BURBERRY WEATHERS THE STORM July 15, 2009 BURBERRY, the luxury fashion group known for its camel, red and black check pattern, yesterday met forecasts by posting a four per cent drop in first quarter revenue to £229m. The group said its performance in the UK was “exceptional,” but added trading remained weak in the US and Spain. The firm has responded to [...]
H&M reports dismal results July 15, 2009 HENNES & Mauritz, the world’s third-biggest clothing retailer, yesterday reported a bigger-than-expected five per cent year-on-year fall in sales in June. The group’s total sales, which include sales in new stores, rose four per cent, underperforming analysts’ forecast of 8.4 per cent. H&M’s dismal trading update is fresh evidence that consumer-facing businesses are still facing [...]
LSE first quarter revenue drops by eight per cent July 15, 2009 THE LONDON Stock Exchange Group (LSE) yesterday said that weak trading cut first-quarter revenues by eight per cent, beating forecasts, but highlighting the challenge facing new chief executive Xavier Rolet. At his first quarterly trading update since taking over at the exchange, Rolet confirmed that he will continue to cut costs and introduce new tariffs as [...]
O2 in NatWest joint venture July 15, 2009 MOBILE operator O2 said yesterday it has teamed up with NatWest bank to launch two new pre-paid cash cards to customers which can be loaded online or in stores. Called O2 Money, the business aims to cash in on the growing demand for mobile banking services. The two cards, Cash Manager and Load & Go, [...]
Central bank downgrades Japan’s economic forecast July 15, 2009 JAPAN has prolonged emergency measures designed to ease the flow of credit to companies, as the country’s central bank downgraded its economic outlook. The Bank of Japan revised its April forecast of a 3.1 per cent contraction in 2009 to a record 3.4 per cent decline and extended emergency procedures to buy corporate debt from [...]
Ghana gives Tullow approval July 15, 2009 EXPLORER Tullow Oil said yesterday it had gained approval from the Ghanaian energy minister to start work on the Jubilee field Phase 1 Development Plan. The Jubilee field will be developed using a rig, the company said, and will deliver a plateau oil rate of 120,000 barrels of oil per day. The Unitisation Agreement has [...]
Car sales in Europe chart healthy rise July 15, 2009 NEW car sales in Europe rose in June for the first time in 14 months, driven higher by scrappage schemes in over 10 member states, in a sign that the battered industry may be motoring towards recovery. Car sales rose 2.4 per cent last month from a year ago, to 1.5m units throughout Europe, where [...]
Property will bounce back, says LandSecs July 15, 2009 LAND SECURITIES, the UK’s largest property developer, yesterday signalled that the worst of the property slump was over and said it was gearing up for recovery. After months in the investment wilderness, the firm said it was preparing to join a growing legion of opportunistic buyers keen to exploit a sharp 45 per cent fall in [...]
EUROSTAR NUMBERS DERAILED July 15, 2009 EUROSTAR, the cross-channel train service, said yesterday its passenger numbers for the first half of the year tumbled six per cent to 4.34m from the same period a year ago, as business passengers shunned the service. The business now says it is unlikely to reach its target of carrying 10m passengers in a year by [...]
CIT’s shares halted on NYSE as regulators close in on rescue deal July 15, 2009 TROUBLED US lender CIT Group had its trading halted on the New York Stock Exchange yesterday, suggesting regulators were nearing a rescue deal. A source close to the situation said a temporary loan may be announced in the next 24 hours. The source added a temporary loan is one option being considered to give CIT [...]
