Stores worried by decline in footfall December 14, 2011 THE LEVEL of Christmas sales this year remains “on a knife edge” as retailers nervously wait to see if consumers will splash their cash in the final run up to the big day. Earlier this month people flooded to shops to spend their November pay packages, yet the subsequent week saw a demoralising drop in [...]
London’s output up slowly but Wales and Midlands boom December 14, 2011 VALUE added by production activity in the capital saw the slowest growth out of all UK regions in 2010, figures out yesterday from the Office for National Statistics revealed, which analysts blame on the financial and business services sector contracting in the year. Gross value added (GVA) per head rose by 0.7 per cent in [...]
Morrisons to create 7,000 new jobs as it opens branches and warehouses December 14, 2011 WM MORRISON Supermarkets said it will create over 7,000 new jobs next yet, as it opens 25 new stores and develops its manufacturing and logistics operations. Britain’s fourth largest grocer behind J Sainsbury, Asda and market leader Tesco said many of the new jobs created next year will be skilled positions such as butchery, bakery [...]
JAPAN STAYS STRONG AFTER THAI FLOOD December 14, 2011 Japan’s industrial output rose 2.2 per cent in October in a sign the impact of flooding in Thailand was less than feared, revised data published yesterday showed. However, economists still fear that Europe’s debt crisis and global growth worries may dampen production in coming months. The output figure compares with an initial reading of a [...]
L&G warns of recession in 2012 December 14, 2011 The UK and the Eurozone are both facing recession next year, Legal & General Investment Management forecast yesterday. The asset manager warned that the Office for Budget Responsibility “remains too optimistic” about 2012, with an over-reliance on the private sector propping up its growth figures. Equity investors should head to the US rather than Europe [...]
Family clings on to Hermés December 14, 2011 Fashion house Hermés has shielded itself from hostile takeover by creating H51, a holding company with a 50.2 per cent stake in the family business, amid fears that luxury brand LVMH was looking to make a bid after buying 17 per cent of its shares. Speculation of this bid has sent Hermés shares rocketing, up [...]
Peugeot expects a half-year loss December 14, 2011 French car maker PSA Peugeot Citroen expects its auto division to post a second-half operating loss of more than €405m (£340m) as Europe’s economic woes weigh on consumer demand. Chief executive Philippe Varin told France’s National Assembly yesterday that the company would also see negative free cash flow in the second half.
TNK-BP puts $10bn into Arctic plans December 14, 2011 RUSSIAN oil company TNK-BP, half-owned by BP, will invest up to $10bn (£6.4bn) in Arctic oilfield development and construction of a pipeline to link the fields with the export pipeline, the company said yesterday. Russia, the world’s top crude producer, is desperate to tap new hydrocarbon resources at the far-flung reaches of the Arctic and [...]
Opec sets production limit December 14, 2011 OPEC oil producers yesterday agreed to their first new production limit in three years in a deal that settles a six-month-old argument over output levels in Saudi Arabia’s favour. The Organisation of Petroleum Exporting Countries agreed on a new supply target of 30m barrels daily, Venezuelan oil minister Rafael Ramirez said, roughly in line with [...]
Coca-Cola seals $980m Saudi soft drinks deal December 14, 2011 COCA-COLA has acquired about half of the equity in the beverage business of Saudi Arabia-based Aujan Industries for $980m (£634m) to expand its presence in non-alcoholic beverages in the Middle East. Under the agreement, Coca-Cola will acquire a 50 per cent stake in the entity that holds the rights to Aujan’s brands and a 49 [...]
