BUSINESS

New Look, the privately owned clothing retailer, has said that it is confident but cautious on the year ahead after posting a rise in profit of nearly 18 per cent for the full year ended 27 March 2010.

Prudential's £35.5bn AIG deal appears on the verge of collapse as shareholders rebellion continues.

Manufacturing was stable in May, being unchanged from the figure recorded in April, which was the highest for 15 years.

Northern Foods, the makers of Fox biscuits and Goodfellas Pizzas profits fell 28 pct last year, despite the company trading 'solidly'.

Budget airline Ryanair said it was optimistic of the coming financial year after announcing an increase in pre-tax profit of over 200 per cent in the full year ended 31 March 2010.

Shares in Travis Perkins were up nearly seven per cent on the FTSE 250 after the group said that it had made an offer for plumbing and heating company BSS Group, valuing the company at 433 pence per share, or £553 million.

Severn Trent has risen after full year profits at the group rose to £338.5m. The utilities group said that profits rose after efficiency savings were introduced - as revenue increased just 4 pct on inflation.

Shares in Forth Ports sank over 11 per cent on the FTSE 250 today after it said that a consortium made up of Arcus Infrastructure Fund, Peel Holdings Limited and RREEF Infrastructure, would not be putting in a takeover bid for the company.

Britain's retailers were given a surprise after volumes of retail sales were found to have dropped from the previous year, according to the Quarterly Distributive Trades Survey conducted by the Confederation of British Industry.

News reports released this yesterday and confirmed by Prudential this morning appear to show Tidjane Thiam, CEO of Prudential trying to renegotiate the AIG deal from $35.5 to $30bn.

Prudential shares, up 6.83 pct from yesterday have fallen 2.10 pct this morning as they confirmed talks with AIG to renegotiate the deal.

Prudential shares have risen on the FTSE 100 today amid news that the insurance company's bid for AIA may fall through.

Netto MD, Claus Juel-Jensen today announced his disappointment at failing to make Netto a success in UK.

Only one third of this year's university graduates expect to find a graduate level job when they finish their courses and those that do expect to be paid less.

Tate & Lyle have announced their full year results today. The food manufacturer reported a decline in sales, 1 pct lower year-on-year and an operating profit of £298m in line with expectations.

Shares in Tate & Lyle were down on the FTSE 250 after the company reported a drop in pre-tax profits of seven per cent in the full year ended 31 March.

Nationwide profits are down 46 pct on last year as Graham Beale, chief executive, warned of worse to come unless interest rates rose.

Britain's new coalition government needs to think medium-term says OECD, Organisation for Economic Co-operation and Development (OECD).

Pennon, the water and sewage services group, has announced underlying profits up 14 pct for the full year ended March 31.

Mortgage lending was more or less flat in April, with the number of loans approved for the purchase of houses increasing just 685 from the previous month to 35,729, according to figures from the British Bankers' Association.

Shares in fashion group Burberry were up on the FTSE 100 in morning trading after the company announced double digit profit growth and a hike in the full year dividend of 17 per cent.

Burberry are set to announce their full year results tomorrow with strong growth in their upmarket raincoats and shoes sales.

The Office of Fair Trading has said that it had launched a joint consultation with the Competition Commission to create a good practice guide for parties presenting evidence in merger inquiries.

De la rue, the banknote printer for the Bank of England, has announced that profits remain unchanged despite increase in sales this year.

GDP growth in the first quarter of 2010 has been revised upwards thanks to an increase in production and service industry output, according to the Office for National Statistics.

Marks and Spencer, the iconic high street store, is struggling after shares fell on the FTSE 100.

Marks and Spencer have beaten forecasts with a 4.6 pct rise in pretax profits around £632.5m.

The Office for National Statistics is expected to release its revised figure for GDP for the first quarter of 2010, after initially reporting GDP growth of 0.2 per cent for the quarter.

Shares in technology group Invensys were down over two per cent on the FTSE 100 despite a reported rise in profit of two per cent in the full year ended 31 March.