Bank of Canada hikes rates July 20, 2010 The Bank of Canada hiked its benchmark overnight rate by 25 basis points to 0.75 basis points yesterday, while at the same time marginally downgrading its growth forecasts for 2010 to 3.5 per cent from 3.7 per cent and for 2011 to 2.9 per cent from 3.1 per cent.
UK mortgage lending up in June July 20, 2010 UK mortgage lending rose by 15 per cent in June to an estimated £13.1bn from £11.4bn in May, according to figures from the Council of Mortgage Lenders published yesterday. Gross lending was also seven per cent higher compared to June last year, when mortgage lending stood at £12.2bn. However, lending in the first half of [...]
Cenkos founder resigns July 20, 2010 ONE OF the City’s best known stockbroking veterans hung up his braces yesterday after 40 years in the industry. Andy Stewart said he had resigned as non-executive deputy chairman of Cenkos, the broker he founded in 2005, with immediate effect. He did not give a reason for the move, but had already stepped down from [...]
Flybe signs a £3.3bn deal for 140 jets July 20, 2010 SMALLER passenger jets were the order of the day at the Farnborough Air Show yesterday as regional airline Flybe signed a bumper deal with Brazil’s Embraer worth $5bn (£3.27bn). Exeter-based Flybe signed a deal for 140 new aircraft with Embraer yesterday, including a firm order for 35 Embraer 175 planes worth $1.3bn. The agreement gives [...]
Ryanair to stick with profit target July 20, 2010 Irish airline Ryanair kept its full-year profit forecast yesterday which analysts said it looked to outperform comfortably after first-quarter earnings beat expectations and fares rose. Europe’s biggest low-cost carrier said net profit for the three months to the end of June fell 24 per cent on disruption caused by a volcanic ash cloud. It maintained [...]
CITY VIEWS: COULD FARNBOROUGH AIRSHOW BE A TURNING POINT FOR THE AVIATION INDUSTRY? July 20, 2010 DARIUS AMINI | DE FACTO “The companies aren’t going to be able to produce the planes until next year, but the sales should give the industry a little boost. I think there might be some consolidation of companies in the industry in the future, but there will always be a market for budget airlines especially [...]
Pepsico given boost from new bottlers July 20, 2010 DRINKS giant PepsiCo yesterday reported a quarterly profit just above analysts’ expectations, helped by strength in international snack and beverage markets and the recent acquisition of its North American bottlers. The company, which makes Tropicana juice, Frito-Lay snacks and Quaker Oats cereals in addition to its namesake cola, stood by its full-year earnings forecast. Net [...]
Hermes lifts its sales forecast July 20, 2010 DESIGNER label Hermès yesterday lifted its full-year sales growth target on the back of a stronger than expected second quarter, confirming the French group was enjoying one of the strongest rebounds of the luxury sector. The maker of printed silks and €10,000 (£8,500) leather handbags now foresees a 10-12 per cent rise in full-year sales [...]
William Hill in World Cup boost after poor Ascot July 20, 2010 BOOKMAKER William Hill said first half earnings would be fractionally higher than the year before with the football World Cup offsetting the company’s worst ever results from horseracing at Royal Ascot. The company said it expected earnings before interest, tax and amortisation to be around £135m in the first half, up from £134.6m the year [...]
Grocers see demand rise from footie July 20, 2010 SALES in the grocery sector received a boost as British shoppers stocked up for the World Cup. In the 12 weeks to 10 July sales grew 3.2 per cent compared with same period last year. Two of the weeks saw sales lifts of more than four per cent. Beers, wines and spirits saw the biggest [...]