HSBC’s 30 per cent profit rise pushes shares up as bank cooperates with forex probe November 4, 2013 HSBC have announced a 30 per cent increase in profit before tax, at $4.5bn (£2.8bn) in the third quarter of 2013, compared with $3.4bn in the same period of 2012. The boost, said the lender, was from strong growth in the UK and Hong Kong. Shares climbed on the news this morning. (Release) In the [...]
Eurozone manufacturing orders gain momentum in October November 4, 2013 Expansion in Eurozone manufacturing orders has picked up in October, according to new purchasing managers' index (PMI) data from Markit. The headline manufacturing PMI figure rose from 51.1 to 51.3, in-line with analyst predictions of an increase to 51.3. Any number above 50 implies expansion, so manufacturing orders appear to be gaining at a faster [...]
Ryanair shares tumble after second profit warning November 4, 2013 Ryanair has suffered an 11 per cent fall in its share price after posting its second profit warning in two months, meaning the company's profits will likely fall for the first time in five years. Weak economic conditions in the Eurozone and intense competition from rival low cost airlines have played a large part in [...]
Co-op Bank to close 15 per cent of branches with hundreds of jobs on the line November 4, 2013 The Co-operative Group is to axe 15 per cent of its floundering bank's 324 branches by the end of next year, as part of a radical restructuring plan unveiled today. Sky News' Mark Kleinman reported on Saturday that the bank is to cut more than 1,000 jobs as part of the restructure, which will see [...]
What you need to know before the open – 04/11 November 4, 2013 The euro's poorer performance last week has been put down to the anticipation of rates cuts by the ECB either this week or in December. At the moment, expectations are that Draghi will suggest this week that action will be in December. * BNP Paribas: we are not expecting an ECB rate cut at its [...]
Anglo American seals deal on Amapa sale to Zamin November 4, 2013 Anglo American has announced the completion of the sale of its Amapa iron ore operation to fellow mining company Zamin Ferrous for an initial cash consideration of $134m (£84.09m). (Release) The Brazilian mine suffered a landslide in March of this year, which killed six people. Anglo American has previously agreed to sell its 70 per [...]
Libor now has a new administrator – but our reforms have gone much further | City A.M. November 4, 2013 WHEN the Libor scandal broke just before I became chief executive of the British Bankers’ Association (BBA), the banking industry was condemned by politicians, the media, and in pubs and homes across the country. For many, it encapsulated what was wrong with the industry – both at an individual and institutional level. It seemed the [...]
Legoland owner Merlin announces share price for London listing November 2, 2013 Merlin entertainments has announced it will be offering its shares between 280 and 330 pence in a float that will see between 20 and 30 per cent the company sold off. The company may be valued at as much as £3.3bn. Merlin Entertainments is the world’s second largest theme park operator with more than 70 [...]
Global monetary policy in four charts November 1, 2013 Societe Generale's Kit Juckes has a great note out with some observations about central bank policy around the world. He compares current policy with what the Taylor Rule suggests central bankers should implement. The Taylor Rule – devised by John Taylor – is a monetary policy rule that suggests prudent rates in order to stabilise [...]
Ryanair boss rejects grand transformation of customer service November 1, 2013 In an interview with Reuters Ryanair boss, Michael O'Leary, has said there will be no "grand transformation" of the low-cost airline, barring already announced cuts in fees and updates to the website. O'Leary insisted that he had not radically changed his outlook as to how the company should be operated in terms of customer service. [...]