Rise in retail sales fails to lift outlook for struggling high street, analysts say October 20, 2011 SALES of laptops and video games gave a surprise lift to British retail sales in September, supporting hopes that the economy posted at least some growth in the third quarter, without changing an overall dire outlook. The Bank of England has warned of a tough winter ahead, predicting that growth will be close to zero [...]
C&C chief Dunsmore to leave as profits lift October 20, 2011 C&C SAID yesterday chief executive John Dunsmore would leave at the end of the year after leading a turnaround of the Irish drinks group, and reaffirmed full-year profit guidance when posting first-half results that met forecasts. Dunsmore will be succeeded at the Magners brewer by finance director and chief operating officer Stephen Glancey. Glancey said: [...]
Retail sales up with gadgets boost October 20, 2011 Retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said. The ONS said sales volumes including automotive fuel rose by 0.6 per cent on the month after a fall of 0.4 per cent in August, giving an annual rise of [...]
Merrill falls to loss despite £3.9bn BofA profit October 18, 2011 Bank of America has posted a net $6.2bn (£3.9bn) third-quarter profit after selling assets and re-valuing assets and liabilities, but its investment bank, the former Merrill Lynch, made a loss as dealmaking suffered. BofA’s revenues rose six per cent year on year to $28.7bn, while the net profit signalled a huge turnaround from the $7.3bn [...]
CITI BUCKS GLOOM WITH PROFIT HIKE October 17, 2011 CITIGROUP bucked gloomy economic trends to post a surprise jump in profits yesterday. The boost came mostly from a drop in losses from bad loans, which fell by 41 per cent to $4.5bn (£2.86bn) in an unexpectedly bullish sign from US consumers. Chief executive Vikram Pandit declared the results “solid” in a “challenging economic environment” [...]
Businesses need to plan for the Olympics if they want the summer to run smoothly October 16, 2011 London 2012 TIME TO GET READY THERE’S no general piece of advice.” I’m with Transport for London’s no-nonsense commissioner, Peter Hendy, and if he has one message he wants people to grasp about public transport during next year’s Olympic and Paralympic Games, it is that every day and every part of town will be different. [...]
Mouchel set to breach its covenants October 13, 2011 British infrastructure and maintenance group Mouchel said yesterday it was in talks with its lending banks regarding expected covenant breaches caused by a profit warning last week, and named a new interim chairman after incumbent Bo Lerenius resigned. “The board is encouraged that the banks have been supportive and the discussions continue to be constructive [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 10, 2011 FINANCIAL TIMES TOUGH CARE HOME REGULATIONS PROPOSED The government is considering a series of tough regulations for residential care homes following the collapse this year of Southern Cross, the UK’s biggest home operator. The measures, outlined yesterday for consultation, include requiring companies to post capital upfront as a condition of their licence, and giving councils [...]
Cameron backs Liam Fox October 10, 2011 PRIME MINISTER David Cameron said yesterday that Liam Fox made “serious mistakes” in his dealings with Adam Werritty but backed his embattled defence secretary pending a full report into his conduct. Cameron’s comments came after an interim report on Fox’s ties with Werritty – a close friend who has no official post within the government [...]
Dexia saved as fire sale of assets begins October 10, 2011 A FIRE SALE of Dexia assets was underway last night after France, Belgium and Luxembourg agreed to spend €90bn (£78.45bn) on a bailout for the crippled bank’s ailing bonds unit. The break-up of the group will see Dexia Bank Belgium, the largely retail division, sold to Belgium for €4bn. Dexia is also seeking backing from [...]