Miners buoy FTSE but ratings threat casts shadow May 24, 2011 Mining stocks put the FTSE 100 on the front foot in early trading as metal prices rose – boosted by Goldman Sachs recommending investors to buy into commodities. Commodities trader Glencore made its full market debt and rose slightly from its price on the so-call grey market, but remained below the 530p offer price of [...]
Public borrowing in new blow May 24, 2011 Britain recorded its worst April public sector net borrowing on record last month as a fall in tax receipts got the new fiscal year off to a disappointing start, official data showed. The public sector posted a net cash requirement of £3.259bn last month after a repayment of 5.834 billion pounds in April 2010. The [...]
MPs condemn Rosenfeld’s Cadbury snub May 23, 2011 MPs condemned Kraft’s chief executive Irene Rosenfeld (pictured) in the strongest language yet yesterday for refusing to give evidence about the firm’s £11.5bn acquisition of Cadbury. Kraft’s third refusal for Rosenfeld to meet MPs either in person or via a videoconference “fell short of an explicit contempt of the House, but not by much”, the [...]
British Land asset value rises May 23, 2011 British Land posted a 12.5 per cent increase in its net asset value per share and said it expected strong demand for prime office and retail property to continue. The property company confirmed a full-year NAV per share of 567 pence, from 504 pence a year earlier. Its underlying pre-tax profit was £256m, up 2.8 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 22, 2011 FINANCIAL TIMES BAIN PULLS OUT OF RAC AUCTION Bain Capital has pulled out of the bidding for RAC, the roadside rescue business of UK insurer Aviva. The US private equity group last week dropped out of the auction after bidding less than its rivals, people close to the situation said. That leaves Carlyle, Clayton Dubilier [...]
Editor stands by decision to break order May 22, 2011 THE editor of a newspaper that printed the identity of a footballer who took out a super injunction to hide an alleged affair yesterday said he wanted to “spark debate” over current laws which “fly in the face of logic”. In an interview with City A.M., Sunday Herald editor Richard Walker said he does not [...]
Why company chairmen face an increasing level of investor scrutiny May 22, 2011 THE 2011 AGM season is already delivering some stinging blows for company boards. Recent meetings at the UK’s biggest companies have seen shareholder ire directed at remuneration reports and occasionally directors. But chairmen have also taken flak for their company’s direction and performance over the past year. Prudential shareholders rapped Harvey McGrath last week for [...]
UK Mail says firms are facing unprecedented rise in post costs May 18, 2011 UK MAIL yesterday warned its margins would be eroded by above-inflation price increases being brought in by Royal Mail this month. Royal Mail is putting up wholesale charges for bulk users of its delivery services by 20 per cent, on top of a 4p hike in the price of a second-class stamp. Guy Buswell, UK [...]
INTRODUCING: MOTOROLA XOOM May 18, 2011 COULDN’T you just look at it all day? The MOTOROLA XOOM™, the world’s first Android 3.0 tablet has landed in SELFRIDGES London and already the excitement is palpable among tablet fans. Motorola XOOM is fresh from winning the coveted “Best of Consumer Electronics” 2011 award and comes packed with features. It’s strong, fast and features [...]
Yell shares surge as it pledges its future to digital media May 17, 2011 YELLOW-PAGES publisher Yell plans to increase its presence in digital media in a bid to counter a chronic decline in its print business. It yesterday posted pre-tax profit of £66.3m, compared with £70.3m last year. Revenue fell 12.4 per cent to £1.9bn. However, while print revenue dropped by 18.6 per cent, digital media revenue grew [...]