Survey reveals stagnation on the high street June 23, 2011 RETAIL sales stagnated in June, knocking hopes for growth on the British high street. Annualised sales failed to grow for the first time in a year, the Confederation of British Industry (CBI) revealed yesterday. While a third of retailers reported higher sales than the same time last year, 34 per cent said that sales were [...]
Micro Focus falls after a weak outlook June 23, 2011 TROUBLED Micro Focus dived more than seven per cent yesterday after disappointing investors with a weaker than expected profits forecast for the coming year. Revenue inched up nearly one per cent to $436.1m (£273m) but adjusted operating profit fell almost nine per cent, in line with forecasts. The slow forecast comes as another blow for [...]
U-turn for Rank over Guoco’s hostile approach June 23, 2011 RANK Group yesterday performed a screeching U-turn by endorsing Guoco’s hostile bid for the company. The owner of the Mecca Bingo and Grosvenor Casino chains released a statement to the market saying it grudgingly recommended shareholders accept the bid despite the board maintaining it massively undervalues the company. The decision is based on the increasing [...]
ANALYST VIEWS: WHAT DO YOU THINK OF MICRO FOCUS’ RESULTS? June 23, 2011 JONATHAN JACKSON | KILLIK & CO The figures were in line with previous guidance. Cash conversion was strong, at 113 per cent, and net debt fell to $14.9m. The final dividend was maintained to give a full-year increase of 7.3 per cent. Discussions are ongoing regarding potential offers, but there is no certainty any offer [...]
Twins concede in Facebook legal action June 23, 2011 FACEBOOK yesterday tied up another loose end ahead of its expected $100bn initial public offering, with the Winklevoss twins ending their long-running legal dispute. The Olympic rowers – known as the “Winklevii” – have decided not to appeal to the Supreme Court a ruling upholding their $65m (£40m) settlement. The cash-and-stock agreement was intended to end [...]
Consumers’ borrowing drops and fewer seek remortgaging June 23, 2011 CONSUMERS are borrowing less and repaying more on debts, data from the British Banking Association (BBA) revealed yesterday. Unsecured credit contracted by 1.2 per cent in the year to May, while net credit card borrowing measured a modest £73m in the month – the weakest rate of borrowing on plastic for this year. “Demand for [...]
Rising number of Americans file claims for unemployment benefit June 23, 2011 THE number of Americans filing new claims for unemployment benefits rose higher than expected last week, suggesting little improvement in the labour market this month after employment stumbled in May. Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said yesterday. Economists had expected claims to come in [...]
PRICE PRESSURES PERSIST IN SINGAPORE June 23, 2011 INFLATION in Singapore is proving more stubborn than expected, holding up at 4.5 per cent in May, official data showed yesterday. Higher food, housing and transport costs drove up the island state’s consumer price index. The consumer price index looks set to overshoot forecasts of 3-4 per cent targeted by Singapore’s authorities for 2011.
Go-Ahead ups forecasts on high demand June 23, 2011 BUS and train operator Go-Ahead said yesterday that its profit had been given a further boost as more motorists take public transport because of fuel price rises. Go-Ahead, which has a fleet of 3,800 buses and is part of a joint venture responsible for Southern, Southeastern and London Midland rail services, said its buses represented [...]
Nissan predicts a better than expected profit June 23, 2011 NISSAN Motor forecast a better-than-expected 14.4 per cent fall in annual operating profit yesterday, defying a quake-induced setback in the past few months and projecting another year of record sales. Japan’s number two automaker forecast an operating profit of 460bn yen (£3.57bn) for the year to March 2012, above an average forecast of 432bn yen. [...]
