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November 16, 2007
by Stewart Douglas
Department retailer John Lewis has today warned that it may report poorer results than anticipated over the Christmas period, with sales on marginally up over the early Christmas shopping season compared to much more significant rises last year.
The large independent retailer has announced that sales were uo by less than 2% over the initial Christmas shopping period, compared to growth of 14.4% ...
by Stewart Douglas
Brewers Carlsberg and Heineken have today hit back at takeover targets Scottish & Newcastle after their blanked rejection of a revised bid of 750p a share launched for the business yesterday, which they described as 'hasty' and 'ill-informed' given the value of the business.
Scottish & Newcastle were yesterday swift to dismiss a revised offer from the major brewery companies ...
by Elaine Frei
The price of crude oil was higher on Friday on the belief that with most of the US inventories buildup on the West Coast, US inventories aren’t as abundant as Thursday’s Energy Information Administration made them seem
December contracts for West Texas Intermediate crude were $1.17 higher to $94.60 per barrel near the close of floor trade on the New ...
by Elaine Frei
The US dollar traded at $1.4688 to the euro while it was at ¥111.1300 in relation to the yen just after midday in New York on Friday after US Treasury Secretary Henry Paulson said during a trip to Africa that the dollar will come back from its recent weakness, a reiteration of the “strong dollar” policy that US Treasury secretaries ...
by Kay Murchie
Starbucks, the largest coffeehouse company in the world, has warned of a challenging 2008. The company, which has a total of 13,168 stores worldwide, said that it will be affected by a slowdown in consumer spending.
The group posted a 35% increase in quarterly profits but lowered sales and earnings forecasts for 2008 after a fall in US customer visits. In addition, ...
by Kay Murchie
Young & Co’s, the London brewery, is on the hunt for more pubs. It currently has 216 but wants to add to its portfolio according to Stephen Goodyear, the group’s chief executive.
Mr Goodyear said there is a shortage of good pubs but what is available is at the lower end of the market.
Like many brewers, Young’s has been ...
by Kay Murchie
Analysts are predicting a challenging Christmas after a flurry of profit warnings from struggling retailers. Latest figures show that the long anticipated slowdown in consumer spending is finally underway.
Shoppers are expected to abandon the High Street after rising interest rates, record levels of debt and mortgage repayments take its toll and consumers are wary during the countdown to Christmas ...
November 15, 2007
by Stewart Douglas
Edinburgh-based brewery Scottish & Newcastle has today again rejected a move from brewing giants Heineken and Carlsberg to acquire, and subsequently divide its business operation, despite the significant improvement in their offer from first time around.
The UK's largest independent brewery rejected outright the bid, valued at 750p per share for the assets and brands of the company as launched by a joint ...
by Stewart Douglas
Spanish based airline Iberia has today announced it has been subject to a second takeover bid in recent weeks after private equity group Gala Capital launched a $5.5 billion offer for the operator.
The offer from Gala Capital and a consortium of other Spanish equity groups valued the business of Iberia at $5.5 billion, in the second move of its kind for the airline ...
by Elaine Frei
Asia-Pacific equities market retreated Thursday after Wednesday’s substantial gains as investors worried that consumer spending is slowing in the US. Taiwan’s Taiex fell 0.42 percent to 8,905.41, while the Sensex was 0.72 percent lower to 19,784.89 and the Shanghai Composite was 0.88 percent lower to 5,365.27. In Australia, the Sydney Ordinaries dropped 0.84 percent to 6,594.4 and the S&P/ASX200 fell 1.06 ...
by Elaine Frei
Crude oil prices fell on Thursday when the weekly Energy Information Administration US inventories report showed that while distillates inventories declined more than expected in the week ending 9 November, crude oil and gasoline stockpiles grew when they had been expected to decrease over the week.
Just before the close of floor trade, West Texas Intermediate crude for December delivery had dropped 54 ...
by Elaine Frei
The yen and the Swiss franc were both stronger Thursday amid declines in the equities markets and as investors once more looked for safe places to put their money as they continued to worry about credit markets.
The yen traded at ¥111.0050 versus the US dollar while it was at ¥162.2780 against the euro and at ¥98.6834 in relation to ...
by Kay Murchie
Supermarket chain, J Sainsbury, has announced a 27% increase in first-half profits in spite of two failed takeover attempts this year. The UK's third largest supermarket chain said it has formed a joint venture with Land Securities to develop its property potential.
Last week, Delta Two, the Qatari-backed investment fund, abandoned its £10.6 billion bid and shares in ...
November 14, 2007
by Stewart Douglas
Australian operator Qantas has today announced a procurement deal with aircraft manufacturers Airbus and Boeing which could see it acquire a further 188 aircraft over the next few years, with a view to broadening its reach into the Asian and Australian travel markets.
The airline, famed for its impeccable safety record, today announced that it would be acquiring the bulk of ...
by Stewart Douglas
UK based bank HSBC has today followed analysts expectations by announcing the extent of its bad debts for the third quarter in line with previous predictions, despite its refusal to comment on the situation earlier in the week.
The bank today announced that its sub-prime linked bad debt exposure for the period would total $3.4 billion, despite the fact that it will continue ...
by Elaine Frei
With the exception of Pakistan’s markets, equities markets in Asia and the Pacific were all higher Wednesday after a quarterly report from Wal-Mart (NYSE: WMT) exceeded expectations and indicated that US consumers are still spending money. In Pakistan, the Karachi 100 dropped 2.24 percent to 13,315.58 as foreign investors pulled their money out of financial markets on ...
by Elaine Frei
Base metals prices were higher Wednesday after an earthquake with a magnitude of 7.7 and at least one aftershock at magnitude 5.7 hit Chile’s mineral-rich northern region.
By just past noon in New York it was still unclear how much, if any, damage had been sustained at the mines.
Three-month copper on the London Metal Exchange added 3 percent to $7,135 per tonne ...
by Elaine Frei
Sterling was weaker Wednesday on remarks from the Bank of England’s governor which, along with the Bank’s quarterly inflation report, led analysts to the conclusion that UK interest rates will be cut at least once next year.
At just before 1:30 in New York, the pound was trading at 71.34p versus the euro, barely off a four-year low reached earlier in London ...
by Kay Murchie
Fashion retailer, French Connection, has cast a shadow over the high street by being the first clothes retailer to issue a profits warning in the wake of the summer slowdown, triggering concerns of a gloomy Christmas on the High Street.
Other retailers seem to be faring better with the tougher conditions and lack of consumer confidence. The London Retail Consortium (LRC) said ...
by Kay Murchie
Jet engine maker, Rolls-Royce, has said it is prospering again with increasing profits and booming orders. Only 6 years ago, the group was struggling with rising debts and falling profits.
However, under the leadership of Sir John Rose, chief executive, the problems have been sorted out. The world’s second largest aircraft engine maker provided timely evidence of its rejuvenation, achieving record orders at this summer’s ...
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