FedEx raises its full-year profit forecast as economy rebounds July 26, 2010 FEDEX raised its full-year outlook yesterday due to a surge in the number of packages flowing through its air and ground networks, boosting its shares and the broader market. For the first quarter ending on 31 August FedEx raised its earnings per share forecast to a range of $1.05 (68p) to $1.25, up from a [...]
National Grid upbeat after mixed quarter July 26, 2010 THE COUNTRY’S biggest utility firm National Grid yesterday said it was positive on the outlook for the year and posted a 1.3 per cent rise in electricity transported in the first quarter. But the UK’s power transmission operator said gas volumes were down by 4.6 per cent in the first three months of the year, [...]
Strand founder strikes back at legal claim over Sibir fees July 26, 2010 ADVISERS acting for Strand Partners founder and former chairman Richard Fenhalls have hit back at claims he owes the firm a share of the £7.6m in advisory fees paid to him last year by oil firm Sibir Energy. Strand Partners – now named Strand Hanson – has initiated legal proceedings against Fenhalls to try and [...]
Ofgem lays out plan to help power sector hit £32bn low-carbon goal July 26, 2010 ENERGY regulator Ofgem yesterday responded to parliamentary pressure by proposing changes to its network rules to encourage investment in the sector, which requires £32bn to meet low-carbon commitments. The regulator suggested, among other proposals, to extend price controls for energy networks to eight years from five years, giving investors longer return periods, and to promote [...]
Reckitt profit up but warns over growth July 26, 2010 CONSUMER goods maker Reckitt Benckiser warned of shrinking European growth and posted its first ever quarter-on-quarter underlying sales dip in the region yesterday. The British group, which makes nearly half its sales in Europe, said growth had virtually disappeared in its markets there. However, Reckitt saw a 21 per cent rise in second quarter overall [...]
HMV launches an iTunes rival July 26, 2010 RETAILER HMV is to taking on iTunes with the launch of a new music download service yesterday. The company will challenge its online rivals, including the American industry leader, Apple, with a launch promotion offering every single in the top 40 UK chart for 40p each. The new hmvdigital service has a catalogue of over [...]
William Hill to kick-off new Gibraltar operation July 26, 2010 BOOKMAKER William Hill has said it will establish a new telephone betting operation offshore in Gibraltar. The company said the move was in response to betting exchanges and offshore telebetting operators, which have a lighter tax burden. Firms based offshore do not have to pay the Horseracing Betting Levy, which UK-based bookies have to pay [...]
Reckitt July 26, 2010 On the surface, Reckitt’s earnings per share growth of 20 per cent, almost four per cent ahead of what was expected is good, but the absence of its usual full-year profit guidance upgrade is worrying. Weak demand in Europe, a niggle in the first-quarter, has now become a full-blown crisis with the second quarter seeing [...]
Tullow cheers big oil find off Ghana coast July 26, 2010 TULLOW OIL said yesterday it had found a major new oil field off the coast of Ghana, raising hopes for the firm’s other wells in West Africa. Tullow, the largest independent oil explorer in Europe, said the discovery was substantial and of excellent quality. London-based Tullow owns a 49.95 per cent stake in the Tano [...]
Knowing who is in charge is the key to success July 26, 2010 Twice in the past month, I’ve got back in touch with businesses with husband and wife teams at their core. In both cases, the businesses are doing well, and my hesitancy to not get involved because of the “power knot” may have been too strong. A girlfriend is considering buying a business with a friend [...]
