German businesses more confident about current situation – but less so about the future July 25, 2013 German businesses are more optimistic about their current situation, but less so about their short-term growth prospects, according to new data from the Ifo institute. The institute’s latest business climate index rose for the third consecutive month in July to 106.2 from 105.9 in June, above expectations of 106.1. The current assessment, meanwhile, came in [...]
ScottishPower warns government efficiency schemes could push energy prices up further July 25, 2013 ScottishPower has warned that the rising burden of taxes and levies on energy companies means that further price rises for customers could not be ruled out despite stable energy costs in the market. The company said yesterday that a 137.7 per cent rise in the cost of implementing government efficiency schemes (to €155.8m/£134m) in the [...]
We should welcome the Church’s foray into lending July 25, 2013 Archbishop Justin Welby's announcement that the Church of England could be going head-to-head with payday lenders like Wonga is good to hear. Rather than limiting the options of consumers, Welby is set to expand the choices that the most vulnerable face. In an interview with Total Politics, the former oil executive has said that he [...]
Spanish unemployment falls for first time in two years – but more than one in four are still jobless July 25, 2013 The Spanish unemployment rate has fallen from 27.16 per cent to 26.26 per cent in the second quarter, according to survey data from the National Institute of Statistics. Economists had been forecasting another rise, to 27.3 per cent, so this is some welcome news. It's the first fall in two years, and the largest since [...]
Before the open – 25/07 July 25, 2013 Today will show whether growth is accelerating in the UK, with second quarter GDP out later. After a limp 0.3 per cent growth in the first quarter, economists are now forecasting that we'll see the economy grew by as much as 0.6 per cent in the second quarter. Asian equities fail to respond to #China’s [...]
Unilever warns of slowing growth in emerging markets and little sign of recovery in North America and Europe July 25, 2013 Consumer goods company Unilever has warned that emerging markets are facing slowdown, as it posts results for the first half of 2013 (release). Growth is slowing in emerging markets, as macro-economic headwinds influence consumer behaviour. Within this overall trend we see a mixed picture across the major countries reflecting different local circumstances. Developed markets remain [...]
Rolls Royce sees profits soar as Airbus A350 takes off July 25, 2013 Rolls Royce has announced pre-tax profits of £840m for the half-year ended 30 June, up £212m the same period last year (release). Excluding Tognum, the German propulsion and energy system specialist (which did not feature in a fully consolidated form in the group's results last year), underlying profit before tax was up by 32 per [...]
BT reports profit and revenues fall in second quarter July 25, 2013 Telecoms company BT has reported a revenues fall of one per cent, down to £4.449bn, for the period from the first quarter to 30 June (release). The biggest revenues fallers were Wholesale (down six per cent) and Global Services and Openreach (both down by two per cent). Profit before tax fell by 16 per cent [...]
Travis Perkins announces new CEO as cold weather sees profits fall July 25, 2013 Builders merchant Travis Perkins has announced the appointment of a new chief executive officer – John Carter – who will replace the incumbent Geoff Cooper on 1 January 2014 (release). Geoff Cooper has been CEO since 2005, and retires as he approaches his 60th birthday next March. Commenting on the succession, non-executive chairman, Robert Walker [...]
Credit Suisse up in pre-market trading as results beat expectations July 25, 2013 Switzerland's Credit Suisse is doing well in pre-market trading – up 0.7 per cent right now – after some better than expected results out this morning (release). The bank posted net income for the second quarter of CHF 1.05bn (£0.73bn), beating forecasts of CHF 1.03bn (£0.72bn). Brady W. Dougan, chief executive officer, said: With an [...]