Profits fall at B&Q owner November 29, 2012 Profits at DIY group Kingfisher fell by six per cent in the third quarter to £257m, due to a tough sales environment in the UK and France. The owner of the B&Q chain saw UK and Ireland sales fall by 3.8 per cent on a like-for-like basis. The firm is badly affected by the stagnating [...]
Dixons losses narrow November 29, 2012 Electrical retailer Dixons today announced that it has slightly reduced its pre-tax losses for the first six months of the year. The firm said it lost £22.2m for the 24 weeks to October 13, down from £25.3m for the same period last year. But the UK business, which largely operates under the Currys and PC [...]
UK house prices stagnating November 29, 2012 UK house prices were flat during November, according to figures released by the Nationwide building society. Its survey said the average house price remained at £164,000 this month, the same as in October but 1.2 per cent lower than at the same point last year. Nationwide’s chief economist Robert Gardner said: “The resilience of employment [...]
BP banned from work in America November 28, 2012 BP has been temporarily blocked from new government work in the United States for a “lack of business integrity” during the Gulf of Mexico oil spill, regulators said yesterday. The surprise ban comes just two weeks after BP admitted to 12 felony charges and paid $4.5bn (£2.8bn) in penalties related to the 2010 disaster, in [...]
Political interference hurts merger market November 28, 2012 THE GREEN shoots of growth in the merger and acquisition markets could be dampened down as the growing trend for active industrial policies making cross-border deals more complex, two top investment banks warned yesterday. The market has been sluggish through the financial crisis, but as firms have adapted to economic conditions they are now looking [...]
Invensys offloads rail unit on Siemens in £1.7bn deal November 28, 2012 ENGINEERING group Invensys yesterday shocked the City by securing a £1.7bn sale for its rail business in a deal with German giant Siemens. Invensys shares soared 27 per cent to reach 280p yesterday, giving the group a valuation of roughly £2.3bn, after the firm sold off its rail arm for just £50m less than yesterday [...]
Britain is becoming an increasingly anti-libertarian society November 28, 2012 WELCOME to Britain, a land where rules, regulation and taxes are one of the few growth industries. In recent days, the government has decided that companies will no longer be allowed to decide freely at which price they can sell alcohol – there will be a minimum price, hurting those who enjoy two-for-one deals. Our [...]
What the other papers say this morning November 28, 2012 FINANCIAL TIMES Sabic in talks to invest in US shale gas Saudi Basic Industries, the world’s largest petrochemical maker by market capitalisation, is in talks over a possible investment in the US to take advantage of cheap shale gas, said Mohamed al-Mady, its chief executive. Oakland plans Goldman boycott The city of Oakland plans to [...]
Getco and Virtu launch bids for Knight Capital November 28, 2012 RIVALS Getco and Virtu Financial have launched bids for Knight Capital in a battle that would see either a merger or sale for the brokerage. While Getco has proposed a $1.4bn (£874m) merger, Virtu Financial has offered to buy Knight for at least $1.1bn. The main attraction for both trading firms is Knight’s US market-making [...]
Beige Book backs stimulus November 28, 2012 THE US could be in for further monetary stimulus, after the Federal Reserve’s Beige Book report on the economy, out yesterday, gave little sign of price pressures but revealed continued worries about growth. The report said manufacturers were worried about the impact of the so-called “fiscal cliff” of tax hikes and spending cuts due in [...]
