FTSE 100 up on earnings boost November 1, 2012 The leading share index was higher in early deals this morning, buoyed by upmarket manufacturing data from China and blue chip earnings. Lloyds Banking Group, Royal Dutch Shell, BT Group, BSkyB and Legal & General all flattered the FTSE 100 in early trading. On the FTSE All-Share, credit card insurer CPP Group continued its rise [...]
UK manufacturing contraction deepens in October November 1, 2012 The downturn in British manufacturing worsened last month, as companies received fewer orders and costs rose at a faster pace, a survey showed this morning. The CIPS/Markit Purchasing Managers’ Index (PMI) for the manufacturing sector fell to 47.5 from a downwardly revised 48.1 in September, falling further below the 50 mark which indicates growth. Manufacturers [...]
Shell reports falling profits November 1, 2012 Oil major Shell shouldered a 15 per cent fall in current cost of supply (CCS) profits in the third quarter, it announced this morning. The impact of lower crude prices, a fall in output and special charges outweighed stronger margins in refining. It reported CCS profits of $6.1bn (£3.8bn), compared with $7.2bn over the same [...]
Increased PPI bill drags Lloyds to a quarterly loss November 1, 2012 Lloyds Banking Group this morning reported a pre-tax loss of £144m, as it ramped up its provision for missold payment protection insurance (PPI). Over the three months to September, losses came in at £144m, narrowing from £607m over the same period last year. The UK’s biggest retail bank took another £1bn hit for compensation for [...]
Defeat for Cameron on EU budget October 31, 2012 DAVID Cameron last night suffered a humiliating defeat in the House of Commons as the government lost a vote on EU budget negotiations. Despite strenuous efforts to instil party discipline, 53 Conservative MPs led a Labour-backed rebellion to support an amendment demanding a real-terms cut in the EU’s spending between 2014 and 2020. The Prime [...]
Comet’s star goes out as the retailer nears administration October 31, 2012 HIGH STREET stalwart Comet is preparing to bring in administrators, as increasingly tough conditions for its consumers and suppliers have made trading almost impossible. Electricals retailer Comet, which was bought by private investment firm OpCapita for just £2 earlier this year, has recently struggled to secure the credit insurance needed to buy supplies. The pre-Christmas [...]
Bank of England official questions impact of QE October 31, 2012 A SENIOR Bank of England rate-setter last night cast doubt over the effectiveness of its ongoing quantitative easing programme, known as QE3. Speaking in Hull, Charlie Bean said QE could still hold down yields, but questioned “the degree of traction these lower yields have on demand at the present juncture.” It is “plausible” that the [...]
What the other papers say this morning October 31, 2012 FINANCIAL TIMES Small TNK-BP investors left in doubt Igor Sechin yesterday added to concerns about investor rights in Russia when the Rosneft chief executive said the state-controlled oil group had no obligation towards minority investors in TNK-BP. He was speaking as Rosneft moved ahead with plans to buy TNK-BP, Russia’s third-largest oil producer, in a [...]
New York climbs back to life as markets reopen October 31, 2012 THE NEW York Stock exchange re-opened yesterday after a two-day closure caused by Hurricane Sandy. Although much of the city remained without power, and a severely reduced transport system was in place, New York’s financial hub returned to life with many returning to work despite offices relying on backup power. After New York’s mayor Michael [...]
Slaughter and May cuts bonuses October 31, 2012 Magic circle law firm Slaughter and May said yesterday it is cutting bonuses it pays trainees and associates, blaming economic uncertainty. The firm will pay a discretionary bonus for this year of five per cent to associates, down from eight per cent last year, and 2.5 per cent to all trainees – down from four [...]