Editor's Picks
Nimble Northern Foods prospers in downturn
Thursday 26 Mar 2009
Food producers are generally defensive in tough economic times, but companies still need to adapt to the changing climate if they are to prosper, a fact underlined by Northern Foods’ trading update today.
Barclays passes FSA "stress test"
Thursday 26 Mar 2009
Barclays shares rose strongly this morning on reports it passed a Financial Services Authority stress test to judge whether it needs additional capital. Barclays has until the end of March to decide if it wants to join the government's toxic asset protection scheme, but the FSA green light means it can choose not to or join on its own terms.
Songbird faces debt breach as Canary Wharf value plummets
Thursday 26 Mar 2009
Canary Wharf owner Songbird Estates could be in breach of its bank covenants by May next year unless its refinances a loan of £880m, it warned today.
Geithner calls for overhaul of ‘unstable’ system
Thursday 26 Mar 2009
Treasury Secretary Tim Geithner said changes to the US financial regulatory system are needed to repair a system that has “proved too unstable and fragile.”
Dairy Crest sells Yoplait stake
Thursday 26 Mar 2009
Dairy Crest has taken a big step in easing its debt position by selling its 49% stake in yoghurt group Yoplait Dairy Crest for £63.5m.
JJB sells Fitness arm, sacks chief
Thursday 26 Mar 2009
JJB officially confirmed today that it has disposed its Fitness Clubs business to founder David Whelan for £83.4m and announced a series of measures to secure the sports retailer’s future.
Kingfisher wields axe in China
Thursday 26 Mar 2009
A slump in China’s housing market has caught out DIY retailer Kingfisher, which admitted today that its over eager expansion there lost it £52m last year and would cost £107m to put right. The B&Q owner has decided to shut down 22 of its 63 outlets in China, downsize another 17 oversized stores and revamp the rest following a 24% plunge in sales to £431m.
NWR backs out of Ferrexpo stake purchase
Wednesday 25 Mar 2009
Hard coal producer New World Resources has reversed its decision to buy a large stake in Ferrexpo from RPG Industries. NWR said its decision was made in the light of the current challenging environment for the steel and coal sectors, as well as the cloudy outlook for the global economy for the rest of 2009.
HSBC says 1,200 UK jobs at risk
Wednesday 25 Mar 2009
Banking giant HSBC said that 1,200 of its staff in the UK could face redundancy.
Gilt auction fails amid borrowing backlash
Wednesday 25 Mar 2009
Gilts fell back Wednesday after a government bond auction failed for the first time in seven years as investors shunned the securities amid concerns over UK finances.
L&G halves divi and axes staff
Wednesday 25 Mar 2009
Huge losses at Legal & General due to weak investment markets have forced the insurer to halve the final dividend and slash jobs. It posted a European embedded value (EEV) loss before tax of £1.38bn versus a profit of £1.17bn in 2007. Losses were £1.49bn on an IFRS basis against an £883m profit last time. L&G, which expects difficult economic and market conditions to continue
Home of ex-RBS boss Goodwin vandalised
Wednesday 25 Mar 2009
Vandals have attacked the Edinburgh home of Sir Fred Goodwin, the former Royal Bank of Scotland boss who has been widely criticised for refusing to hand back his lucrative pension.
BRC warns of toughest quarter rent day
Wednesday 25 Mar 2009
The threat of more retailers going under was highlighted again as the British Retail Consortium (BRC) warned today will be the toughest quarterly rents payments day for at least 18 years.
L&G halves divi after losses
Wednesday 25 Mar 2009
Legal & General has halved the final dividend after weak investment markets plunged the insurer into a full year loss. It posted a European embedded value (EEV) loss before tax of £1.38bn versus a profit of £1.17bn in 2007. Losses were £1.49bn on an IFRS basis against an £883m profit last time. The biggest effect in 2008 was the £650m increase in non profit credit default provisions to £1.2bn.
Retailers struggle to survive as rent deadline looms
Tuesday 24 Mar 2009
Camera firm Jessops said today that it would meet its rental requirements but corporate insolvency firm Begbies Traynor warns hundreds of retailers could struggle to survive as they face quarterly rent payment day tomorrow.
Most savers waste ISA allowance
Tuesday 24 Mar 2009
Only 6% of UK savers have made the most of their tax-free savings allowances in the past two years, new research shows.
Sainsbury's reports forecast-beating sales
Tuesday 24 Mar 2009
Supermarket chain Sainsbury said it has delivered a strong performance in the final quarter of the year with like-for-like sales, excluding fuel, up a better-than-expected 6.2%.
Cheap oil little comfort for travel stocks
Tuesday 24 Mar 2009
Lower fuel prices helped the cruise operator Carnival post a rise in earnings over the first quarter, an impressive feat in the current climate, but cheap oil may not be enough to help travel stocks buck the recessionary trend.
Checking out the bailouts
Tuesday 24 Mar 2009
US Treasury Secretary Timothy Geithner's US bank recovery plan announced on Monday is the latest in a rapidly growing list of attempts to kick-start the stubbornly resistant US economy.
Inflation increase surprises City
Tuesday 24 Mar 2009
Consumer Price Inflation (CPI), the measure employed by the government in economic policy, actually rose last month, climbing to 3.2% from a nine-month low of 3% in January. That caught out many analysts who’d forecast a fall to around 2.6%, much closer to the government’s target of 2%. Meanwhile, inflation as measured by the retail price index (RPI) dropped to zero in February
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