Ericsson signs deal at Cable & Wireless July 8, 2009 TELECOMS giant Cable & Wireless said yesterday it had signed a three-year contract with equipment maker Ericsson, to provide “voice solutions” for 600 of the latter’s staff in Coventry. As part of the deal, Fixed Mobile Convergence will allow Ericsson staff to use their mobiles for all calls. Mobiles can be routed to a landline [...]
London Capital warns of pain July 8, 2009 LONDON Capital Group, whose brands include Capital Spreads, forecast lower first-half profits yesterday due to a fall in interest income and greater investment in new trading software and white-label products. The online spread betting firm, which plans to maintain its interim dividend of 2.5p per share, however, said all its divisions remained profitable and that [...]
Opec in record export income July 8, 2009 OPEC’s income from oil and gas exports jumped 35 per cent to more than $1 trillion (£625bn) last year as world oil prices hit record highs, the oil cartel said in its Annual Statistical Bulletin yesterday. The Organization of the Petroleum Exporting Countries said the total sales compared to $746bn in 2007, which was itself [...]
TIME TO BE MERRY July 8, 2009 THE Irish drinks group C&C, which makes Bulmers and Magners ciders, yesterday said its 2009-10 operating profit should be at the top end of its range of between £66.4-£7073m. C&C is headed by John Dunsmore.
Decline in UK house prices slows in June July 8, 2009 BRITISH house prices fell less than expected in June, Halifax’s monthly survey showed yesterday, but the mortgage lender warned that the outlook for the housing market remained uncertain. The Halifax data showed UK house prices falling by 0.5 per cent in June, compared to a 2.6 rise during the previous month. The annual rate of [...]
Eurozone shrinks on slow investment and exports July 8, 2009 THE Eurozone economy shrank by a record amount in the first quarter of 2009 on a quarterly basis because of a slump in exports and investment, the European Union’s statistics office Eurostat said yesterday. Eurostat confirmed that output in the 16-country bloc shrank by 2.5 per cent in the first three months of 2009 and revised [...]
G8 warns of signifcant risks to economy July 8, 2009 WORLD leaders believe that the global economy still faces “significant risks” and may need further help, according to a draft document drawn up yesterday at the Group of Eight (G8) summit. The document cautions that “significant risks remain to economic and financial stability” while “exit strategies” from pro-growth packages should be unwound only “once recovery is assured”. [...]
Shadow MPC calls for QE to be extended July 8, 2009 QUANTITATIVE EASING (QE) should be extended this month to ensure the sustainability of the UK’s fragile economic recovery, say a majority of City A.M.’s shadow monetary policy committee, ahead of the Bank of England decision, which is due at midday today. Concerns about the sustainability of UK’s economic recovery and the uncertainty of policy effectiveness [...]
Meriwether fails again as his hedge firm JWM shuts down its main fund July 8, 2009 JOHN MERIWETHER, the hedge fund veteran whose last firm Long Term Capital Management (LTCM) spectacularly collapsed just over 10 years ago, is closing his main hedge fund at JWM Partners. His Relative Value Opportunity II hedge fund, which invested in bonds, has run aground after losing 44 per cent of its value over the last [...]
Tullow cuts output target and its revenue forecasts July 8, 2009 OIL explorer Tullow Oil slashed its full-year output target yesterday, and said revenue in the first half would slump by 23 per cent to £290m, as low oil prices hit the sector. “The reduction is due to the lower sales volumes and most significantly the reduction in realised commodity prices during the first half of [...]