Premier Foods tumbles following profit warning June 30, 2011 PREMIER FOODS shares crashed 22 per cent after the firm issued a profit warning to the stock market late yesterday afternoon. Premier blamed high commodity costs, which have knocked £15m from its profits, and the temporary loss of major customer Marks & Spencer when Premier raised its prices. The maker of Hovis and Mr Kipling [...]
STRICTLY BUSINESS BRIEF ENDS VINCE CABLE’S DANCING DREAM June 28, 2011 THERE is something bothering business secretary Vince Cable – and it’s not the separation of retail and investment banking, the Greek debt crisis or even waging war on Rupert Murdoch. No – Cable is concerned his demanding day job could mean he never fulfils his dream of returning to Strictly Come Dancing for a full [...]
BEST OF THE BROKERS June 20, 2011 PREMIER FARNELL UBS raises the electronic components distributor to “neutral” after weak first quarter results now leave less room for valuation downside. US slowdown and company-specific problems in Asia Pacific, where organic sales growth slowed from 11 per cent in the fourth quarter to fivr per cent, lead the broker to think growth will struggle [...]
Weak banks help drive FTSE to three-month closing low June 15, 2011 BRITAIN’S top shares ended lower yesterday, weighed down by banks on worries over the UK government’s drive for tougher regulation and Europe’s debt crisis, while commodity stocks also pressured the index. The FTSE 100 closed down 60.58 points, or 1.0 per cent, at 5,742.55, its lowest finish since March 18. Banks fell ahead of chancellor [...]
Leahy invests in tech firm June 12, 2011 FORMER Tesco boss Sir Terry Leahy has invested £2m of his personal wealth into a British software startup. He has bought a ten per cent stake in MetaPack, a small technology firm that co-ordinates customer deliveries for several big retailers. The company counts Sir Terry’s former employer, from which he stood down as chief executive [...]
Sir Stuart Rose got an £8.1m golden goodbye June 9, 2011 SIR Stuart Rose was handed an £8.1m golden goodbye when he left Marks & Spencer last year, according to the retailer’s annual report. The former chief executive and executive chairman received a pay packet worth £2.77m in 2010-11, compared to £2.6m a year earlier, plus over £5m in shares. Marc Bolland, who became chief executive [...]
Mining shares rebound and oil stocks rise on supply fears June 9, 2011 MINERS rebounded from the previous day’s sharp sell-off to help push Britain’s top share index higher yesterday, while oil stocks tracked crude higher on supply fears. The FTSE 100 closed up 47.45 points, or 0.8 per cent, at 5,856.34, having bounced well clear of the session low of 5,795.00, although thin volumes exaggerated the index’s [...]
FTSE falters as retailers slide June 9, 2011 Stocks defied downbeat expectations to post gains this morning but have since downhill after a number of UK retailers said sales were falling. Heavyweight banking stocks are also down following yesterday’s Treasury Select Committee debate over whether to ringfence their operations, and Vince Cable’s attack on their lending levels on Tuesday. State-backed Lloyds Bank is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]
Parisian Pyramid set to strike for red hot Ryan June 3, 2011 THE finale to this year’s Derby Festival is the Investec Specialist Bank Handicap and it’s another complicated puzzle to unravel. Last year the old boy Flipando came with a rattle under Philip Makin to lead near the finish and Graham Gibbons will be trying to repeat the trick on the evergreen 10-year-old. Horses tend to [...]