Weak investor sentiment holds back FTSE 100 November 14, 2012 Worries over the US economy and Greece’s unresolved debt crisis dragged down the leading share index in early trading this morning. On the FTSE All-Share, broker Icap led the fallers, tumbling 6.32 per cent as it reported a 26 per cent drop in profits. Electricals retailer Darty fell 5.46 per cent in early deals, as [...]
Unemployment falls to 2.51m as employment rate rises November 14, 2012 The number of people out of work fell 49,000 to 2.51m over the three months to September, as the employment rate jumped again. The employment rate for the third quarter was 71.2 per cent, up 0.2 per cent on the previous quarter, according to official figures from the Office for National Statistics. The ONS said [...]
Asian growth boosts Prudential November 14, 2012 Insurer Prudential this morning reported a 13 per cent rise in profit, boosted by strong growth in its Asian markets. Over the year to date, new business profit was up to £1.7bn, while sales were up 14 per cent year on year to £3.1bn. Profit in Asia, where Prudential makes almost half of its sales, [...]
Icap hit by trading slump as profits fall November 14, 2012 Interdealer broker Icap said this morning it saw no rapid improvement across the markets in which it operates, as it posted a 26 per cent drop in pre-tax profit. Over the six months to September, revenue at the broker fell 14 per cent to £746m. Chief executive Michael Spencer called the period “one of the [...]
AG Barr and Britvic agree merger November 14, 2012 AG Barr and Britvic have agreed the terms of an all-share merger, which will create one of the leading soft drinks companies in Europe. The enlarged company, which will be called Barr Britvic Soft Drinks, will have annual sales of £1.5bn. The merger ratio will be 0.816 new AG Barr shares for every Britvic share [...]
Profits and market share increase at Sainsbury’s November 14, 2012 Supermarket J Sainsbury this morning beat expectations by reporting pre-tax profit of £373m over the half year to September, up 5.4 per cent year on year. The supermarket chain’s market share ticked up to 16.7 per cent, the highest for almost a decade, following 31 consecutive quarters of like for like sales growth. J Sainsbury [...]
Energy row heats up November 14, 2012 FRESH claims that traders fiddled the wholesale gas price surfaced yesterday as the government pledged to ensure the “full force of the law” is used on those found abusing the market. Energy secretary Ed Davey yesterday stressed the coalition’s “absolute determination to clamp down on any abuse that is uncovered, wherever it might be and [...]
Markets wobble as eyes stay fixed on euro talks November 14, 2012 MARKETS took a hit yesterday from strife between key bailout providers to crisis-struck Greece, yet later recovered as hopes rose that Spain might finally request a full sovereign bailout. The euro sank to a two month low, touching $1.266, as the International Monetary Fund (IMF) admitted differences of opinion between it and the Eurogroup of [...]
Derivatives trading shrinks on weak dollar November 14, 2012 THE GLOBAL derivatives market shrank for the second consecutive six-month period in the first half of 2012, and continued the downward trend experienced since the start of the financial crisis, according to figures out yesterday from the Bank of International Settlements. The total notional amounts of over the counter (OTC) derivatives outstanding fell to $639 [...]
What the other papers say this morning November 14, 2012 FINANCIAL TIMES Government to delay welfare reform The government is prepared to delay its flagship welfare reform amid fears the complex changes may need to be more thoroughly tested before being extended to all benefit claimants. Universal credit, under which six benefits will be incorporated into a single payment, lies at the heart of a [...]