Laird board turns down Cooper’s sweetened offer July 28, 2011 LAIRD yesterday rebuffed an improved £533m approach from its US rival Cooper Industries, saying the offer “continues to undervalue the firm”. The British electronics firm has refused to fully open its books, objecting to certain preconditions by Cooper, including its right to reduce its 200p offer if Laird declares a dividend for its shareholders. But [...]
Retailer woe compounded by poor sales July 28, 2011 RETAIL sales collapsed in June and July according to a business survey released yesterday, while a separate poll this morning shows British consumer confidence sinking again, following brief respite in May. Before this year, lower morale on the high street had only been recorded twice in the history of the GfK NOP consumer confidence index [...]
Rolls-Royce beats forecasts July 28, 2011 BRITISH enginemaker Rolls-Royce posted a 28 per cent rise in first-half profit yesterday, helped by a growth in engine servicing revenue and continued demand from planemakers working through hefty order backlogs. Rolls, the world’s second-largest maker of aircraft engines behind US group General Electric, yesterday reported an underlying pre-tax profit of £595m on revenue up [...]
House prices down on a year earlier after sharpest drop for 20 months July 28, 2011 HOUSE prices have dropped at their sharpest rate since October 2009, the Land Registry announced yesterday. Compared to a year earlier, June’s prices were down 2.5 per cent, it said. However, house prices across England and Wales were flat month-on-month in June. There is some disparity across the regions, the Land Registry said, with Wales [...]
Cable set to cut red tape for retailers July 28, 2011 HIGH STREET firms are set to be granted some relief from the burden of red tape, after business secretary Vince Cable announced changes to over half the UK’s retail legislation. The Red Tape Challenge will amend, simplify or scrap 160 out of 257 pieces of regulation, it said yesterday. The scheme, which invites people to [...]
Inchcape sees its profit driven up by Asia-Pacific July 28, 2011 MULTINATIONAL car dealer Inchcape posted a 10.1 per cent rise in first-half profit as strong revenue growth in Asia-Pacific and emerging markets offset declines in the UK and Europe. The British-based group, which sells and distributes cars for manufacturers like Toyota, Mercedes-Benz and BMW in 26 markets, said yesterday it made a profit before tax [...]
CITY VIEWS: IS REGULATION HAMPERING UK GROWTH? July 28, 2011 SHAUN FOX | THOMAS COOPER “Yes, definitely. There is too much red tape restricting the economy. Rules and regulations developed over the past ten years, applied layer after layer, are imposing compliance and preventing growth.” DAVID CRAWFORD | LONDON METAL EXCHANGE “Impending regulations might hamper UK growth, but not at the minute. The introduction of [...]
Downbeat morale in Euro area July 28, 2011 Economic sentiment in the Eurozone worsened more than expected this month with optimism fading in all sectors, data showed yesterday, signalling slower expansion of the region’s economy in the second half of this year. The European Commission’s monthly sentiment index, based on a survey of businessmen and consumers across the 17-nation Eurozone, fell to 103.2 [...]
German jobs data disappoints July 28, 2011 The number of Germans out of work fell less than expected in July, data showed, adding to signs of a growth slowdown, but labour officials said levels of joblessness in Europe’s top economy should continue to decline. Seasonally adjusted figures from the federal labour office yesterday showed unemployment fell by 11,000 to 2.957m, undershooting expectations [...]
Retail sales down in Eurozone July 28, 2011 Retail sales across the Eurozone dropped for the third month in a row in July, and at their fastest rate of decline since last October, according to a purchasing managers’ index (PMI) released by Markit yesterday. “Germany was the only member of the ‘big-three’ to register growth of retail sales,” the report said. High street [...]
