Motor insurers hit by Moody’s October 4, 2012 RATINGS agency Moody’s yesterday said the Competition Commission’s (CC) probe into the UK car insurance industry will negatively impact the credit outlook of major insurers. Firms affected by the announcement include market leader Direct Line, which is due to float on the London Stock Exchange next week. “The CC’s investigation is credit negative because at [...]
Car sales boom above forecast in September October 4, 2012 CAR SALES exceeded expectations in crucial numberplate changeover month September, data from an industry body revealed yesterday. Car registrations were up 8.2 per cent compared to last year, hitting 359,612, the Society of Motor Manufacturers and Traders (SMMT) said, with analysts calling the boost “fantastic” for the car industry. This latest boost meant that 67,515 [...]
US academic: sanctions against Iran prompting hyperinflation October 4, 2012 IRAN is suffering from hyperinflation with prices soaring at a monthly rate of around 69.6 per cent, a senior US economist calculated yesterday. The rial, Iran’s currency, has plummeted since America and the European Union began economic sanctions against the Middle Eastern state due to an ongoing dispute over its nuclear programme. “When a currency [...]
Olympics help Halfords sales pick up speed October 4, 2012 BRITAIN’S success in the Tour de France and in the Olympics boosted sales of cycling gear at Halfords during the summer, helping the retailer to beat forecasts in the second half. Sales at stores open more than a year rose 4.6 per cent in the 13 weeks to 28 September, while like-for-like cycling sales outperformed [...]
Ted Baker boosted by overseas expansion October 4, 2012 TED BAKER posted a 15 per cent rise in first-half revenue yesterday, helped by strong sales in the US as it seeks to grow out of a sluggish European market. Retailers have come under pressure in the face of squeezed consumer spending, muted wages growth and government austerity. But Ted Baker has notched up solid [...]
Pre-pack for United Carpets October 4, 2012 UNITED Carpets yesterday became the latest company to fall victim to tough high street conditions, after it collapsed into administration and warned of store closures where rent reductions could not be agreed. Administrator Begbies Traynor yesterday sold the flooring and beds firm and its 72 stores, through a pre-pack administration to a wholly owned subsidiary [...]
Do Halfords results spell an ongoing improving trend? October 4, 2012 SANJAY VIDYARTHI | ESPIRITO SANTO Halfords has delivered a very strong second quarter sales performance and what is particularly encouraging is that we don’t see this as just a one-off Olympics related boost to bike sales. Other categories, including the important, high margin car maintenance category have also performed better than expected. BETHANY HOCKING | [...]
Debenhams hires Google exec to its board October 4, 2012 DEBENHAMS yesterday revealed it has appointed Google’s director of retail Peter Fitzgerald as a non-executive director to help grow the department store group’s online business. Fitzgerald, 42, joined Google in 2007 after working at Amazon for eight years.
AAR eyes entire TNK-BP stake as talks persist October 4, 2012 GERMAN Khan, director of Russian oil company TNK-BP, said yesterday that his consortium AAR will make a “competitive” offer for BP’s 50 per cent stake in TNK-BP. Khan said AAR, which already owns 50 per cent of TNK-BP, has been organising funding for the sale of the stake. It will make an offer by 17 [...]
Gulf Keystone secures £170m funding for Iraq oil exploration October 4, 2012 LONDON-listed Gulf Keystone Petroleum is to raise $275m (£170.5m) worth of funding through convertible bonds to expand its operations in the Kurdistan region of Iraq. The bonds, which mature in 2017, will pay 6.25 per cent a year, and the proceeds will primarily be used to fund the development of the oil and gas exploration [...]
