WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2011 FINANCIAL TIMES PACE OF UK GROWTH UNDER THREAT Britain’s economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit. A Financial Times analysis of the sectorial performance of the economy before and after the crash highlights how [...]
Coalition makes 200 changes to the tax code May 10, 2011 THE coalition government has made 200 changes to the tax code since taking power last year – despite promising to simplify the tax system. The Association of Chartered Certified Accountants (ACCA) said the huge number of changes had created a “compliance headache for accountants, businesses and individuals”. Chancellor George Osborne set up a new Office [...]
Mondi posts progress but warns on costs May 5, 2011 SOUTH African papermaker Mondi yesterday warned rising input costs were putting pressure on its margins as it posted a rise in first-quarter profit, driven by higher prices and sales. Mondi said cost hikes would be more moderate than the 12 per cent rise seen last year. “I would estimate that it would be around a [...]
GM profit beats forecasts May 5, 2011 General Motors posted stronger-than-expected quarterly profit, driven by a recovery in the US market and strong sales in Asia. Quarterly net profit more than tripled from a year ago and its operating profit narrowly beat expectations. Even though total sales rose 15 per cent to $36.2bn (£22bn) against analyst expectations of $35.6bn, “all of this [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 3, 2011 FINANCIAL TIMES BUSINESSES FEAR £90BN HIT IN COSTS BOOMERANG The UK’s main quoted companies fear that £90bn of annual costs will return to their books as they recover, washing away savings made during the recession and squeezing profit margins, according to a survey by a leading accountancy firm. Businesses believe that 95 per cent of [...]
CITY MOVES | WHO’S SWITCHING JOBS May 2, 2011 Brookland Partners The investment bank has appointed Griff Winkler as a director, where he will focus on expanding the firm through identifying investment opportunities from capital providers and other JV partners. Winkler joins from Hatfield Philips, where he was vice president of the non-performing commercial real estate loan group. He also brings five years of [...]
McDonald’s profit up – but costs rise April 21, 2011 McDonald’s reported a higher-than-expected quarterly profit as the world’s largest restaurant company posted March sales that topped analyst expectations. But the company’s profit margin took a hit because of rising food and paper costs, and it increased its inflation forecasts. It said it now expects food costs to rise between 4 and 4.5 per cent [...]
Goldman results limit market gains April 19, 2011 ENCOURAGING results from health care and materials companies lifted US stocks yesterday, but weak earnings from Goldman Sachs limited gains in a market skeptical of the growth outlook. Investors were reluctant to make big bets as the market readied for a spate of high-profile earnings. Volume was extremely low, with 6.56bn shares traded on the [...]
BoA earnings down as new chief named April 15, 2011 Bank of America Corp posted a 37.5 per cent decline in first-quarter earnings and named a new chief financial officer. The largest US bank reported net income of $2bn (£1.2bn), or 17 cents per share, compared with $3.2bn, or 28 cents per share ,in the same quarter a year ago. Analysts on average had forecast [...]
Google cost surge sees investors flee April 14, 2011 GOOGLE posted a 15 per cent rise in pre-tax profits to $2.89bn (£1.76bn) in its first-quarter results last night, but investor panic over a 34 per cent surge in costs saw its shares dive by 5.4 per cent in after-hours trading. Costs ballooned to $5.78bn, with sales and marketing spending rising 69 per cent to [...]