JJB launches life-saving rent cut plan March 3, 2011 STRUGGLING sportswear retailer JJB Sports is offering its landlords a share of up to £7.5m if they back its rescue plan. The company, in which America’s richest man Bill Gates holds a 5.5 per cent stake set out the details of its second company voluntary arrangement (CVA) in as many years. It needs creditors, including [...]
AB InBev toasts volume rise March 3, 2011 COST cutting and drinkers in key markets splashing out on more expensive beers helped AB InBev to a strong performance over the past year. The world’s largest brewer said total sales for the year grew by 4.4 per cent to $36.3bn (£22.3bn). Despite a continuing decline in its US home market, the company’s flagship Budweiser [...]
Howden sees sales of its kitchens serve up profit March 3, 2011 BRITISH kitchen supplier Howden Joinery said it was confident of winning more market share in 2011 as its business model focused on small builders makes the best of a tough market. The firm, which supplies kitchen units to over 200,000 small builders from 489 UK depots, beat forecasts with a 47 per cent rise in [...]
Carrefour and Ahold struggle to win over investors as market gets tough March 3, 2011 EUROPE’S biggest retailer Carrefour and Dutch peer Ahold, struggled to convince investors yesterday with steps aimed at boosting their share prices against tough trading conditions. Carrefour, hit by two profit warnings last year, detailed plans to spin off discount chain Dia and 25 per cent of its European property arm. It believes this will allow [...]
Danish firm ISS reveals listing price March 3, 2011 DANISH outsourcing firm ISS has priced its proposed $2.5bn (£1.5bn) initial public offering (IPO), in one of the biggest listings in Europe so far this year. The company, one of Britain’s biggest providers of public sector services, plans to issue as many as 133m new shares to raise 13.3bn Danish crowns (£1.5bn), valuing it as [...]
Lego builds on UK success March 3, 2011 Toy brick maker Lego yesterday announced booming sales figures as its new Harry Potter figures gave the comp-any a boost. The Danish group says 2010 profit before tax rose by 63 per cent to £563m, while sales were up 32 per cent to £1.8bn. It says it is now the fourth?largest toy manufacturer with a [...]
Adecco sees temp jobs boost March 3, 2011 Adecco, the world’s biggest temporary staffing company, expects demand to improve as employers seek flexible labour to fill jobs in an uncertain recovery. This year got off to a good start, with sales rising 17 per cent organically in January from a year earlier, chief executive Patrick De Maeseneire said yesterday. Temporary employment is seen [...]
No double dip but UK faces weak recovery March 3, 2011 BRITAIN’S recovery looks set to be weighed down by sluggish growth, the latest business surveys suggest. The economy is on course to grow by 0.5 per cent this quarter, according to Markit’s surveys, rebounding from the snow-affected 0.6 per cent contraction in the final three months of last year. Yet much of the recovery is [...]
Global unrest fears as food prices rise to hit a record high March 3, 2011 GLOBAL food prices hit a record high in February, the United Nations (UN) said yesterday, warning that further oil price spikes and stockpiling by importers keen to head off unrest would hit already volatile cereal markets. Rising food prices are a growing global concern, partly fuelling the protests which toppled the rulers of Tunisia and [...]
Jobs boost for US as service sector expands for 15 consecutive months March 3, 2011 GROWTH in America’s service industries accelerated again last month, it was revealed yesterday. On another strong day of data releases for the US recovery, the ISM non-manufacturing index unexpectedly jumped to 59.7, from 59.4 in January. Meanwhile, unemployment claims continued to fall, while there was also positive news for productivity in the US labour market. [...]
