Business and Financial News

There is a huge public outcry against BP (NYSE: BP) and rightfully so. The oil conglomerate’s lax standards and reckless behavior has led to the greatest oil spill that we have ever seen. Hundreds of thousands of people are boycotting BP stations and refusing to buy their gas there. Others are rooting for a BP bankruptcy. Although BP should have to pay every dime back to claimants harmed by the oil spill, a BP bankruptcy is not in the best interests of the United States.

Here are 3 reasons to root against a BP bankruptcy.

1. T

Full Article…

Profits at retailer Pets at Home rocketed to over £50m last year as the chain opened a record number of stores and expanded its ranges, including sales of reptiles such as geckos and bearded dragons for the first time.

Pets at Home, which was bought by American private equity outfit KKR from Bridgepoint Capital for £955m in January, posted a 35.6 per cent hike in pre-tax profits for the year to March 25, up from £40m to £54.24m.

Sales surged 15.7 per cent, from £404.25m to £467.71m. Like-for-like revenues grew 8.8 per cent.

The group opened a record 24 outlets during the period and has launched a further 10 sites since the start of its new financial year. It no

Full Article…

This guest post is part of our ongoing Micro Business Experts series, and is written by Cathlyn Driscoll, co-founder of Best Business Mastery in New Jersey.

People can be lazy even when they own their own business. I think people need to get up off the couch and actually take action to fully become what they say they want to achieve. Whenever I want to learn something about web design or graphic design or learn about self improvement or how to utilize a new piece of software I don’t ask friends how they do it, I take a class or tutorial. I’m always attending seminars or webinars, tutorials, classes, listening to audio books or reading. I’m

Full Article…

The key level that the markets are watching right now is 1,040 on the S&P 500, which is the 2010 low for the broad stock index. Sentiment on the Street right now is extremely bearish, and the consensus seems to be that we will finally break through this level on the downside after testing it a number of times already.

The near-term pattern, however, has been for the S&P to trade in a range between 1,040 on the downside and 1,100-1,120 on the upside. During Wednesday’s trading session, we are not seeing big buyers at the bottom of this band, but there are buyers nontheless with all three major averages rising on the day.

Full Article…

The Northwest Regional Development Agency was dealt a blow as the government announced it was slicing £52m from its annual budget.

The cuts amount to 18 per cent of the agency’s overall budget, and chief executive Steven Broomhead said that some projects that had been promised cash would now end up losing out.

“This is obviously disappointing news,” he said.

“Our budget for 2010/11 is already 90 more than per cent committed and we will be forced to review some projects that have already been approved.

“Stakeholders and delivery partners involved in affected programmes and projects will be kept fully engaged and informed as specific decisions are made.”

The budget reduction is part of a £270m cull on allocated funding for regional development agencies (RDA).

Areas that have enjoyed the most prosperity over recent years will have to take on a higher proportion of the cuts, meaning the north west will see the most cash disappear, although four other regions will lose a higher percentage of their budgets.

The news takes the sheen off yesterday’s announcement by the coalition government that it will launch a £1bn regional growth fund next year to help hard-hit economies.

Chancellor George Osborne said the fund was designed to “help places like Manchester, where we want to see more private sector jobs.”

“We’re going to help every part of the country and every part of society share in the economic growth to come, while at the same time putting the prosperity of Manchester on the right track,” he said.

The NWDA could not say which sectors may be most hurt by the cuts although it could affect a variety of businesses, from large-scale property developers to start-up firms reliant on grants to aid growth.

Another option could be to reduce the agency’s own costs, Chris Fletcher, deputy chief executive and director of policy at the Greater Manchester Chamber of Commerce, said local business leaders must now play a “central role” in the city region’s economic future.

“While business will wait to see the detailed plans on the proposed Regional Growth Fund, we are keen to ensure that the money is used for what is intended,” he said.

Shadow Business Secretary Pat McFadden accused the government of “breaking a promise” over RDAs.

“They seem to be vacating the pitch when it comes to growth,” he said.

“RDAs have done a good job for regional economies. To announce a consultation on the

Full Article…