Rate of Spanish decline begins to moderate as prime minister approaches corruption hearing July 30, 2013 The Spanish economy has been contracting for two years now, according to GDP data released this morning. Compared to the first quarter of the year, second quarter GDP fell by 0.1 per cent, and by 1.7 per cent relative to the same period the year before (release). However, the rate of decline is moderating, pointing [...]
BP profits fall on lower oil prices July 30, 2013 BP has reported it made an underlying pre-tax profit of $2.7bn in the second quarter of the year, down 45 per cent from the first quarter and 25 per cent from the same period the year before. Shares are down nearly three per cent. The fall was driven primarily by lower oil prices, an unusually [...]
ITV shares open up three per cent on better than expected profits July 30, 2013 ITV has reported a better-than-expected 16 per cent rise in first half adjusted pre-tax profits to £270m, with adjusted earnings per share up 15 per cent to 5.3p (release). Shares opened up over three per cent on the news. This came despite an expected fall in advertising revenues, as significant growth in online, pay & [...]
Barclays shares drop as it reports a fall in profits and plans to fill £12.8bn capital hole July 30, 2013 Barclays has reported a 17 per cent fall in half year adjusted profits to £3.591bn as it was hit by the cost of a group-wide restructure in the wake of the Libor rate-rigging scandal. The bank also reported that its capital hole was much larger than thought at £12.8bn and announced a £5.8bn capital-raising rights [...]
Domino’s results go cold as profits slump July 30, 2013 Takeaway chain Domino's has seen system sales increase by 13.8 per cent to £326.5m in 26 weeks ended 30 June (release). However pre-tax profits (after exceptional items) have sunk from £21.5m to £11.6m. Profit before tax, excluding Germany and Switzerland, increased 10.3 per cent to £25.7m with sales up 6.4 per cent in the UK. [...]
Next says UK consumer spending is becoming more spontaneous July 30, 2013 Fashion retailer Next has reported a 2.3 per cent rise in total brand sales in the first half of the year – in line with the guidance range of a one to four per cent increase issued in March. However, a much smaller end of season sale dragged down total sales, which were up 3.7 [...]
Vodafone launches public takeover offer for Kabel Deutscheland July 30, 2013 Vodafone has launched its public takeover offer for Kabel Deutschland Holding, as City A.M. reported on 24 June (release). Shareholders of Kabel Deutschland can tender their shares from today until 11 September 2013. The offer price is €84.50 per share in cash plus the payment of the proposed €2.50 dividend announced by Kabel on 20 [...]
UK banking regulator gives green light to Barclays share sale plan July 30, 2013 Commenting on Barclays’s planned £5bn share sale to fill its capital hole, UK banking regulator the Prudential Regulation Authority has said it agrees and welcomes the plan. According to a spokesperson for the Bank of England: Following constructive discussions, the PRA has agreed and welcomes Barclays capital plan, announced today. We have considered all elements [...]
Before the open – 30/07 July 30, 2013 Asian stocks were buoyed last night after the Chinese central bank gave the markets a liquidity shot for the first time since February and the dollar index recovered from a five week low. Early losses in the Hang Seng and Shanghai Composite were quickly erased, while a weaker yen and a small (but less than [...]
Centrica expands East Coast ambitions with $731m acquisition July 30, 2013 Leading energy company Centrica has announced its ambition to become the leading B2B gas supplier in the Eastern US after agreeing to acquire the New Jersey-based energy marketing business of Hess Corporation through its North American subsidiary Direct Energy for $731m (£478m). Hess’s energy marketing business operates in 18 states across the east of the [...]