Brent oil futures hit nine-year high

Brent oil futures hit nine-year high

THE PRICE of Brent oil futures hit a nine year high of $25.07 a barrel yesterday. The strong upward trend has raised concerns that significant inflationary pressures in the world economy could be building for the first time since before the 1997 financial crisis. Analysts predict oil prices could soon return to their post-Gulf War high of $26.74 set in January 1997, and perhaps climb as high as $35 a barrel next year.

Reckitt extends Benckiser offer

RECKITT & COLMAN, the UK household products group, yesterday confirmed that the offer period for its merger with Benckiser would have to be extended to 10 December as a result of a hold-up in gaining US regulatory approval. Reckitt shares closed down 7p at 724p yesterday.

Alldays' chief executive replaced

ALLDAYS, the convenience store retailer, announced yesterday that its chief executive, Colin Glass, is to leave with immediate effect. The company has appointed David Clapham, a former Sainsbury's director, as managing director. Mr Glass, who had been criticised in the City for his handling of the company, was on a two year contract and is in line to receive a pay-off of up to pounds 728,000.

Whitbread names next chairman

WHITBREAD, the UK brewing and leisure group, yesterday named Sir John Banham as its next chairman. Sir John, who is currently chairman of Kingfisher, the retail group, and Tarmac, the building materials company, will succeed Whitbread's current chairman, Sir Michael Angus, following the group's annual general meeting next year.

Hornby profits fall by 40 per cent

HORNBY, the model train maker, has been shunted into the sidings by a slowdown in retail orders and weak sales of children's train sets and its Scalextric range. Reporting a 40 per cent slump in first half profits to pounds 253,000, Hornby blamed the weak UK market for its problems with sales between July and September. The group said retailers are increasingly leaving orders to the last minute to avoid being left with unsold stock.