Geithner says recession over July 25, 2010 THE US economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said yesterday. In appearances on several Sunday talk shows, Geithner said only two to three per cent of Americans – those making [...]
Slow recovery dents UK sales at Experian July 15, 2010 CREDIT information company Experian saw its UK operations shrink by a further one per cent in the last quarter, but strong growth elsewhere led to a seven per cent rise in revenue. The FTSE 100 firm, which offers consumer credit checks and operates in more than 90 countries, said the longer than expected consumer slump [...]
Enter the corporate entrepreneur: Britain’s best hope for real recovery October 17, 2010 CO-FOUNDER, MARKET GRAVITY THE UK’s recovery from the deepest recession in eighty years is dependent on sustained private sector growth. Corporate earnings may be recovering, but too much is due to cost cutting, not real growth, and this trend is not sustainable. Recent analysis from Market Gravity illustrates that while 75 per cent of FTSE [...]
Reckitt agrees £2.5bn bid for Durex maker July 21, 2010 CONSUMER goods group Reckitt Benckiser yesterday agreed to buy Durex condoms and Scholl sandals maker SSL International for £2.5bn in cash to increase its presence in the health and personal care markets. The Anglo-Dutch maker of Nurofen painkillers, Strepsils and Lemsip cold remedies, said SSL stockholders would receive 1,171p a share. Regulators and investors are [...]
Political fears cast shadow on earnings January 26, 2010 US stocks slipped late yesterday due to trepidation over churning political and regulatory developments, offsetting solid earnings and improved consumer confidence data. Gains faded late as investors turned cautious before the Federal Reserve’s policy announcement and President Barack Obama’s State of the Union address today. US stocks fell 5 per cent in a three-day span [...]
Birds Eye will pay €805m to buy Findus ? July 19, 2010 UNILEVER has agreed to sell its Italian frozen foods unit Findus to Birds Eye Iglo, which is owned by private equity group Permira, for €805m (£687.9m). The sale represents the disposal of Unilever’s last remaining frozen foods business in Europe. Unilever said in a statement that about 650 factory and head office staff at Findus, [...]
ECONOMIC DIARY February 21, 2010 AFTER a week packed with economic data releases, the next five days promise to be a bit quieter. Last Thursday, the US Federal Reserve hiked the rate it charged banks to hold reserves in a surprise move that signalled a return towards more normal monetary policy. On Wednesday Fed chairman Ben Bernanke will be giving [...]
FTSE traders torn between two directions September 13, 2010 THE FTSE 100 closed 63 points up at 5,565.5 points yesterday, rallying to a four-month high. Good banking and mining figures drove it upwards and a clear momentum emerged. While the upturn is indisputable, the jury is out on how long it will last. The index is out on a limb and opinion is split [...]
The big freeze hits January retail sales as shoppers avoid high street stores January 27, 2010 THERE was more gloom for the UK’s economy yesterday after retail sales for January look likely to have stalled after snow and the VAT hike kept shoppers away from the high street. The Confederation of British Industry’s (CBI) monthly distributive trades survey showed that the balance of retailers reporting an increase in sales fell to [...]
S&N’s strong profits beat expectations February 11, 2010 Smith & Nephew (S&N), the hips-and-knees maker, posted higher profits in the final quarter of last year after the replacement joints market stabilised. The market suffered during the recession, but started to recover in the second half. Traditional hip and knee ranges, like its Legion knee, did well, particularly in the US, while products designed [...]