Editor's Picks
Kesa FD stands down
Friday 18 Sep 2009
Electricals retailer Kesa's finance driector Simon Herrick has resigned in order to pursue other business interests, the group announced this morning.
Public sector borrowing hits August record
Friday 18 Sep 2009
The recession slashed the amount of tax received by the British government in August, sending the budget deficit to a new record for the month. Office for National Statistics data shows Public sector net borrowing (PSNB), the government’s preferred measure, jumped from £9.9bn a year ago to £16.1bn this time, the highest figure for any August on record
Lloyds at odds with FSA over APS
Friday 18 Sep 2009
Improving economic conditions have prompted part-nationalised bank Lloyds Banking Group to renegotiate its possible participation in the government asset protection scheme (APS). However, press reports suggest that the Financial Services Authority is not playing ball and has suggested that Lloyds' plans to raise £15bn will not be enough to secure exemption from the scheme.
Sainsbury's announces new chairman
Thursday 17 Sep 2009
Supermarket operator Sainsbury’s has as expected announced the appointment of David Tyler as its chairman.
French Connection sees loss widen
Thursday 17 Sep 2009
Fashion group French Connection saw half year losses widen and said it plans to implement further measures to enhancing profitability over the next six months.
Balfour eyes cash call for 'significant' acquisition
Thursday 17 Sep 2009
Engineer and construction contractor Balfour Beatty said it is in advanced discussions regarding a ‘significant acquisition’ which would be substantially funded by a rights issue.
Tullow discovers 'significant' oil field
Thursday 17 Sep 2009
Tullow Oil announced the discovery of a significant oil field at Ngassa which has the potential to be the largest in the basin to date.
Lloyds confirms APS renegotiation talks
Thursday 17 Sep 2009
Part-nationalised bank Lloyds Banking Group has confirmed it is in talks with the government about changes to the terms of its possible participation in the government asset protection scheme (GAPS). Lloyds is also mulling possible alternatives to participation in the scheme. These options are being discussed with HM Treasury, UK Financial Investments and the Financial Services Authority.
B&Q leads Kingfisher improvement
Thursday 17 Sep 2009
A strong performance from B&Q helped DIY retailer Kingfisher post a sharp rise in profits for the half year to August 1. Pre-tax profits for the period came in at £201m, compared with £146m over the same period the previous year as revenues climbed 7.3% to £5.5bn. B&Q, which accounts for about 40% of turnover, saw profits soar 66% to £137m
NS&I ups premium bond payout
Wednesday 16 Sep 2009
National Savings & Investments (NS&I) announced a 50% rise in the prize money on offer to Premium Bond holders from next month.
New find boosts Tullow Oil
Wednesday 16 Sep 2009
Shares in Tullow Oil have been boosted by the announcement of an oil discovery at the Venus exploration well off the West African coast.
UK unemployment rises in line with expectations
Wednesday 16 Sep 2009
Unemployment continued to rise in the UK in the three months to July 2009 though the figures from the Office for National Statistics were broadly in line with expectations. The jobless rate rose to 7.9% in the quarter ending 31 July 2009 from 7.2% in the preceding quarter. The rate was 2.3 percentage points higher year-on-year and the highest level for almost 13 years
UK unemployment figures in line with expectations
Wednesday 16 Sep 2009
Unemployment continued to rise in the UK in the three months to July 2009 though the figures from the Office for National Statistics were broadly in line with expectations.
Tullow, Andarko to unveil new African prospect
Wednesday 16 Sep 2009
Tullow Oil could be the next UK-listed oil firm to announce a big discovery with a consortium including the Irish group said to have established a new oil frontier that stretches 1,100km along the African coast from Ghana to Sierra Leone.
Next 'cautious' but pleased with progress
Wednesday 16 Sep 2009
Fashion retailer Next enjoyed better than expected progress in the first half, but kept its ‘conservative’ forecasts for second half like for like sales unchanged. Pre-tax profit rose 7% to £185.5m, in line with forecasts. But Next said even if the economy technically comes out of recession it can see no reason for the consumer outlook to significantly change through the rest of this year
Bank crisis lessons not learned says think-tank
Tuesday 15 Sep 2009
A leading think-tank has accused the UK banking sector of not learning the lessons of the credit crisis in a report marking the anniversary of the collapse of Lehman Brothers. Using words that echoed comments made US President Obama last night, The Institute for Public Policy Research said that the rapid return of bonuses back into the City showed that real reform has been 'very limited'
Brown concedes spending cuts are needed
Tuesday 15 Sep 2009
Prime Minister Gordon Brown has conceded that public spending cuts will be necessary to tackle the UK’s ballooning debt .In a speech to trades union leaders Brown said the Labour government would ‘cut costs, cut inefficiencies, cut unnecessary programmes and cut lower priority budgets,’ but said the government would not make cuts ‘in the vital frontline services on which people depend.’
Supply shortage drives house prices higher
Tuesday 15 Sep 2009
More estate agents reported a rise in prices rather than a fall than at any time since May 2007 in August, according to the Royal Institution of Chartered Surveyors (RICS). The net balance jumped to 11% versus a read of minus 6% in July. That’s the first positive result since July 2007. London did best with a figure of 43%
Dunelm celebrates 30 years in style
Tuesday 15 Sep 2009
Dunelm calls itself the UK's leading specialist out of town homewares retailer, and who would argue with it after today’s strong full-year results and impressive start to the new financial year.
BG scores again in Brazil
Tuesday 15 Sep 2009
BG has announced another oil discovery offshore Brazil just days after it revealed a monster find in the Santos Basin. The latest find, Abare West, is also in the Santos Basin - in the pre-salt BM-S-9 concession area - and located in 2,163 metres of water approximately 290km off the coast of Sao Paulo State
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