Sports Direct profit up 25pc July 14, 2011 Sports Direct HAS posted a 25 per cent rise in underlying year profit as it won market share from stricken rival JJB Sports. The firm, controlled by Newcastle United owner Mike Ashley, said It made underlying earnings before tax, interest, depreciation and amortisation (EBITDA) of £200.4m in the year to 24 April, after taking a [...]
MURDOCH RETREATS July 13, 2011 TYCOON ABANDONS SKY BID – FOR NOW RUPERT Murdoch’s bid for BSkyB came crashing to earth yesterday after News Corp caved in to intense political pressure and ended its pursuit of the broadcaster. The shock decision marks Murdoch’s darkest day in his 42 years in the British media industry. News Corp acknowledged that proceeding with [...]
Moody’s puts US on review for downgrade July 13, 2011 MARKETS dropped after Moody’s put the US on review for a downgrade last night, citing a lack of “meaningful” progress in negotiations to raise the debt ceiling. Analysts said that any US default due to a failure to take the legal cap off its spending would turn financial markets upside-down, turning the world’s “risk-free rate” [...]
Debt to pass 100pc of GDP July 13, 2011 A POPULATION time-bomb will see UK national debt total more than 100 per cent of GDP if future governments do not go beyond current efforts to eliminate the annual deficit. Despite the national debt being expected to drop to around 60 per cent of GDP by the mid-2020s, it could hit 107 per cent by [...]
The real bombshell that will hit us all July 13, 2011 TOMORROW evening, a bombshell will hit the economy. No, I’m not referring to the latest explosion to rock Rupert Murdoch’s empire; that story, while a fascinating tale which could permanently change the face of UK politics and media, doesn’t threaten to plunge the world back into crisis. The real flashpoint will be the release of [...]
BP plans North Sea field July 13, 2011 OIL major BP yesterday said it planned to launch a £3bn development of a North Sea field, despite the government’s decision to raid the profits of firms’ operating in the waters. As part of one of the biggest investments in the North Sea in the last 10 years, BP said it would install a new floating [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 13, 2011 FINANCIAL TIMES WATCHDOG IN PENSION VICTORY Britain’s Pensions Regulator has dropped the threat of action against US-based Chemtura Corp and its UK subsidiary, after the company agreed to pay £60m into its pension scheme over the next three years. In December 2010, the regulator issued a formal warning to Chemtura Corp and Chemtura Manufacturing UK that [...]
Capital One profit up 50 per cent July 13, 2011 Capital One Financial said yesterday its second-quarter profit jumped 50 per cent as fewer customers defaulted on credit cards, a sign consumer loans might be a bright spot for other major banks. Capital One also raised $2bn through a stock offering yesterday, selling 40m shares at $50.87 each. The bank had said the issue would [...]
Chinese growth slows slightly July 13, 2011 China’s annual GDP growth eased to 9.5 per cent in the second quarter of 2011 from 9.7 per cent in the previous quarter, the National Bureau of Statistics said yesterday. But the growth rate was stronger than market expectations of 9.4 per cent. China’s GDP in April-June was up 2.2 per cent from the first [...]
EU dithering could bring on Armageddon July 13, 2011 GREECE is running out of time, its Prime Minister warned yesterday, even as Germany batted off suggestions that it should attend an emergency summit on Friday and instead put off the meeting until next week. The markets were unimpressed by this latest bout of dithering over the timing of the Eurozone’s next crisis talks, with [...]
