Commerzbank is strong on cash February 24, 2010 Commerzbank has more than enough capital to support its business, chief executive Martin Blessing said yesterday, downplaying concerns that Germany’s second-largest bank may need to raise fresh capital this year. “Our core capital ratio at the end of 2009 was a good 10.5 per cent. That is more than we need for our client-driven, long-term [...]
Google faces probe over bias against rival firms February 24, 2010 Google is being investigated by the European Commission over allegations it manipulates its search results to hinder opponents. It is claimed rival companies’ websites are demoted to the lower leagues of the world’s biggest search engine, meaning they receive far fewer hits. Google revealed complaints have been made to the Commission regarding its practices by [...]
Crisis cripples global trade February 24, 2010 GLOBAL trade contracted by an eye-watering 12 per cent in 2009 the head of the World Trade Organisation (WTO) Pascal Lamy revealed yesterday during a visit to Brussels. The latest estimate from the international organisation is a sharp downward revision from the 10 per cent previously expected by the WTO. “World trade has also been [...]
London firms cautious over double dip for UK economy February 24, 2010 ALMOST half of London businesses are pessimistic about the sustainability of the UK’s fragile return to growth, with many firms predicting that the economy is poised to dip back into recession before regaining full health. Now 47 per cent of London firms say they expect a “double-dip” recession before the year is out, according to [...]
CITY VIEWS: IS A DOUBLE DIP RECESSION LIKELY IN 2010? February 24, 2010 MILES ROBINSON | R K HARRISON “It’s too early to tell but we’re not out of it yet. It’s all about liquidity and we still haven’t got any of it. Banks need to start lending again. The insurance industry is reliant on banks who use us to free up their credit capacity.” TIM OLIVIER | [...]
Travis Perkins says markets still subdued February 24, 2010 builders’ and home improvements supplier Travis Perkins reckons its markets have stabilised but is not expecting them to start growing again until, at best, the end of 2010, its chief executive said. “We’re at the bottom and we’re going to burble along it and there’ll be some weeks and months when we’re up and some [...]
Construction group Kier sees first half profits rise by 21pc February 24, 2010 CONSTRUCTION group Kier has posted strong results for the first half of its financial year seeing a 21 per cent rise in profits. Profits before tax went up to £31.9m from £26.4m, while the company’s net cash for the half year reached £130.7m compared to 2008 when it was at £82.2m. Chief executive John Dodds [...]
Galliford Try shares gain following strong results February 24, 2010 Shares in Galliford Try yesterday gained 1.1 per cent, after the construction and housebuilding firm posted strong first-half results. Galliford reports a pre-tax profit, after exceptional items, of £6.4m in the six months to end December, compared with a loss of £37.5m in the same period in 2008. Chief executive Greg Fitzgerald said: “Against the [...]
Housing sales boost bottom line at Barratt February 24, 2010 HOUSEBUILDER Barratt Developments saw its losses narrow in the second half of the year as the housing market showed further signs of finding its feet. Pre-tax losses came in at £178.4m compared to a loss of £594.5m a year earlier. However, it took a £129.9m hit from finance costs following its £720m placing and rights [...]
Housebuilders are still a risky bet February 24, 2010 DURING his election campaign, President Barack Obama told voters that America could “build itself out of recession”. That’s just what the housebuilders are hoping they can do. Barratt Developments was putting a brave face on it yesterday, as it reported higher operating margins and strong forward sales. Galliford Try and Kier Group were also cheery. [...]