Sony to put end to four year loss as yen weakens February 7, 2013 SONY has announced a dramatic fall in losses, and said it expects to post an annual profit for the first time since 2008 later this year. A combination of a weak yen and cost cutting meant losses in the final three months of 2012 were down to ¥10.7bn (£72.8m), compared with ¥158.4bn in the same [...]
Burberry management reshuffle weighs on FTSE 100 February 7, 2013 The blue chip index was broadly flat in early deals, weighed down by luxury brand Burberry. This morning it announced a management shake-up, creating a new chief operating officer role and replacing its chief financial officer. Shares dropped 3.8 per cent in early deals. Investment manager Hargreaves Lansdown fell 2.25 per cent, after rallying more [...]
Why you should take economic statistics with a bucket of salt January 25, 2013 TODAY is GDP day, when the Office for National Statistics releases its first, early and ultra-preliminary estimate of the growth of the UK economy. As ever, the media, the markets and the political classes will massively over-react to whatever gross domestic product (GDP) number is released, good or bad. I would urge everybody not to [...]
Why you should take economic statistics with a bucket of salt January 24, 2013 TODAY is GDP day, when the Office for National Statistics releases its first, early and ultra-preliminary estimate of the growth of the UK economy. As ever, the media, the markets and the political classes will massively over-react to whatever gross domestic product (GDP) number is released, good or bad. I would urge everybody not to [...]
Microsoft profit dips in spite of new Windows 8 January 24, 2013 COMPUTING giant Microsoft yesterday posted a quarterly drop in profits, as slow sales of its Office software dragged down a positive start for its freshly minted Windows 8 system. Sales rose three per cent overall to $21.5bn (£13.6bn) for the three months ending December 2012, the company said last night, but profits slid to $6.4bn, [...]
Empty offices look bleak now but are also a sign of optimism January 24, 2013 THE City is changing, and not just because of the skyscrapers about to reinvent its skyline. The firms that are taking office space are changing as well. The trend for insurers to cluster in EC3 around the Lloyd’s building is well-established. Equally striking has been the lack of demand in Cannon Place and the Walbrook, [...]
Resolution taps ex-Stan Chart boss to be chair January 21, 2013 FORMER Standard Chartered chief executive Sir Malcolm Williamson is set to become chairman of insurance buy-out vehicle Resolution, it was announced yesterday. Williamson, 73, will succeed Mike Biggs, who is stepping down as part of a plan to streamline the complicated executive structure at the FTSE 100 group, which was founded by industry pioneer Clive Cowdery in [...]
Japan hopes to stimulate itself back to prosperity January 21, 2013 SINCE taking office in December, the Japanese Prime Minister Shinzo Abe has been determined to throw everything he can at his economy to try to get it moving again. As well as a massive ¥10.3 trillion (£72bn) government stimulus package, the newly-installed Japanese government has fixed the strong yen in its sights, and has made [...]
Retail sales slip in December January 18, 2013 British retail sales posted a surprise fall in December, crushing hopes that buoyant Christmas trading would provide a boost to the economy. The Office for National Statistics said this morning that sales including fuel fell 0.1 per cent month on month in December. On an annual basis, retail sales posted a jump of 0.3 per [...]
Michael Page sees mixed start to the year in the jobs market January 15, 2013 WHITE collar recruiter Michael Page yesterday posted a 4.9 per cent fall in profits, in line with its pared-back expectations, and predicts a patchy start to the year. Chief executive Steve Ingham said that while some of the firm’s offices in Asia and South America were enjoying strong growth, the Eurozone and the financial services [...]