THE ECONOMIC MONITOR - U.K.
Imperial cigarette volumes in line with expectations
announced that its cigarette volume were in linewith its own expectation as it stood at 4.3 percent fall seen at its 9-
month as the company’s cigarette volumes fell 4.3 percent in July. The
world's No.4 cigarette groups said that its global key cigarette brandssustained to perform well with
performance refining in the second half. Thecompany will report its annual results for the year to end-September onNov 2, 2010.
Xstrata secures credit facility, plans to raise funds
, Anglo-Swiss miner secured a $4billion revolving credit facility, which isexpected to replace its existing $5.5billion arrangement that wasoutstanding to mature October 2011.The new facility which was launched at$3 billion, increased significantly afterbeing oversubscribed and will equallysplit into a three and five year tranche. The company is planning to raiseover $5 billion into new mines and to focus on organic growth ratherthan acquisitions after, its first-half earnings per share on higher metalsprices doubled.
House of Fraser sales growth soars
House of Fraser
, British department store group reported a 22 percentrise in first-half core earnings on attributed to growing brand presence
and increasing online sales. The company’s earnings before interest, tax,
depreciation and amortization (EBITDA) stood at 13 million pounds($20.4 million) in the 26 weeks, while sales at stores open at least a year jumped 8.4 percent, and were up 10 percent in the first seven weeks of the second half. The company also said that it was all set to reduce itsnet debt/EBITDA ratio towards 2 times by January 2011.
Deutsche Bahn to run new ICE3 in London
is planning to run new ICE3 trains through the tunnelby 2013 in competition with
in London by 2013, as itsigns deal with
High Speed 1 Ltd.
This will connect London with theChannel Tunnel, paving the way for direct rail services between the U.K.and Germany. The company is also looking for authorization from theFrench and British governments to run passenger trains through the 30-mile subsea link operated by
First Group appoints O'Toole as next CEO
would retire next Marchafter 21 years at the helm, as
will replace him later thisyear, the company said. Lockhead had led the group to transform intoone of Europe's largest bus and rail operators from an employee andmanagement buyout of
Grampian Regional Transport
in 1989.O'Toole, who was Managing Director of London Underground earlierhad joined FirstGroup's board last year and has held the roles of Chief Operating Officer and Deputy Chief Executive.
Severstal to list its gold unit in London - source
Russia's largest steel producer looks to list its gold unit inLondon in the fourth-quarter as this would help fund the unit's futureexpansion and take the business at $4 billion (2.6 billion pound) plus, aperson familiar with the matter said. He also said that the listing is beinghandled by sole sponsor
, joined by joint global co-coordinator
, and joint bookrunner
. But all
BoE votes 8-1 to halt rates
Bank of England Monetary Policy Committee
(MPC) voted 8-1in favour of keeping the BoE's key lending rate at 0.50 percent aftertheir meeting on September 8-9, freezing its borrowing costs at an all-time low for an 18th month running. For the continuous fourth months,
voted to support a quarter-point hike to liftborrowing costs to 0.75 percent. He stated that the recovery indomestic demand over the past year indicates that the recovery willhave adequate momentum to endure the planned fiscal tightening.
CBI predicts U.K. 2011 GDP to fall
The U.K. economy growth forecasted for next year ispredicted to be slower as the biggest public spendingsqueeze since World War II is awaited, the
Confederation of British Industry
said. The U.K.’s
biggest business lobby also said that the
Bank of England
won’t raise interest rates until the second
quarter. The group expects the GDP to rise next yearby 2 percent, down from a forecast in June of 2.5percent. It also raised its 2010 growth forecast to 1.6percent from 1.3 percent.
Bonds soar on speculation
The news of
prepared to do more to support theeconomy, soared U.K. government bonds, speculating that the
Bank of England
will ease monetary policy.
Ten-year gilt yields
dropped themost in more than a year after the Fed signaled it may restart purchasesof government debt with new money, a policy known as quantitativeeasing.
Clegg urges Democrat Party for support
British Deputy Prime Minister insisted his Liberal
this week to stand along with the coalition
with theConservatives for a full five years.
the junior partner in aConservative-led coalition will likely be pushed back to the margins of
British politics if they don’t put their point strongly. "Expectations of a
massive punch-up here were overblown," said Andrew Hawkins of pollsters
COMPANY NAME EVENT
GoIndustry-DoveBid Interim 2010Inditherm Interim 2010S & U Interim 2010Scisys Interim 2010Songbird Estates Interim 2010Treveria Interim 2010Westminster Group Interim 2010Gleeson (M J) Group Final ResultsGroup NBT Final ResultsLuminar Group Trading AnnouncementMitchells & Butlers Trading AnnouncementUnited Utilities Group Trading Announcement
DATE - 23/September/2010