General Motors posts stronger than expected results – but it’s still not value for taxpayers July 25, 2013 General Motors (GM) has joined a host of other US firms in posting better than expected results today amid strong demand from the US and cost-cutting in Europe, but the bailed out company is far from in the clear. Net income in the second quarter of 2013 fell to $1.2bn, or 75 cents per share, [...]
Yellow Pages owner agrees debt restructuring deal as shares become worthless July 25, 2013 Yellow Pages owner hibu has agreed terms to restructure its £2.3bn of debt with its banks set to take control. In an open letter to shareholders, chairman Bob Wigley admitted that shares in hibu were now worthless, and the company stopped trading on the London Stock Exchange this morning. The deal is subject to the [...]
Spain’s biggest bailed out bank reports €200m profit July 25, 2013 Spain’s biggest bank in state hands Bankia has reported a €200m profit for the first half of the year – up from a record loss of €19.2bn in 2012. Last year’s loss was the biggest of any bank in the world, and sparked fears that the eurozone’s fourth largest economy could need an international bailout. [...]
Brewer SABMiller sees revenue growth held back by cold weather July 25, 2013 Brewer SABMiller has announced a trading update for the quarter ended 30 June (release). Group revenue and group revenue per hl both grew by 2% on an organic, constant currency basis Total beverage volumes on an organic basis were level with the prior year Lager volumes on an organic basis declined 1%, with growth in [...]
German vice chancellor draws party dividing line by ruling out debt cut in Greece July 25, 2013 Germany’s vice chancellor Philipp Roesler has ruled out another debt cut for Greece, saying it would be more constructive to help the country modernise its energy infrastructure. There are no shortcuts to recovery like "bailouts or haircuts" or printing money, he said. The "right way out" would come from "sound fiscal policy in Greece on [...]
Osborne and Balls react to faster GDP growth – and both seem to miss the point July 25, 2013 Both chancellor George Osborne and shadow chancellor Ed Balls have weighed in on the second quarter GDP figures. If you have want some analyst reaction, we have that too. Chancellor George Osborne: Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend – but there is [...]
Analyst reaction: GDP at 0.6 per cent in second quarter July 25, 2013 Howard Archer, chief UK & European economist, IHS Global Insight: The GDP data are very encouraging, not only showing the growth rate doubling to 0.6% quarter-on-quarter but also showing positive contributions from all sectors. While the dominant services sector remains very much key to the economy’s performance, it is important that manufacturing and construction grow [...]
UK services output jumps by four times more than expected July 25, 2013 The gross value added in the UK services sector – a key contributor to GDP – rose by a better than expected 0.8 per cent points in the three months to May compared with the previous three months, according to data from the Office for National Statistics (release). The index of services now stands at [...]
Pound falls as growth doubles to 0.6 per cent in second quarter July 25, 2013 The UK economy is heating up, but it's still pretty cold out there, according to the ONS. GDP grew by 0.6 per cent in the second quarter, up from 0.3 per cent in the first. GDP is still 3.3 per cent below its first quarter 2008 peak, and this figure is in line with average [...]
Italian consumer confidence grows across all measures July 25, 2013 Italian consumer confidence grew in July, according to the latest figures from Istat. The confidence climate index rose to 97.3 from 95.8. This growth was consistent across all components, with economic, personal, current and future indices all growing. Meanwhile, the balance concerning expectations on employment decreased to 68 from 78. The balance on inflation perceptions [...]