JD Wetherspoon sales rise with Euros boost July 11, 2012 Pub operator JD Wetherspoon said cost pressures from government legislation would weigh this year on what has so far been a solid performance boosted by major events. Wetherspoon, whose cut-price drinks and meal offers had made it one of the stronger performing pub chains through the economic downturn, said like-for-like sales for the 11 weeks [...]
Barratt sees profit rising in more stable market July 11, 2012 Housebuilder Barratt Developments said it would post a big rise in full-year profit, while its strong forward orderbook meant it saw further scope for progress in the year to come as the UK market remained stable. “The group has made significant progress in both rebuilding profitability and reducing indebtedness during the year just ended,” Barratt [...]
Xstrata sets 7 September for Glencore merger vote July 11, 2012 Miner Xstrata said 7 September was the new date for a shareholder vote on its planned $26bn takeover by Glencore, after changes to retention deals for executives forced it to push back a meeting initially planned for this week. The delay will give commodities trader Glencore, Xstrata’s largest shareholder, weeks more to hammer out a [...]
Burberry sales growth slows July 11, 2012 Luxury brand Burberry posted a slight slowdown in quarterly sales growth as trading conditions worsened in its markets. The 156-year-old firm, famous for its raincoats lined with a distinctive camel, red and black check pattern, said on Wednesday revenue was £408m in the three months to the end of June, its fiscal first quarter, an [...]
COALITION IN CRISIS OVER LORDS PLANS July 10, 2012 THE GOVERNMENT suffered a bloodied nose late last night after Prime Minister David Cameron endured the biggest rebellion from his own party since arriving in Downing Street over two years ago. Around 90 Tory MPs voted against the House of Lords reform bill, despite the coalition dropping the most contentious element of the legislation earlier [...]
Diamond: unfair and unfounded to say I was not candid July 10, 2012 BOB Diamond yesterday accused the Treasury select committee of tarnishing his reputation as the Libor scandal surrounding the bank he once ran continues to unfold. In a letter to chairman Andrew Tyrie, the former Barclays boss expressed “dismay” at the suggestion that he was “less than candid with the committee last week,” calling the implication [...]
Tetra Pak heiress dies July 10, 2012 EVA Rausing, one of the UK’s richest women, has been found dead at her Belgravia home, police confirmed yesterday. The 48-year-old mother of four was an heiress through marriage to the £5.4bn Tetra Pak carton empire. Police are treating Rausing’s death as “unexplained” after a postmortem failed to shed light on the matter, but her [...]
FSA had warned Barclays of aggressive behaviour July 10, 2012 REGULATORS warned Barclays bank about its “aggressive” interpretation of market rules just four months before it was hit with a £290m fine for abusing the Libor interest rate, it was revealed yesterday. Lord Turner, the head of the Financial Services Authority (FSA), wrote to Barclays chairman Marcus Agius on 10 April this year to spell [...]
Massive revolt by Tory MPs is beginning of end for coalition July 10, 2012 YOU may not care about the government’s bizarre obsession with trying to replace the unelected House of Lords with an almost equally strange upper chamber. If so, you are not alone – the public has completely switched off from the arcane, introspective world of the Westminster village. Ordinary people want to talk about growth and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 10, 2012 FINANCIAL TIMES China opens door to foreign hedgies China has given foreign hedge funds permission to tap its wealthy citizens inside the country for funds to invest overseas, according to people in the industry. The move represents another important step by China to open its capital account – a process that involves dismantling regulations separating [...]
