Traders still shorting Ocado stock as online grocer hits near-record high February 22, 2011 ONLINE grocer Ocado’s shares are still being shorted aggressively despite enjoying record highs this month, according to figures seen by City A.M. The firm, which floated at 180p in July, closed at 224p yesterday after spiking at 290p on 10 February. But figures from Data Explorer, which monitors stock loan and short selling activity, show [...]
Best Buy in China exit but UK safe February 22, 2011 US electricals giant Best Buy yesterday reaffirmed its determination to succeed in the UK market despite pulling out of China and Turkey. The company has six loss-making mega stores in the UK which it runs under a deal with Carphone Warehouse. It said it was on target to open another five this year as it [...]
Kerry Group sees sales surge February 22, 2011 Kerry Group yesterday reported pre-tax profits of €392.8m (£332.2m) for the year to 31 December. Sales at the food company rose by 9.7 per cent to €5bn over the 12 months while the firm also announced a trading profit increase of 11.3 per cent to €470m. Sales revenues for the group’s ingredients and flavours division [...]
BA union to reballot over strike February 22, 2011 The biggest union representing British Airways cabin crew said yesterday it will re-ballot members over strike action saying it feared a recent vote may be invalid. Cabin crew voted last month to hold further strikes in the long-running dispute which has already cost BA £150m. But, BA argued that the ballot, the third held by [...]
DB fined over mortgage advice February 22, 2011 The Financial Services Authority (FSA) has fined DB Mortgages, part of the Deutsche Bank Group, £840,000 for irresponsible lending practices and unfair treatment of customers in arrears. It ordered the firm to pay about £1.5m in compensation to DB Mortgages customers. The FSA said DB Mortgages failed to look at whether there were cheaper deals [...]
Delays may hit the iPad 2 and iPhone 5 February 22, 2011 APPLE may face production delays that could push back the launch of both its iPad 2 and iPhone 5. The iPad 2 was slated for release in April but people hoping to get their hands on the latest tablet could now have to wait until June. The iPhone 5 was expected in July but could [...]
Egyptians uncertain but upbeat about future February 22, 2011 RISING petrol prices have stalled BP’s recovery from the Macondo oil spill. In the two months from mid-April to mid-June the oil giant’s BrandIndex index score plummeted from +7 to -13 but since then it had seen a steady recovery and at +3 was getting close to where it started before, from mid-December onwards, high [...]
New Sage boss sees return of confidence February 22, 2011 NEW Sage boss Guy Berruyer says confidence is returning to small and medium enterprises (SMEs) but that those in western Europe are struggling to get hold of funds compared to their US counterparts. Berruyer, who took control of Sage in October, was tasked with turning around the fortunes of a firm struggling to drive revenue [...]
Google working with the EU February 22, 2011 Google said yesterday it is working with the European Commission to address competition concerns after a rival renewed complaints of anticompetitive behaviour. The creator of French legal search engine Ejustice.fr said it has added to its complaints to European regulators over Google’s business practices. The French company is one of three online search engines that [...]
Informa starts the year well February 22, 2011 Publishing and conference group Informa posted a 1.5 per cent rise in earnings for the year, broadly in line with analysts’ expectations, and said it was well placed to grow as the global economy improved. The company, which publishes shipping newspaper Lloyd’s List, posted adjusted pre-tax profit of £276.4m, up six per cent, on broadly [...]
