said there had been some “deeply depressing” moments. However, the chief executive said it would have been “indulgent” of him to resign. Hester turned [...]
Virgin Media beats forecasts February 8, 2012 Cable operator Virgin Media posted fourth quarter results ahead of expectations and showed it could generate strong cash flow as customers flocked to its new TV service and fast broadband offerings. Much like its rival BSky the cable operator has focussed on selling more products to existing customers in recent quarters and attracting fewer but [...]
Thomas Cook clings on to market share February 8, 2012 Travel group Thomas Cook said it had managed to hold on to market share despite tough trading conditions, rebuffing comments by rival TUI Travel which has said it is benefiting from its rivals difficulties. The company, which secured a rescue package from lenders last November, said it continued to be adversely impacted by economic uncertainty [...]
BHP profits slip on weaker commodity prices February 8, 2012 BHP Billiton, the world’s biggest miner, reported a rare fall in earnings, hurt by labour battles and weaker commodity prices, but the result showed it was still in a different league from its would-be rival: Glencore-Xstrata. Despite the six per cent drop in half-year profit to $9.94bn (£6.24bn), BHP made more cash profit in six [...]
GlaxoSmithKline announces £5.3bn profits for 2011 February 7, 2012 GlaxoSmithKline (GSK) says it has trebled year-end profits to £5.3bn for 2011, assisted by massive reductions in overheads. The figures were boosted by profits of £1.25bn in the final three months of the year, compared to a loss of £633m in the same period last year. GSK’s revenue declined three per cent even as sales [...]
FTSE flat as $90bn Glencore deal agreed February 7, 2012 The FTSE 100 was flat as further delays to Greek debt restructuring created more confidence sapping uncertainty – but the talk of the market was the agreed $90bn (£56bn) merger of Glencore and Xstrata. After rejecting a proposed new bailout deal which demands strict labour reforms and other austerity steps Greek leaders today meet in [...]
Lloyds set to cut 1,000 jobs February 7, 2012 Lloyds Banking Group has announced plans to cut almost 1,000 jobs as it closes operations across the UK. Around 990 positions are set to go as a result of site closures in LTSB Scunthorpe, LTSB Dudley and HBOS Romford and HBOS Newcastle. The roles will come from within the Group Operations, Group Executive Functions, Risk, [...]
