Inflation sticks at 2.7pc for Euro June 30, 2011 Inflation in the Eurozone was level at 2.7 per cent in June, according to a flash estimate from the Eurostat office released yesterday. Despite expectations that consumer price inflation could have edged up to 2.8 per cent, the European Central Bank is still expected to raise interest rates in July.
More jobs misery for Americans June 30, 2011 New claims for unemployment benefits in the US fell by just 1,000 to a seasonally adjusted 428,000 in the week ended 18 June, the Labor Department said yesterday. It was the 12th straight week that claims have been above 400,000, a level that is usually associated with a stable labor market. Employment stumbled badly in [...]
HMV to move away from stocking CDs June 30, 2011 STRUGGLING retailer HMV has said it will cut back on stocking CDs and DVDs to focus on consumer electronics and live music events. The music group, which has been selling off assets in a bid to secure its future, posted a 61 per cent drop in annual profit yesterday. HMV said it had seen pre-tax [...]
Debenhams defies retail gloom June 30, 2011 DEBENHAMS said yesterday it would meet forecasts for the year’s profit as it defied the general gloom in the retail sector with a jump in second-half sales. The company said that consumers were still buying “treat” items like cosmetics while childrenswear was also performing well. Debenhams, currently led by Rob Templeman (pictured), said sales at [...]
Premier Foods tumbles following profit warning June 30, 2011 PREMIER FOODS shares crashed 22 per cent after the firm issued a profit warning to the stock market late yesterday afternoon. Premier blamed high commodity costs, which have knocked £15m from its profits, and the temporary loss of major customer Marks & Spencer when Premier raised its prices. The maker of Hovis and Mr Kipling [...]
Confidence returns as Taylor Wimpey sees demand pushing up its forecasts June 30, 2011 PENT-UP demand and tight supply will prop up the UK housing market well into 2012, British housebuilder Taylor Wimpey predicted after it reported stronger margins and said it sees full-year profit forecasts being nudged higher. “Overall, we expect it [full-year pretax profit] to be slightly better than the market is currently expecting,” chief executive Pete [...]
Greene King shares drop despite jump in revenues June 30, 2011 GREENE King, the leading pub retailer and brewer in the UK, yesterday reported a 14 per cent rise in pre-tax profits to £140m for the year. The company said that rising demand for pub meals, which account for 60 per cent of its business, contributed to a revenue increase of six per cent, topping the [...]
Casino ups Brazil stake June 30, 2011 FRENCH retailer Casino has tightened its grip on Grupo Pao de Acucar, as it battles with arch-rival Carrefour for control of Brazil’s top retailer. Casino yesterday raised its stake in Pao de Acucar to 43.1 per cent from 37 per cent, spending €550m (£497m) to buy 16.1m preferred shares in the market. It came after [...]
Nat Express profits rise June 30, 2011 TRANSPORT group National Express said first half revenues grew across its bus and rail businesses and that it expects to continue performing well in the second half of the year. “I expect National Express to deliver a significant improvement in financial performance this year,” chief executive Dean Finch said. The company said revenues at its [...]
ANALYST VIEWS: WILL HMV’S CHANGE IN TACK HELP SAVE THE BUSINESS? June 30, 2011 JOHN STEVENSON | PEEL HUNT Adjusted profit before tax is broadly in line with regularly downgraded market expectations. There is no radical change in strategy, with a much larger footprint set to be dedicated to technology, while live earnings are likely to be offset by the decline in the core business. NICK BUBB | ARDEN [...]
