FISHER: RESERVES-AVERAGING MUST WAIT March 30, 2011 THE Bank of England is only likely to return to its reserves-averaging system of managing interbank lending rates after it has begun normalising interest rates, senior Bank policymaker Paul Fisher (pictured) said yesterday. The requirement on banks to set targets for the average cash reserves they intended to hold with the Bank were put on [...]
Dixons warns on profits for second time March 30, 2011 DIXONS Retail, the owner of Currys and PC World, yesterday said it would slash costs as it issued its second profit warning in three months. The firm said consumer confidence had deteriorated since the start of the year, especially in the UK and Ireland, hitting sales of big ticket electrical items such as flat screen [...]
Irish austerity cuts take a bite out of Domino’s Pizza as growth slows March 30, 2011 Britain’s biggest pizza delivery firm Domino’s reported slower sales growth, hit by a slump in trade in Ireland, sending its shares down 9.3 per cent yesterday. The company, which operates the British and Irish franchises of the global delivery brand, said sales at its 608 shops open more than a year grew by 4.2 per [...]
Suit hire sales boost Moss Bros March 30, 2011 FORMAL menswear retailer Moss Bros has narrowed its full-year underlying losses thanks to a record result in its suit hire division. The firm posted an underlying loss of £2.7m for 2010, compared to £3.9m a year earlier, after like-for-like sales rose by nine per cent. But its full-year pre-tax loss widened to £7.5m from a [...]
Browett is in race against time March 30, 2011 JOHN Browett’s bid to save Dixons by rolling out new “big box” stores was always going to be a race against time. No-one doubts that the new format – which combines more product choice with lower staffing costs – was the only way to go. If the electricals retailer wants to keep afloat in a [...]
Fresh fears for Saab’s future March 30, 2011 The owner of struggling Swedish car maker Saab sought to reassure investors about its finances yesterday after a dispute over non-payment to suppliers interrupted production for two days running. The stoppages yesterday created fresh uncertainty over Saab, whose long-serving chief executive unexpectedly announced his retirement last week. The company said production would resume today and [...]
Signet UK sales fail to shine March 30, 2011 Signet Jewelers reported a higher-than-expected quarterly profit but said its British stores were struggling. Signet reported net income of $105.4m (£66m) for the fourth-quarter, down from $115.5m a year earlier. Sales at US stores open at least a year were up 11.4 per cent so far in the first-half of the current quarter. But Signet, [...]
Burberry boost for Nomura March 30, 2011 The iconic clothing group Burberry has hired Nomura, the Japanese bank, to be one of its corporate brokers. Nomura will advise Burberry alongside Morgan Stanley and Bank of America Merrill Lynch. The appointment will be a boost for Nomura which also advises Tesco and Invensys. Nomura’s team comprised of Ed Matthews, Ed Peel, Ed Boyce [...]
Spring in the air at Bellway as profits rise March 30, 2011 BRITISH homebuilder Bellway expects its profits this year to grow by a third after a strengthening spring market gave encouragement for an increase in sales. Posting a 26 per cent jump in first-half profits yesterday, the company said site visitors and reservations have returned to the pattern of a “traditional spring market” in spite of [...]
UK Commercial Property Trust net asset value up March 30, 2011 UK COMMERCIAL Property Trust, the largest UK-focused trust of its kind, has announced that its net asset value (NAV) per share has risen to 77p, an increase of 4.6 per cent on the previous year, and 0.5 per cent from September 2010. In its full-year results to December 2010, the Trust also said that the [...]
