Connaught in tailspin after profit warning June 28, 2010 SHARES in social housing maintenance firm Connaught have lost over half their market value since Friday’s surprise profit warning. The firm’s stock tumbled 37 per cent yesterday, following losses of 33 per cent in the last half-hour of trading last week when the company announced that 31 contract deferrals from hard-up local councils would hit [...]
Mears moves to reassure investors June 28, 2010 SOCIAL housing maintenance firm Mears moved to reassure investors yesterday by reporting it has secured revenues worth 91 per cent of consensus forecast for the year. The company said its order book stood at £2.5bn, with a bid pipeline of £3bn, and told the stock market it is experiencing no downward pressure on spending on [...]
German banks face new levy but rules on short selling loosened June 28, 2010 German banks face a new levy of between five and 15 per cent of their annual profits as their contribution to the cost of the financial crisis, according to a leaked draft law. The rate of the levy will depend on banks’ business volume and how important they are to the broader banking system, said [...]
Stan Chart in line for $6bn June 28, 2010 STANDARD Chartered stayed on track to deliver around $6bn (£4bn) in full-year pre-tax profits yesterday as it said its consumer and wholesale divisions traded strongly in the first half. The London-listed bank, which focuses on Asia, said improving economic conditions and client confidence meant income and profits ran at record levels for the five months [...]
Standard Chartered June 28, 2010 SUCCESS stories of this magnitude are always a little too good to be true. On the face of it, Standard Chartered is probably the strongest of the major banks: it avoided the worst of the crisis; its Asian focus means it is exposed to some of the world’s fastest-growing nations; and it holds a negligible [...]
Executives see euro weakening as public debt woes rumble on June 28, 2010 TWO thirds of business leaders and finance directors expect the euro to slide in the coming year as concerns over sovereign debt refuse to dissipate, according to a survey. More than 66 per cent of company executives interviewed by the Economist Intelligence Unit for investment bank RBC Capital Markets thought the single currency would continue [...]
US consumer spending up as saving hits new highs June 28, 2010 US consumer spending rose moderately in May even as savings touched the highest level in eight months, suggesting a tepid economic recovery was still intact. The data yesterday helped to allay fears that consumers, key to reviving the economy following the longest and deepest slump in 70 years, were retreating. “Consumers are spending at a [...]
Aldermore to deliver profit June 28, 2010 ALDERMORE, Britain’s first private equity-backed bank, expects to turn a profit this year, less than 18 months after it began lending to small businesses and entrepreneurs. The institution, which is owned by buyout house AnaCap and investment bank Morgan Stanley, is eyeing a small gain after its commercial mortgages, asset finance and invoice finance arms [...]
World Cup flop to boost cinemas and restaurants June 28, 2010 ENGLAND’S failure to get past the second round of the World Cup will give a welcome boost to cinemas and restaurants, analysts said yesterday. Traditional boozers are set to lose the most income, as fans tend to watch non-England games at home, according to Hugh-Guy Lorriman at Seymour Pierce. He said food-led pubs would be [...]
CITY VIEWS: WILL ENGLAND’S FOOTBALL FAILURE AFFECT THE ECONOMY? June 28, 2010 BEN WISE LLOYD’S REGISTER “I would have thought that it will affect the economy positively, as fewer people will be taking the day off work to watch the matches. Beer sales will be down, and retailers with special offers might lose a bit, but the impact won’t be great – we would have only played [...]