Signet fails to shine as sales slump bites September 4, 2008 The World’s biggest speciality jewellery retailer, Signet, has announced a 7.8 per cent fall in first half pre-tax profit, slightly better than analysts had feared. Signet warned that the consumer environment in both the US and the UK remained “very challenging”. Investec had forecast profits of $75.3m (£42.3m), five per cent lower than those reported. [...]
DSG cautious after sales dip at PC World September 4, 2008 Nine months into the job, John Browett, chief executive of DSG International announced yesterday he was not foreseeing a “chance for recovery until 2010”, following a first quarter slump in the market. Like-for-like sales in the 16 weeks to 23 August fell seven per cent on the same period last year, led by 12 per [...]
Sterling falls further September 4, 2008 Sterling continued its sharp decline yesterday as currency markets reacted to the worsening outlook for the UK economy and a slew of negative economic data. Surveys showed consumer confidence mired at a four-month low in August as food prices rose ten per cent year-on-year. Other data showed activity in the services sector still weakening. The [...]
Going short is not necessarily the answer September 2, 2008 A medium or long term approach may be wisest just now, says Katie Hope Its’ like a grim version of “when I were a lad…” working in the City at the moment. Everyone’s trying to out-do themselves in describing just how bad things have got. Going to school barefoot barely makes the grade in terms [...]
Woolies’ investor backs management September 1, 2008 Ardeshir Naghshineth, the largest shareholder in Woolworths, has backed the struggling retailer’s management team in rejecting a £50m takeover bid from Iceland founder Malcolm Walker. Iranian property investor Naghshineth, said to be worth an estimated £500m, has a 10.2 per cent stake in the firm and was yesterday reported to consider Walker’s bid as being [...]
Rate cut calls grow August 29, 2008 Bank of England monetary policy committee (MPC) member David “Danny” Blanchflower warned two million Britons could be out of work by Christmas as he urged the central bank to cut interest rates. Blanchflower, who has voted for a rate cut at the past eight monthly MPC meetings, said yesterday that a cut of more than [...]
Publishers Beware: The bookworm’s iPod has arrived August 14, 2008 As as free publicity goes, you can’t do much better than getting your product compared to the iPod. That’s why Amazon will have been delighted earlier this week, when Citi analyst Michael Mahaney likened its e-book reader, the Kindle, to the world’s favourite gadget. Digital books have been around since the 1990s, but poor technology [...]
Network Rail rejects MPs ‘reward for failure’ jibes July 22, 2008 Network Rail and the government hit back at an MPs’ report yesterday that identified “a catalogue of failings” on Britain’s rail system. The Commons Transport Committee said that despite bonuses of over £200,000 given to three Network Rail directors, passengers were “inconvenienced and humiliated” by three major engineering overruns at the New Year. But Network [...]
Inflation could hit 6 per cent on fuel bill price hike July 16, 2008 Inflation could reach 6 per cent by the end of the year if an anticipated 30 per cent hike in energy bills hits consumers later this year, according to BNP Paribas economist Alan Clarke. His prediction comes after the official consumer price index inflation rate jumped to a record 3.8 per cent in the year [...]
CSR profits soar on Bluetooth November 3, 2005 Bluetooth wireless communications specialists CSR has rung up a 151 per cent growth in third quarter profits and the company has hired more staff to meet demand for its technology. CSR said pre-tax profits were $45.5m (£25.8m) in the period compared with $18.1m in the same quarter of 2003. The Cambridge-based firm also announced that [...]