Editor's Picks
Sunday newspaper round-up:Coalition, gas prices, inflation, RBS
Friday 13 May 2011
Writing about the current coalition government in the UK in its latest weekly edition The Economist says that, “After a breathless first year, the temptation will therefore be to slow down and split the difference on reforms to keep the coalition together. But such timidity would be uncharacteristic of the prime minister, who has always understood that political capital can be earned by bold
LSE operating profits beat expectations
Friday 13 May 2011
Bourses operator London Stock Exchange hailed a 22% increase in adjusted operating profit and said a packed pipeline of new issues promises more to come.Adjusted operating profit in the year to 31 March rose to £341.1m from £280.3m the year before, on revenue that grew 2% to £615.9m from £605.6m the year before.
Commodities: Oil picks up but demand fears persist
Friday 13 May 2011
Crude oil futures recovered from sharp losses Thursday to settle modestly higher as the latest figures from the International Energy Agency and US Department of Energy underlined fears that high oil prices are crimping demand.
Luminar plummets after tough year
Thursday 12 May 2011
Shares in Luminar Group plunged after the nightclub operator revealed that it swung to a full-year loss, as youth unemployment, stricter budgets, and severe weather (during the peak winter period) affected business. Luminar – famous for its ‘Oceana’- and ‘Liquid’-branded nightclubs - registered a pre-tax loss of £1.1m, down from a profit of £5.5m.
Amlin sales up and says premiums rising
Thursday 12 May 2011
Amlin, the biggest Lloyd’s of London insurer by market value, said sales went up 14% for the four months ended 30 April 2011 at £1,1bn. This compared to £964m in the same period of 2010 with much of the gain driven by new business in Amlin's UK division. The firm said that rates were going up in the industry following a period of softening.
Commodities: Oil prices plunge
Thursday 12 May 2011
Crude oil futures registered a dramatic decline Wednesday, in a chaotic session, as traders retreated on fears that increasing global inflation and as the dollar rose against the euro.
Keller tumbles on profits warning
Thursday 12 May 2011
Ground engineering specialist Keller said total revenue in the first four months of the year was ahead of the same period last year and it expects to report solid revenue growth for the full year.
Strong first quarter at ENRC but costs cause worries
Thursday 12 May 2011
Mining group Eurasian Natural Resources Corporation (ENRC) has reported a positive first quarter, driven by strong production and sales volumes and high commodity prices.
Momentum continues at RSA Insurance
Thursday 12 May 2011
RSA Insurance hailed a strong start to the year with net written premiums of £2.1bn in the first quarter, up 8% on a year earlier.
Early summer catches out SuperGroup
Thursday 12 May 2011
Fast-growing fashion group SuperGroup failed to get its summer range out in time for the unseasonably warm weather seen recently, resulting in a lower sales growth rate in the three months to 1 May. The company, best known for the Superdry label, said total sales were up by 61% from the same period a year ago at £66m.
Comet still a drag at Kesa
Wednesday 11 May 2011
Kesa Electricals has seen mixed trading since the beginning of the year, with the retailer's UK chain Comet continuing to struggle.
Galleon boss guilty on all counts
Wednesday 11 May 2011
Raj Rajaratnam, the billionaire investor who once ran one of the world's largest hedge funds, Galleon Group, has been found guilty of fraud and conspiracy. Prosecutors in New York had called it the largest case of hedge fund inside trading in history. Rajaratnam was convicted on all 14 counts of conspiracy, insider trading and securities fraud.
ITV warns of tough second quarter
Wednesday 11 May 2011
Despite a strong first start to the year, terrestrial broadcaster ITV has warned that it is facing tougher comparatives in the current quarter, meaning that the firm could underperform the market in the first half.
Vertu motors forward
Wednesday 11 May 2011
Vertu Motors was in the fast lane after the car dealer posted a rise in profits for the year to 28 February and said that trading has been in line with expectations.
Barratt refinances, sees upswing
Wednesday 11 May 2011
House builder Barratt Developments is enjoying 2011 a lot more than it did 2010, with sales rates turning to more normal levels and selling prices on the up.
Prudential hails strong start to 2011
Wednesday 11 May 2011
Strong growth in Asia and the US helped the insurance giant Prudential shrug off a more sluggish performance in the UK to continue growing strongly in the first quarter of 2011.
"World's local bank" may become a bit less local
Wednesday 11 May 2011
Banking giant HSBC is to cut costs and may abandon some business areas in order to direct investment to faster growing markets. The group plans to focus on wealth management in 18 of the “most relevant” economies while limiting retail banking to those markets where it believes it can achieve profitable scale.
Sainsbury tops forecasts as sales jump 7%
Wednesday 11 May 2011
A record number of customer transactions helped Sainsbury beat sales and profits forecasts, prompting the supermarket giant to hike its dividend by 6.3%. The board has recommended a full-year dividend of 15.1p per share for the 12 months ended 19 March, up from 14.2p previously. Sales grew by 7.1% from £21.42bn to £22.94bn,
Ocado dogged by capacity restraints
Wednesday 11 May 2011
Online grocery firm Ocado said sales growth in the second quarter has, as expected, been lower than the first as a result of capacity constraints and the higher incidence of holidays.
Wednesday tips round-up: IHG, Johnston Press, Ashtead
Wednesday 11 May 2011
InterContinental Hotels (IHG) was the toast of investors yesterday after it delivered a buoyant performance in the US, which accounts for about two-thirds of its profits. For the quarter just ended, IHG registered a 35% rise in operating profits to $112m. Total revenues jumped by 9% to $396m over the period, although its revenue per available room (revPAR) performance in Europe was more subdued.
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