US consumer confidence slumps February 23, 2010 Data released yesterday showed that US consumers are at their least confident in 10 months. Industry group The Conference Board said its index fell to 46 in February from 56.5 last month, its lowest reading since April 2009. Consumers cited concerns about current business conditions and the jobs market.
Fall in US Case-Shiller house prices February 23, 2010 The US Case-Shiller house price index, measuring property prices in 20 American cities, unexpectedly fell in December by 0.2 per cent on the previous month. However, on a seasonally-adjusted basis, prices rose 0.3 per cent – the seventh consecutive monthly rise. On an annual basis, house prices fell 3.1 per cent
German IFO slips back in February February 23, 2010 The business climate index in Europe’s largest economy fell unexpectedly in February to 95.2 from 95.8, driven by poor current conditions, data published yesterday showed. But encouragingly, the business expectations index rose to 100.9 from 100.6, indicating that the overall decline was related to the unusually cold winter.
Religare takes Northgate stake in investment push February 23, 2010 RELIGARE Enterprises, the Indian financial services group, yesterday agreed to take a majority stake in private equity group Northgate Capital, as part of a new commitment to invest up to $1bn (£649m) in asset management firms across the globe. The partnership with Northgate, which has $3bn under management and is based in California and London, [...]
Meet the man who would be king: a radical dressed in Liberal clothing February 23, 2010 THE Liberal Democrats have never held much sway in the City. Their traditional supporters prefer a sleepy, polite way of life – not the cut and thrust of the Square Mile. If the opinion polls are to be believed, however, Nick Clegg is set to play the role of kingmaker in a hung parliament after [...]
Wolseley set to beat yearly profit target February 23, 2010 SHARES in building supplies group Wolseley today shot up more than 11 per cent after it forecast that profits for the year to 31 July will beat market expectations. The FTSE 100 group, which operates in the UK, US and mainland Europe, says that trading profit before exceptional items will exceed the £326m currently pencilled [...]
EDF to up its stake in Edison February 23, 2010 ELECTRICITE de France SA (EDF) is considering using power assets and cash to buy a stake worth €1.6bn (£1.4bn) in Italy’s Edison. EDF currently holds 50 per cent of the power producer and plans to purchase a further 31 per cent from A2A SpA and its partners. According to analysts A2A SpA is set to [...]
Elementis stays positive despite slump in demand February 23, 2010 ELEMENTIS, the British chemicals maker, posted a 62 per cent decline in full year pre-tax profits yesterday following a global slump in demand for its products. But the company maintained its dividend and shares were up more than 11 per cent, with analysts maintaining their “buy” rating on the stock. Brewin Dolphin said: “Elementis’ full-year [...]
Drax profits are hit hard by declining British gas prices and drop in demand February 23, 2010 DRAX, the British power station operator, has recorded a substantial drop in full-year profits and revenue due to declining power prices and demand. Pre-tax profits fell 64 per cent for 2009 to £158m from £443m the year before. Revenues were 16 per cent lower at £1.47bn – against analyst predictions of 1.36bn. The company said [...]
Morgan Sindall sees signs of recovery as orders rise February 23, 2010 CONSTRUCTION group Morgan Sindall posted a 28 per cent fall in full-year pre-tax profit, mainly due to lower demand for open market housing and fit-out services, and said it expected its markets to remain tough in 2010. However, the company said yesterday that it was seeing some signs of recovery in demand for fit-out from [...]