Stretched insurers hit back at new EU stress test plans March 24, 2011 THE insurance industry voiced concern yesterday at European regulators’ plans to run a new series of “stress tests” on more than 200 companies across the region. The second round of tests to check how well-capitalised insurers are against different risks was launched by the European Insurance and Occupational Pensions Authority on Tuesday. The new tests [...]
Henriksson’s rein ends March 24, 2011 ULF Henriksson’s tenure at Invensys came to an abrupt end yesterday after its board shocked the market by unceremoniously shepherding him out of the door. During his time at the engineering giant he has attracted criticism and praise in almost equal measure. His supporters point to the steady rise in the firm’s share price from [...]
Swiss Re hikes its dividend by 175pc March 24, 2011 SWISS RE sought to reassure investors worried about its large catastrophe losses this year with a substantial dividend hike yesterday. The reinsurer, which scrapped its full-year profit target this week after taking more than $2.5bn (£1.53bn) in losses from disasters in Japan and New Zealand, has proposed raising its 2010 dividend by 175 per cent. [...]
Next in bleak trade update March 24, 2011 NEXT yesterday gave a grim view of the consumer outlook while warning that its prices will be hiked to reflect the surging cost of cotton. The retailer’s spring and summer collection will see average prices rise by six per cent. Next reported a nine per cent rise in pre-tax profits to £551m in the year [...]
Kingfisher in plan to boost global growth March 24, 2011 KINGFISHER yesterday unveiled a five-year plan to transform the business with massive growth and a campaign to breathe new life into the flagging UK DIY market. The bold blueprint was unveiled as the B&Q owner reported a 22.5 per cent rise in pre-tax profits to £670m in the year to 29 January. However total sales [...]
UK’s high street sales slip after the January bounce March 24, 2011 RETAIL sales dropped more sharply than expected in February, official data showed yesterday. Compared to January, sales were down 0.8 per cent, the Office of National Statistics (ONS) revealed. “Stripping out the increase in auto fuel sales, then the figure was down one per cent on the month,” noted Alan Clarke, economist at BNP Paribas. [...]
Wake up and smell the instant coffee March 24, 2011 CHRISTMAS?2010 will be remembered as Britain’s last big spending splurge. What better way to end almost two decades of unsustainable, debt-fuelled largesse than with a massive turkey dinner and tonnes of presents? Supermarkets could barely believe it as families spent more than ever before on rich food and booze; John Lewis notched up record sales. [...]
ANALYST VIEWS: HOW WILL THE MARKET REACT TO THE GROWTH PLAN ? March 24, 2011 CAROLINE GULLIVER | EXECUTION NOBLE This is a reassuring set of results. An encouraging earnings-per-share target implies that management believe they can generate consistent growth despite evident macroeconomic pressures. ‘Buy’. MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS While we do not expect any changes to current year forecasts we believe the market will react positively to [...]
Clinton Cards profit plunges March 24, 2011 Clinton Cards yesterday posted a 70 per cent fall in half-year profits to £11.7m. The greetings card and gift retailer said the tough retail environment will continue to hit trade throughout 2011. Clinton is pinning its hopes on strong performances in its main trading periods, including around Mother’s Day. The company also said it would [...]
M&S signs up Conran March 24, 2011 Marks & Spencer yesterday unveiled a partnership with the founder of household furnisher Habitat as part of a move to modernise its Home department. British designer Sir Terence Conran will oversee the design of furniture, bedding, lighting and kitchenware in the “contemporary” section. M&S chief executive Marc Bolland is overseeing the revamp which is part [...]
