Kingfisher Profits Increase
B&Q parent company Kingfisher announced a near 50% increase in profits after a strong performance from its British DIY business empire. Kingfisher saw adjusted pre-tax profits leap to £547 million in the year to January 30, compared with £368 million in the previous 12 months.
The group’s British division, which includes Screwfix, saw total sales increase by 1.2% to 4.4 billion during the year with retail profit growing to £217 million.
Canadians Win Control of Lottery
National Lottery operator Camelot is to be sold to Canadian group the Ontario Teachers’ Pension Plan in a £390 million deal. The pension fund struck the jackpot via claiming Camelot despite reportedly making a smaller bid than private equity company CVC.
Bosses at Camelot, headed by Dianne Thompson, are believed to be unhappy that Ontario’s proposal includes little investment in the company. According to some source, it is said that it is likely that they just want to run the business for cash. The board’s choice has to be ratified by the National Lottery Commission, which will begin a fit-and-proper process.
Northern Rock and B&B Set
With job losses likely to follow, the part-nationalized bans Northern Rock and Bradford & Bingley are to merge.
According to UKFI, which oversees governemnt bank assets, it is said that the two banks will have separate balance sheets but one management team to maximise value for the taxpayer. Further detailed information on the merger are expected to be released in the next three months.
New Woman Takes Controls at EasyJet
It was announced that Carolyn McCall, chief executive of Guardian Media Group, is taking the controls of easy Jet, replacing Andy Harrison, who is joining hotel and restaurant group—Whitnread this year.
The no-frills airline announced that Ms McCall had a proven track record in a fast-changing, online consumer facing business. The appointment was a unanimous decision.
Rise in NI Put Lid on Job Creation
Business leaders welcomed a series of Budget measures aimed at boosting smaller companies but were dismayed an increase in National Insurance Contributions will not reversed.
The chairman of the federation of Small Businesses, John Walker, warned that the 1% increase from April 2011 could cost 57000 jobs. Without a NICc holiday for companies employing fewer than 50 employees, pressure will increase on struggling firms, meaning that they will not be able to take on additional employees. However, other measures earmarked for small to medium enterprises, including a £2.5 billion one-off growth package, were embraced.
Alistair Darling also announced an extra 15% of central government contracts, which worth about £15 billion, would go to the smaller businesses. He also added that the business rates will be cut for one year from October, spelling a tax reduction for more than 500000 small business in England.
The FSB said that business rates were the third highest outlay for small businesses and the cut would come as a huge relief.
lower taxes, extra work and more time to pay bills would help thousands of small businesses, which will provide the backbone of UK’s future economic growth and job creation. Meanwhile, part-nationlized banks hav pledged £94 billion in extra loans for struggling businesses in the coming year.
RBS and TSB have agreed to lend nearly half the total amount to smaller companies.
Greece Threatens to Call in IMF
Greece has upped the ante in an escalating game of brinkmanship, threatening to turn to the IMF for support unless EU leaders come up with an acceptable rescue package at their next summit on March 25th.
Premier George Papandreou told the reporters in Brussels that he had not ruled out recourse to the IMF. The move would be taken as treachery by top EU officials. A top adviser to German Chancelor Angela Merkel said in a bizarre twist that it might be best if Greece did call in the IMF.
There is now deep confusion over the real intntions of the key players. A camp in Germany views the IMF as the cleanest way to handle the Greek crisis ever since it avoids a breach of the EU’s no-bail-out clause. Greece is clearly losing patience over a lack of hard details, however there is also a dispute over the loan costs.
Europe’s Clampdown Camp Faces Hedges Funds Dilemma
The unwritten rules of the EU gentlemen’s club have won hedge funds and private equity a reprieve. Sitting leaders sympathiese with a colleague facing a tough election.
As a result, France and Germany, who are leading the charge to impose tough regulations on the alternative investment industry, have agree to postpone the matter.
According to Lisbon Treaty rules, the matter could be settled by a majority vote within the European Council. But neither France nor Germany want to risk humiliating Gordon Brown in a vote he would certainly lose. Both Paris and Berlin thik a negotiated deal on the directive is still possible.
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