Shares in Uniq dived 32 per cent after the convenience food group, formerly known as Unigate, parted company with its chief executive and issued a profit warning.
Uniq, which makes Shape yoghurts and Utterly Butterly spreads, blamed disappointing sales in France and at its St Ivel yoghurts business as it cut profit forecasts at its convenience food unit for the second time in two months. It said that the board revised its outlook and that profits for the convenience foods business are likely to be “below last year and substantially below its expectations” two months ago.Its shares plunged 60p to a record low of 125p, valuing the company at £144m. The stock peaked above700p in 1998.Sources close to the company said Terry Stannard, the chief executive, had left because the board held him accountable for the deterioration in sales and poor strategy execution. Analysts were not surprised by Mr Stannard’s departure and shaved 20 to 30 per cent off their full-year operating profit forecasts.Nigel Stapleton, who joined Uniq as non-executive chairman in July, will step in as executive chairman while the company searches for a new chief executive. Mr Stapleton is reviewing the St Ivel yoghurts business, which has been hit by increased competition and rising raw material costs. Its main competitors include Northern Foods’ Ski yoghurts and the market-leading Mueller yoghurts, owned by Molkerei Alois Mueller of Germany.The company is counting on improvements in its French foods business to bolster second-half profits.

Uniq is trying to reposition itself as a pure convenience-foods maker.. British Airways shares continued their freefall yesterday in the wake of the terrorist attacks on the US, sliding by a further 16 per cent and pushing the company closer to expulsion from the blue-chip FTSE 100 index. British Airways shares continued their freefall yesterday in the wake of the terrorist attacks on the US, sliding by a further 16 per cent and pushing the company closer to expulsion from the blue-chip FTSE 100 index.
Airline stocks across Europe also fell, as did shares in cruise companies, hit by fears of a collapse in US bookings and concern that tightened aircraft security would force terrorists to switch targets. BA’s troubles were made worse when Standard & Poor’s put the airline on negative credit watch along with all US airlines and Air Canada. BA has now lost 38 per cent of its value since the devastating attacks on the World Trade Centre and Pentagon on Tuesday, reducing the airline’s market capitalisation to £1.8bn.The airline’s huge exposure to the transatlantic market – which accounts for some 140 per cent of its profits – lies behind the dramatic share price fall. Other European flag carriers have also been affected, although to a lesser extent. Shares in Lufthansa and KLM fell by just under 10 per cent.In addition to damaging BA’s lucrative transatlantic business, analysts fear the terrorist attacks have also put paid to BA’s hopes of forging an alliance with American Airlines, one of the two carriers whose jets were hijacked.The markets were further unsettled by the collapse of Ansett, Australia’s second biggest airline.

Administrators were called in on Wednesday and grounded the airline altogether yesterday morning after deciding that it did not have enough cash and credit facilities to continue operating.Although not a direct result of the US attacks, analysts fear that more airlines will fail as passenger levels slump and the costs of implementing new safety and security procedures mount. Some forecasts suggest US domestic air travel could fall 50 per cent. Transatlantic travel is predicted to decline by at least as much as it did during the Gulf war a decade ago and perhaps more Then, traffic fell 25 per cent.. The New York stock markets, on Wall Street and elsewhere in Manhattan, expect to open for business on Monday with limited disruption after the terrorist attacks last Tuesday.

The New York stock markets, on Wall Street and elsewhere in Manhattan, expect to open for business on Monday with limited disruption after the terrorist attacks last Tuesday.
Merrill Lynch’s terse comment that “we will be ready on Monday” was typical of the mood as US securities companies prepare to reopen after the longest disruption to trading since 1933. There will be tests today, but purely for technicians to ensure connections are working. No traders will be involved until Monday.With the exception of the bond trader Cantor Fitzgerald, very little securities trading took place in the now-demolished World Trade Centre, or even its associated World Financial Centre. Simon Pincombe, at Deutsche Bank, spoke for several others when he said: “We were not affected in terms of dealing. We lost 5,500 desks at 130 Liberty Street, but our trading businesses are in midtown and they were not affected Our people there are capable of dealing as and when. Trading was not disrupted at all.”Others such as UBS Warburg refused to comment on their resumption preparations at all, on security grounds. But it is known that all the big securities firms have long had backup in areas surrounding Manhattan, just as they do in the outskirts of London and other financial centres.Although the telephone systems in Manhattan were naturally disrupted, they could have continued business and indeed did so through London for those clients who needed to trade.