Moonpig founder hits the jackpot July 25, 2011 JUST over a decade ago, Nick Jenkins was working as a trader in the Moscow office of commodities giant Glencore. His departure, both from the firm and the country, was hastened when he found a death threat pinned to his front door, the work of a rogue supplier he had helped send to jail for [...]
National Grid reaffirms outlook July 25, 2011 Electricity and gas provider National Grid has confirmed its positive financial and operational performance at the start of the financial year, and said it plans to invest £3.6bn in its businesses before March 2012. Sixty-five per cent of the firm’s investment will be domestically invested in its UK construction programme. The company said its financial [...]
Amplats sticks to 2011 targets July 25, 2011 The world’s largest platinum producer, Anglo American Platinum, has maintained its 2011 output target and predicted a stronger second half. Costs remain a concern for Amplats, as the threat of industrial action over wages on output means that the company is likely to up wages to prevent a strike. Despite the impact of various external [...]
Premier completes Princes deal July 25, 2011 Premier Foods has completed the sale of its canned grocery operations to Princes. Last month the Office of Fair Trading raised competition concerns about the deal, and made the sale of the Fray Bentos pie brand and some manufacturing assets a condition of the deal. The cash sale is worth £182m, and will boost Princes [...]
Banks report small appetite for borrowing July 25, 2011 LENDING to companies, consumers and house-buyers remained muted in June despite a pick-up in the number of mortgage approvals, the British Bankers’ Association (BBA) announced yesterday. Net unsecured lending to consumers continued its steady decline, down by £100m in the month – matching the six month average and the fall recorded in May. Lending to [...]
British Chambers of Commerce names John Longworth new director general July 25, 2011 LEADING industry group the British Chambers of Commerce (BCC) yesterday unveiled John Longworth (pictured) as its new director general, taking over from David Frost. Longworth joins the BCC after an extensive series of high profile roles in the British retail sector. Formerly a senior executive at both Asda and Tesco, he is currently a non-exec of [...]
Multiples on private trade rise in the second quarter July 25, 2011 MULTIPLES paid by trade buyers for private companies rose sharply in the second quarter of the year, BDO’s private companies price index revealed today. Price to earnings (p/e) multiples spiked to 10.8 in the three months to June, from 9.0 in the first quarter of the year. “With stabilising deal volumes and lower volatility in [...]
Sluggish growth in domestic demand takes its toll on London’s businesses July 25, 2011 WEAK domestic demand is holding back economic recovery in the capital, figures from the London Chambers of Commerce and Industry (LCCI) reveal this morning. While the proportion of companies reporting a rise in domestic activity increased in the second quarter of the year, they remain extremely low by historical standards. “London’s businesses saw conditions improve [...]
CITY VIEWS: ARE YOU CONCERNED ABOUT THE STATE OF THE BRITISH ECONOMY? July 25, 2011 JOHN SATCHWELL | CITYNET “No, I am not worried. I wouldn’t say things are improving strongly, but I think we are safe from going back into recession. There is always such negative press which causes us to believe we are going backwards into a double dip, which I don’t think we are.” GEORGE MACLEAN | [...]
Aussie producer prices rise again July 25, 2011 Australia’s producer price index rose 0.8 per cent at the final stage of production in the second quarter of the year, making for an annual rise of 3.4 per cent. The quarterly based index beat economists’ expectations of 0.6 per cent inflation. In the first three months of the year, producer prices were up 1.2 [...]
