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 [...]
Deutsche Bank falls short of expectations on legal charges July 30, 2013 A €630m increase in litigation reserves and weak revenues from debt trading pushed Deutsche Bank’s second quarter pre tax profits below analyst expectations. The German bank reported a pre-tax profit of €792m (£684m), compared to expectations of €1.3bn. Net income nearly halved, falling to €335m from €666m. Earnings per share for the second quarter was [...]
UBS reports big jump in profits and plans to buy back central bank fund July 30, 2013 Swiss bank UBS has reported a 32 per cent increase in second quarter profits after solid gains in its investment banking division, and has announced plans to buy back equity in a fund set up by the central banks as part of its bailout in 2008 (report). Switzerland’s largest bank reported an adjusted pre-tax profit [...]
CNBC Comment: Ethical vigilance isn’t easy for Church July 29, 2013 MANAGING God’s money would test the patience of Job. The archbishop of Canterbury discovered this last week when his attempt to take on payday lender Wonga exposed the Church of England to accusations of hypocrisy. Justin Welby locked horns with Wonga because the company’s interest charges attract legitimate concerns. But what came next was the [...]
Daily FX: Analyst picks July 29, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Closed long Aussie-yen. Short Aussie-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks The bearish bias on the Aussie has been revived, and there are two main reasons to look short early this week: Chinese data has worsened since second [...]