Archive for June 3rd, 2009

Morrisons reports buoyant sales
Supermarket chain Morrisons has said it has had an encouraging start to the financial year after reporting better-than-expected sales figures.The grocer said sales excluding fuel and VAT at stores open more than a year rose 8.2% in the 13 weeks to 3 May. Including VAT, sales rose 7.3%. The Bradford-based group said… »

Latvia denies currency pressure
The Latvian prime minister has denied that the country will need to devalue its currency, the lat, following the failure of a government bond auction.Valdis Dombrovskis said such a move would unfairly hit savers and increase the cost of the country’s imports. Instead, the government is now hoping to secure its next… »

Japanese companies cut investment
Japanese firms cut their capital spending by a record level in the first quarter of 2008, a survey has said.Firms cut spending on plant and equipment by a quarter during January to March, according to the survey by Japan’s finance ministry. The 25% decline from the same period a year earlier, followed… »

UK tops investment target league
The UK retained its position last year as the most attractive destination in Europe for firms looking to invest in operations overseas.But the Country Attractiveness Survey from Ernst & Young found the number of jobs created fell 16% from 2007. However, the number of projects being undertaken was steady. The report’s… »

Premier League revenues near 2bn
By Bill Wilson
Business reporter, BBC News
The Premier League saw its revenues soar by 26% in the 2007/08 season to nearly 2bn (3.15bn; 2.2bn euros), a report into football finances has said.The revenues of top-flight English sides were 1.93bn, up from 1.5bn a year earlier, Deloitte said. Despite the downturn, 11 of… »

What will the recovery look like?
By Anthony Reuben
Business reporter, BBC News
As recently as October, there were genuine fears that we could be about to see a collapse of the financial system – a sort of financial Armageddon.
Less than nine months later, there is a fresh optimism in the air and some economists suggest it could… »

Ghana’s oil boom: blessing or curse?
By Mark Broad
Economics producer, Accra, Ghana
Deep below the Gulf of Guinea lies the key to Ghana’s economic future. After decades of casting jealous looks at its oil rich-neighbours, the taps of Ghana’s very own oil boom are about to open. As the oil starts to flow, so, Ghanaians hope, will… »

The purchasing power of peace
By Jorn Madslien
Business reporter, BBC News
Purchasing power long ago overtook manpower as the most important lever in the race towards military might.Currently, personnel expenditure accounts for less than 40% of global defence spending, according to Datamonitor. As hi-tech machinery continues to reduce the need to use soldiers to fight wars, this… »

NEW YORK (Fortune) — Regulators shelved a controversial plan that aimed to cleanse banks’ balance sheets of toxic assets. The Federal Deposit Insurance Corp. said Wednesday it has postponed the initial sale of bank assets under its Legacy Loans Program, or LLP. The FDIC said it wasn’t canceling the program but would put it under… »

NEW YORK: Manchester United will no longer bear the AIG logo, the British soccer team announced Wednesday, officially ending its relationship with the fallen insurance giant. The team. which has one of the most recognizable sports brands in the world, said it reached a new sponsorship agreement with global risk management company Aon Corporation.Under the… »