‘No talks’ at Whitbread October 26, 2005 The wind was knocked out of Whitbread’s sails yesterday after chief executive Alan Parker moved to quieten the takeover talk that has buoyed its shares. The leisure group was one of the biggest fallers of the day after Parker said there had been “no talks” with private or trade buyers about selling off any of [...]
BP weathers storm havoc October 26, 2005 Oil giant BP’s third-quarter rise in underlying profit was largely unaffected by summer hurricane damage in America, leaping 27.5 per cent, the company revealed yesterday. The company’s underlying profit, driven by high barrel prices and strong refining margins, rose to $5.33bn (£2.98bn). The company said it owed its strong underlying performance to “high but volatile” [...]
It’s Ken Again October 21, 2005 He is 74 but Ken Morrison is in no mood to slow down and take it easy. During the span of a career in the City a businessman usually plays the role of hero and villain. Sir Ken Morrison was typecast as the former until he acquired Safeway a year ago. In 2001 when it [...]
BHP to boost production October 21, 2005 BHP Billiton, the world’s largest mining company, will invest $1.3bn (£735m) to boost iron-ore production in western Australia in the face of rising demand by Asian markets led by China. The move comes just 24 hours after Rio Tinto said it would also commit $1.35bn to increase the iron-ore production of its mines in western [...]
Morrisons to launch cost cutting drive October 21, 2005 Sir Ken Morrison revealed yesterday that he had no plans to quit the retail business his father founded and planned to lead the enlarged supermarket into the post-Safeway era. “My present intention is to stay around for another two to three years,” he said The conversion of former Safeway stores into Morrisons outlets will be [...]
Ford in the red with £213m losses October 21, 2005 Ford fell into the red as losses in its key North American division increased and sales of high-margin sport utility vehicles dropped. The world’s third largest automaker, which is facing a deepening financial crisis, reported its third quarter results yesterday. It announced a $377m (£213m) pre-tax loss compared to a $718m (£406m) profit the previous [...]
Actif tones down its branding October 20, 2005 Actif, which distributes Elle clothing in Britain, has been forced into a French Connection-style rethink of its aggressive branding. Just as French Connection has toned down its use of the risque FCUK logo on its products, Actif chief executive Mark Evans said yesterday that it was going down the same route as shoppers were beginning [...]
Rio to expand in Australia October 20, 2005 The world’s second largest mining company Rio Tinto said it will spend $1.35bn (£768m) to expand its iron ore production at two of its key operations in Western Australia. The company said it would invest $530m expanding its Yandicogina mine to boost its output from 36m tons to 52m tons. It will also expand its [...]
St James’s A-Day profits October 20, 2005 Looming changes to pension legislation have helped wealth management company St James’s Place Capital increase its pension business by 22 per cent. New laws, due to come in on April 6 on what has become known as A-Day, have prompted more people to seek advice on their best personal pension plan including the chance to [...]
MFI under pressure as shares dip October 20, 2005 Confidence in MFI’s stricken furniture chain was undermined further yesterday after a damning analyst report sent the shares into a nosedive. Richard Ratner, of Seymour Pierce, quoted “reliable sources” stating that the British showroom business had sought an extension of credit terms from trade suppliers. He also suggested that the division could be “put into [...]