A SOBERING WARNING FOR OSBORNE AS CAM SWINGS INTO ACTION October 25, 2010 CHAOS as the great and the good gathered for the annual CBI conference on Park Lane yesterday. The delayed start gave David Cameron a chance to prove he’s been reading those zeitgeist briefings: “Sorry for the delay,” he told the gathered business chiefs and hacks. “Like Ann Widdecombe, I had to be hitched by a [...]
Stobart in shock profit warning October 20, 2010 FREIGHT company Stobart Group has cut its full-year profit forecast and warned that government spending cuts and tax rises could hit volumes in 2011. “We have slightly reduced our full-year profit expectations as a result of reduced spend by Network Rail and increased overall finance costs. We are also cautious that 2011 may see volumes [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]
BEST OF THE BROKERS October 17, 2010 BARCLAYS According to Evolution, the UK is most likely to follow Switzerland and implement higher minimum Core Tier 1 ratios. Barclays will have a roughly 8.7 per cent Core Tier 1 by 2012: if the “UK finish” is a 10 per cent ratio, Barclays will be £7bn short of capital. The broker warns a “deal-cum-rights-issue” [...]
Enter the corporate entrepreneur: Britain’s best hope for real recovery October 17, 2010 CO-FOUNDER, MARKET GRAVITY THE UK’s recovery from the deepest recession in eighty years is dependent on sustained private sector growth. Corporate earnings may be recovering, but too much is due to cost cutting, not real growth, and this trend is not sustainable. Recent analysis from Market Gravity illustrates that while 75 per cent of FTSE [...]
John Lewis sales stalled by strike and sunshine October 15, 2010 RETAILER John Lewis said sales growth slowed last week, as a strike on London Underground and a brief Indian summer meant fewer shoppers in its stores. The employee-owned company, traditionally seen as a bellwether of the UK retail sector but which has outperformed competitors for over a year, said on Friday sales at its 28 [...]
Ocado still overvalued, says analyst October 14, 2010 OCADO’S stock fell another 3.5p yesterday to 123.5p, despite its announcement this week that it has begun work on its new warehouse in Warwickshire. It is now trading 46 per cent below the mid-point of its initial IPO price range. But yesterday another analyst released a note warning the stock could still have a long [...]
Wetherspoon shares hit as execs leave October 14, 2010 JD Wetherspoon yesterday surprised investors by announcing the departure of two of its top executives. Finance director Keith Down and chief operating officer Paul Harbottle are to leave the pubs group “in due course” said a statement, which offered no explanation for the sudden shake-up. Wetherspoon’s has weathered the economic downturn well, with Down considered [...]
PERSONAL FINANCE NEWS October 14, 2010 THIRD OF ADULTS WITHOUT SAFETY NET Almost a third of adults have less than £249 set aside as a financial safety net and 19 per cent have no savings at all to fall back on, according to new research from HSBC. This is equivalent to just five days average take home pay while the recommended [...]
Asos sees sales surge by 47 per cent October 14, 2010 Online fashion retailer ASOS said it was on track to meet full-year profit forecasts after a 47 per cent surge in second-quarter sales. ASOS, which launched a US website last month, also said it expected to launch French and German versions by the end of the month. Retail sales jumped to £69.7m in the three [...]