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October 24, 2007
by Elaine Frei
Crude oil prices rose Wednesday as the US Energy Information Administration said that inventories of crude oil, gasoline and distillates all dropped last week.
December contracts for West Texas Intermediate crude were $1.83 higher to $87.10 on the New York Mercantile Exchange, while Brent crude for December delivery gained $1.51 to $84.36 per barrel on the ICE Futures Europe exchange in London.
Nymex ...
by Elaine Frei
Most Asian markets were lower on Wednesday, worried by a report that investment bank Merrill Lynch (NYSE: MER; TYO: 8675) will write down $2.5 billion more in the third quarter than previously estimated, adding to concerns over the effect of the subprime crisis. There were a couple of gains in Asia, however. In India, the Sensex added 0.11 percent ...
by Kay Murchie
One of the most recognised hotel chains in the world, Holiday Inn, is to receive a $1 billion makeover, creating one of the largest corporate re-launches ever seen.
Intercontinental Hotels Group (IHG), its parent company, said the 3-year programme will create growth in revenue per available room of between 3% and 7%.
IHG’s Chief Executive, Andrew Cosslett, is to brief over ...
by Kay Murchie
Home Retail Group, formerly Argos Retail Group, announced a 40% increase in first-half profit today.
The country’s biggest household goods retailer said strong flat-screen TV sales compensated for weakness in the do-it-yourself chain, Homebase.
The group exceeded analysts’ forecasts of £142 million by announcing pre-tax profit of £149.8 million in the 6 months to the beginning of September. Like-for-like Argos sales grew ...
by Kay Murchie
Friends Provident, the life assurance business, has announced a 21% increase in 9-month life and pensions sales. The increase was boosted by its international business, meeting expectations that it would exceed a growth rate of 16%.
New business increased to £5.58 billion and in the third quarter, life and pensions sales for the group increased 35% to £2.15 billion.
The group has received a ...
by Kay Murchie
Debenhams, Britain’s No. 2 department store chain, announced positive sales following 12 months of one of the worst periods in its history. The retailer saw an 11.5% increase in full year pre-tax profits to £131.4 million.
Furthermore, sales since the beginning of September are up 2.1%. The announcement sent Debenhams shares, which halved from March to September, up 0.25p to 103.75p.
Chief executive, Rob ...
October 23, 2007
by Stewart Douglas
Volkswagen have today fallen foul of the European Court of Justice after they passed resolutions to hinder external foreign shareholders from building up any substantial equity stake, with the move contravening European Union law.
The company, which serves a global market as a virtual household name, had purported to prevent any single shareholder from utilising more than 20% of total voting rights, as ...
by Stewart Douglas
Sports clothing manufacturer Umbro has today submitted to the approach by sporting giant Nike to acquire its assets and business, worth in excess of £285 million in a deal that will see the world's largest sports company gain more ground on Umbro's flagship football shirt market.
UK based Umbro holds the manufacturing contract for the England national team kits, as well as six other ...
by Elaine Frei
December wheat on the Chicago Board of Trade dropped its maximum daily limit of 30 cents Tuesday to $8.41 per bushel on news of record crops in Pakistan that could reduce demand there for US crops.
Wheat prices were also lower as the US winter wheat crop looked to be largely in good shape even though there was flooding in some growing ...
by Kay Murchie
Umbro, the England team’s kit supplier which is based in Macclesfield, has today agreed to be taken over by Nike, the sportswear giant, in a deal valued at £285 million.
As well as supplying the England kit, Umbro also supplies Birmingham, Blackburn, Everton, Sunderland, West Ham and Wigan. In addition, they supply the national shirts for Northern Ireland, the Irish Republic, Norway and ...
by Kay Murchie
It is believed that Mike Ashley, the billionaire sportswear tycoon, is leading the £19 million battle for casino-operator Les Ambassadeurs, which was put up for sale in September and is owned by Putera Sampoerna, the Indonesian tobacco tycoon.
Les Ambassadeurs is one of London’s top casinos and popular with Premiership footballers, hedgefund-managers and high rollers. Sir Philip Green, the retail billionaire, ...
by Kay Murchie
Virgin Media customers in Folkestone, Ashford and Dover are participating in a trial that provides a super-fast broadband connection through a BT line, in an effort to win back customers they lost during the battle with Sky over TV channels.
It is believed that at least 40,000 Virgin customers cancelled their subscription and transferred to Sky after losing channels such as Sky ...
October 22, 2007
by Stewart Douglas
Tech giant Apple has today announced a stark increase in profitability over the third quarter as a result for ongoing demand for its flagship iPod MP3 player, as well as strong sales throughout its product lines.
Additionally, the launch of the new iPhone product has also seen strong performance for the California-based company that holds significant market share in most ...
by Stewart Douglas
Media giant Pearson has today announced forecasts of record profit figures for the year end 2007, in light of strong performance over the third quarter compared to previous year results derived from strong sales in key product areas.
The company behind the Penguin publishing house announced today that its revenue over the third quarter was up by 6% on the year, whilst profit figures were ...
by Elaine Frei
Crude oil prices fell on Monday, joining other commodities in declines as investors questioned the state of the US economy and hopes that tensions along the Turkey-Iraq border will soon decrease.
At the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for November delivery had dropped $1.35 to $87.25 per barrel, while Brent crude was 65 cents ...
by Elaine Frei
Almost all equities markets in the Asia-Pacific region were lower on Monday after comments from the weekend’s meeting of G7 countries that the global economy is slowing down and on Friday’s big losses on Wall Street. The main exception to the declines came in India, where the Sensex added 0.31 percent to 17,613.99. Australia’s markets dropped nearly ...
by Kay Murchie
Fears over the US economy continue as Wall Street losses provoke a broad sell-off in Asian markets. This morning, European shares have declined sharply in early trading, reflecting declines in East Asia.
The UK’s FTSE 100 index was down 1.4% to 6,435 just after noon today whereas Germany’s Dax lost 1.4% and France’s Cac lost 1.3%. Tokyo's Nikkei index closed 2.2% lower. ...
by Kay Murchie
Last week, European brewers Carlsberg and Heineken, put in a takeover bid for Scottish & Newcastle (S&N) but the group rejected it saying the break-up bid was “unsolicited and unwelcome”.
It has now come to light that S&N may sell its stake in Baltic Beverages Holding (BBH), the Russian brewer in a bid to block the bid from Carlsberg and Heineken.
S&N is ...
by Kay Murchie
Pearson, the educational publisher, announced today that third quarter trading was strong. Underlying sales rose 6%, operating profits rose 20% and headline sales rose 4% over the first 9 months of 2007.
The third quarter is vital for companies such as Pearson as the start of the school year drives textbook sales.
Pearson, which also publishes Penguin books and the Financial Times, increased its full-year ...
by Kay Murchie
WPP, the world’s second-largest agency, has forecasted today that next year will be even better than 2007 for the advertising industry. Chief Executive, Sir Martin Sorrell, said the impact of the Beijing Olympics, US Presidential election and, to a lesser degree, the Euro 2008 football championships, would give a massive boost to an industry that is still growing ...
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