Nokia Lumia sales hit 8.8m in third quarter ahead of devices arm sale to Microsoft October 29, 2013 Finnish tech company Nokia has seen higher profits in the third quarter of 2013, posting €118m (£101m) operating profit for the group as a whole, up from a loss of €564m in the third quarter of 2012. Nokia chief financial officer and interim president Timo Ihamuotila said that the third quarter has been "among the [...]
Tata Steel announces 500 job cuts October 29, 2013 Nearly 500 jobs could be cut by Tata Steel as the company announces restructuring plans which will affect its Scunthorpe, Teesside and Workington sites. (Release) The losses – around 340 in Scunthorpe, 90 in Workington and 40 in Teesside – come amid ongoing weak demand in the construction industry. The steel industry is faring particularly [...]
Why the EU referendum bill could now be dead in the water October 29, 2013 James Wharton MP's EU referendum bill could now be dead before it even hits the next test. The proposed question apparently doesn't count as "clear, unambiguous and to the point": Do you think that the United Kingdom should be a member of the European Union? The Electoral Commission has done research to show that "a [...]
Highest level of new mortgage approvals since February 2008 October 29, 2013 UK mortgage approvals were at their highest levels for five and a half years at 66,735 in September, marginally over economists' estimates of 66,000. Last month's figure was 62,22.6. The figure, reported by the Bank of England, provides, says IHS Global Insight's Howard Archer, compelling evidence that activity in the housing market was already gaining momentum even [...]
Standard Chartered shares fall on revenue decline October 29, 2013 Standard Chartered shares are down this morning after the bank reported that it saw a drop in revenue in its third quarter, as its corporate banking business struggles, particularly in emerging markets. (Release) In an interim statement, the bank said revenue in the three months to September dropped by a "low single-digit percentage". Standard Chartered [...]
BP ups its dividend on the back of profit results October 29, 2013 BP has reported profit before tax in the third quarter of $5,172m (£3,211m), up from $4,116m in the second quarter, hiking its quarterly dividend by 5.6 per cent, to 9.5 cents a share. Shares spiked this morning on the news. (Release) The oil giant saw underlying replacement cost profit for the period of $3.7bn, compared [...]
What you need to know before the open – 29/10 October 29, 2013 Despite all-time highs for US markets yesterday, it was a mixed finish as the Fed meeting – due to begin today and finish tomorrow – is considered. Asian markets closed lower, too, as investors waited for the policy meeting. European markets are expected to look just as subdued this morning. ETX Capital #morningcall FTSE -4, [...]
Underlying profit up but Lloyds sees a loss after extra £750m for PPI October 29, 2013 Lloyds Banking Group has announced that its underlying profit increased by 136 per cent to £4,426m in the first nine months of 2013. But a £750m additional legacy payment for PPI sees the lender report a £440m profit before tax loss in the three months to 30 September (versus a £151m loss for the same [...]
CNBC Comment: Caution reigns over Fed taper decision October 28, 2013 WITH Christmas just around the corner (according to one retail analyst, seasonal merchandise has been on the shelves since early August – a new record), markets are now focusing on the final quarter of the year. The Federal Open Market Committee’s meeting tomorrow will be closely watched for hints about how far away the Fed’s [...]
DailyFX: Analyst picks October 28, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short dollar-yen, long Aussie-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Yen crosses have been volatile this past week, and both my long Australian dollar-yen and short dollar-yen have seen an uptick in volatility – in the wrong direction [...]