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April 28, 2008
by Elaine Frei
The US dollar was about the same in relation to the euro Monday, trading at $1.5650 in late morning trade in New York while it also held about steady versus the yen at ¥104.4900.
Meanwhile the euro, which was helped by a new survey of consumer confidence out of Germany, traded slightly higher versus the yen at ¥163.5319.
The pound gained slightly versus ...
by Kay Murchie
Despite the credit squeeze, demand for budget hotel rooms and cappuccinos has remained strong which has led to Whitbread planning to double the size of its Costa Coffee chain and expand Premier Inn by 50% over the next 5 years.
The pub restaurant and budget hotel operator has announced it will build at least 100 more Premier Inns ...
by Kay Murchie
Butler and Tanner Printers, which has produced hardback books for Jamie Oliver, Delia Smith and Nigella Lawson, is to go into receivership.
The company, based in Somerset, has informed all 287 workers, by letter, that they will be made redundant with immediate effect.
The letter said the company was unable to invoice sufficient work to pay this month's wages and that ...
April 27, 2008
by Peter Charalambous
Following the financial turmoil that has surrounded UK banks, coupled with faltering house prices and reduced consumer spending the UK economy has grown at its slowest pace for three years.
Last year the economy grew by 2.5 percent, and the Office for National Statistics revealed that in the first quarter the Gross domestic product rose 0.4 percent, against the lowest since 2005.
According ...
by Peter Charalambous
Europe's fifth-biggest economy, has increased at its fastest rate for over 15 years, resulting in a three year high.
In the fourth quarter the National Statistics office revealed that the jobless rate rose to 9.6 percent from 8.6 percent.
This is the biggest increase since 1993 which coincided with the recession in Spain with the number of unemployed at 2.1 million.
What has caused concern among analysts ...
by Peter Charalambous
The Argentine Economy Minister Martin Lousteau has resigned after just four months of President Cristina Fernandez de Kirchner's administration as the Argentine bonds slipped 1.7 percent today.
In South America's second-largest economy Lousteau has failed to gain effective control of the economy which was highlighted by his failure to control a farmers strike which resulted in food shortages and huge anti-government rallies and demonstrations across ...
April 25, 2008
by Kay Murchie
Housebuilder Persimmon has announced it is to stop building on new sites until market conditions improve, which could result in tens of thousands of job losses.
The country’s biggest housebuilder by market value and No.3 by homes built said sales in the first four months of 2008 had declined 24%.
Traditionally, April is the busiest time for housebuilders but Persimmon said that in ...
by Kay Murchie
Profits fell 11% to $4.39 billion (£2.22 billion) at Microsoft in the 3 months to the end of March compared with $4.93 billion a year earlier, while sales were steady at $14.5 billion.
Despite the fall, the software company still exceeded analysts forecasts.
However, its 40% increase in sales to $843 million still trails behind Google.
Microsoft’s Xbox 360 video game ...
April 24, 2008
by Kay Murchie
Acambis, the vaccine maker, has won a 10-year contract to supply the US Government with a smallpox vaccine, in a deal worth $425 million (£215 million).
The US Centers for Disease Control and Prevention will receive 9 million doses of the ACAM2000 vaccine annually, as part of the deal. The doses will be delivered between the third and last year of the ...
by Kay Murchie
GlaxoSmithKline, the world's second largest drug maker, said its diabetes drug, Avandia, had experienced a 56% fall in the first quarter of 2008 to £191 million.
Operating profit fell by 5% to £2.05 billion on a business performance basis, or by 9% to £1.96 billion on a statutory basis, with margins hit by higher spending on research and development and prices ...
April 23, 2008
by Kay Murchie
Shepherd Neame, the real ale brewer, recently warned that pubs will be forced out of business after Chancellor Alistair Darling’s tax on alcohol was hiked 6%
As a result, Shepherd Neame warned that 80,000 job losses could go in the industry.
Research shows there are 4 pubs going out of business in the UK each day as they are unable to compete with ...
April 22, 2008
by Kay Murchie
Berkshire Hathaway, the investment group controlled by US billionaire Warren Buffett, is rumoured to be building a stake in energy firm Centrica.
Following the news, shares in the company rose 2% at 306.5 pence in afternoon trading yesterday.
This ranked Centrica among the top percentage gainer on the FTSE 100 index which was down 0.3%.
In February, Berkshire Hathaway acquired ...
by Kay Murchie
Associated British Foods (ABF) has announced a strong set of results but has warned of challenging trading conditions.
In the half-yearly period to 1 March, pre-tax profits rose to £282 million, compared to £262 million a year ago.
The company said the latest results were on track but added that uncertainty lay ahead as energy and commodity prices were ...
by Kay Murchie
First-quarter profits at fast-food chain, McDonald’s, increased 24% as the company benefited from the weak US dollar and strong sales worldwide.
The figures exceed analysts forecasts on Wall Street , however, the US economy is suffering due to a weak property market which has taken some of the shine off the good performance.
European sales in outlets that have been trading for ...
by Peter Charalambous
The Bank of Canada reduced its key lending rate by half a percentage point to 3 percent.
Despite the country being gripped by a fear of an economic slowdown leading to recession like the US economy, the credit crunch has had a lesser effect of Canadian businesses in comparison to those over the border.
The global economy has weakened ...
by Peter Charalambous
The Director of the International Monetary Fund for Europe, Michael Deppler, has said that the European Central Bank may need to cut interest rates within six months in order to remain competitive and keep the economy growing.
This marks the first time that the IMF has placed a timescale on the long standing debate of the ECB ...
by Peter Charalambous
Tim Besley, one of the four external members on the MPC, said in a speech today that the Bank of England must now realign its goals with the onus on stabilising inflation rather than focusing on alleviating the pressures of a slowing UK economy.
Amongst others he has called for the Monetary policy to focus on price ...
by Kay Murchie
Logica, the IT services firm, has announced it is to shed 1,300 European back-office jobs with 500 expected in the UK.
The job losses are part of a £110 million restructuring programme under which it will increase its headcount in India, the Philippines and Morocco. It will also hire more consultants and will enable it to exceed market growth ...
April 21, 2008
by Kay Murchie
Rentokil Initial, pest control-to-washroom services group, has issued its third profit warning in as many months as its ailing parcel delivery business, City Link, announced a worse-than-expected loss.
Alan Brown, newly appointed chief executive, said the division suffered an operating loss of £16.9 million in the first quarter. He said it was now likely to make a significant full-year ...
by Kay Murchie
There has been a lot of gloom around in the retail sector recently after discount fashion chain Ethel Austin met with administrators last week to discuss its future.
Last month, clothing chain Select Retail, had to be rescued from administration while Mexx, the US-owned fashion retailer, announced it was to close its UK stores.
The future of rival MK One remained in ...
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