Jan
2009
Articles from 23rd Jan 2009
-
Empire Direct collapse hits customers
Jan 23 2009 | National Business News
Hundreds of consumers are likely to be left out of pocket because of the collapse of electrical goods retailer Empire Direct. Read
-
100 jobs go at Yorkshire building supplies firm
Jan 23 2009 | National Business News
Building products supplier Heywood Williams has revealed it has cut around 100 jobs in the UK after it cut almost a quarter of its global workforce.With the building industry in the doldrums and many projects on hold or scaled down, the Halifax-based company, which distributes products across Europe and the US, said sales for 2008 were down around 13% compared to the previous year, to £219m, while like-for-like sales were down 14%.In a bid to bring down costs, Heywood reduced its worldwide headcount by more than 23%, 309 jobs, bringing its workforce down to around 1,000 people.Around 100 of the redundancies were in the UK, with most taking place last year across the company’s operations, with the last 30 to be completed this month at its factory in Tamworth, Staffordshire.The company said in a statement ``All the markets that the group services declined sharply in 2008 and trading conditions were very tough throughout the year.``The markets have declined due to the global credit crunch and its impact on consumer confidence.”It said results for the year will show a loss, in line with market expectations, and that it was in talks with its banks to arrange ``appropriate covenants“ for 2009 and 2010. Read
-
Final salary schemes under increased threat
Jan 23 2009 | National Business News
ONE in four large companies expect to close their final salary pension schemes to their existing members in the next few years, a new survey claims. Read
-
Liverpool FC in takeover talks
Jan 23 2009 | National Business News
One of Liverpool FC's co-owners Tom Hicks is reported to be in takeover talks with Kuwaiti billionaire businessman Nasser Al-Kharafi. Read
-
FTSE 100 creeps down to 4000 mark
Jan 23 2009 | National Business News
The FTSE 100 Index moved a step closer to the 4,000 barrier today as investors remained on the sidelines ahead of official GDP figures.With the UK’s slide into recession due to be confirmed by the latest data, the Footsie stood 26.4 points lower at 4025.8 in the first hour of trading.Banks continued to put pressure on the wider market, with Barclays the leading faller amid continued fears that it will have to raise more cash.The beleaguered stock was 11% lower, down 6.6p at 52.6p, while Royal Bank of Scotland slipped 0.7p to 11.5p, a fall of 6%, and Lloyds Banking Group dropped 1.1p to 48p.Insurers were also struggling due to ongoing worries over capital requirements and ahead of a number of trading updates due next week. Aviva was off 24.5p at 258.25p, while Legal & General shed 5.2p to 53.6p and Prudential fell 17p to 289.5p.The biggest fall in the FTSE 250 Index came from Barratt Developments after Citigroup cut its recommendation on the housebuilder to sell. Shares dropped 14% or 11.25p to 68.25p.In corporate news, pubs chain Marston’s rose 1.25p to 98.5p after it reported a 6% drop in like-for-like profits at its tenanted division, a performance analysts said compared favourably with rivals Enterprise and Punch. Read
-
Sales down at Marston's Pubs
Jan 23 2009 | National Business News
Pubs group Marston’s today said it would absorb rises in the cost of lager as it seeks to protect its tenanted and leased outlets in a "difficult" market. Read
-
John Lewis strong start continues
Jan 23 2009 | National Business News
Department store chain John Lewis kept up its strong start to the year today after revealing sales last week rose by 4% on a year earlier. Read
-
Recession to become official
Jan 23 2009 | National Business News
The UK recession is set to be made official today, with figures predicted to reveal a sharp contraction in output in the fourth quarter of 2008. Read
