Profitability of UK manufacturing companies hits 2003 low October 9, 2013 (Office for National Statistics) The ONS has released its report on the profitability of UK companies for the second quarter of 2013. The figures mostly fall into line with the results from the same time last year. However manufacturing companies' net rate of return was at the lowest since the first quarter of 2003. Private [...]
Yellen expected to bring continuity to top job in monetary policy October 9, 2013 News that Janet Yellen will be nominated as successor to Ben Bernanke as chairman of the US Federal Reserve has been welcomed by market watchers, with Yellen expected to bring a wealth of experience to the role. Joshua Raymond of City Index says that while "there is no real surprise here" after Larry Summer's withdrawal [...]
Disappointment for UK manufacturing as figures decline in August October 9, 2013 Figures for the UK manufacturing sector are disappointing after industrial production declined in August, coming in at -1.1 per cent – the biggest fall in almost a year – missing expectations that it would be up 0.4 per cent after a 0.1 per cent increase in July (revised from flat). Manufacturing production also fell 1.2 [...]
Alcatel shares drop as French PM demands union negotiations over job cuts October 9, 2013 French prime minister Jean-Marc Ayrault, speaking on Euro1 radio, has said that telecoms equipment maker Alcatel-Lucent must reach an agreement with the unions if the planned restructuring of the company is to go ahead. The French prime minister said: We want a negotiation that saves as many jobs as possible, as many sites as possible. [...]
Ladbrokes appoints Arriva boss as non-exec October 9, 2013 (Yahoo Finance) Betting specialists Ladbrokes is today announcing the appointment of Arriva's chief executive David Martin as a non-executive director. (Release) Martin, who'll be starting with Ladbrokes at the end of October, joins the company following John Jarvis' decision earlier this year to retire from the board. He has been chief executive of Arriva since [...]
Fresnillo announces lift on explosives ban October 9, 2013 (Yahoo Finance) Fresnillo has announced that a temporary suspension of an explosives permit has been lifted. (Release) The Mexican-based mining company has reported that all of its explosive permits for mine Minera Penmont had been suspended following a court decision on a land boundaries issue. The company is confident that two further temporary suspensions at [...]
Greggs announces lukewarm results as like-for-like growth decline softens October 9, 2013 High street baker Greggs has reported a 0.5 per cent drop in like-for-like sales in the 13 weeks to 28 September, as they witness a 2.1 per cent drop in like-for-likes in the year to date (release). So things might be looking up slightly, or at least chief executive Roger Whiteside thinks so. He says [...]
N Brown sales soar on internet sales and younger customers October 9, 2013 Retailer N Brown has posted strong sales and operating profits in its half year results for the 26 weeks till 31 August. Total group revenue stood at £406.6m, an increase of eight per cent with an increase in like-for-like sales of 7.8 per cent. Operating profit grew to £48.4m, an increase of 5.9 per cent. [...]
US ISS calls for Murdoch to quit 21st Century Fox October 9, 2013 America's Institutional Shareholder Services (ISS) has called for Rupert Murdoch to quit as chairman of his film and television business, 21st Century Fox. The proxy advisory group called for the media mogul and his two sons, James and Lachlan, to step down from the film company's board, advising shareholders to vote against Murdoch's reelection. The call [...]
What you need to know before the open – 09/10 October 9, 2013 President Obama's comments last night – that there is "no magic bullet" to end the standoff between the two parties – seems to finally be drumming home to markets the ramifications of shutdown. US markets saw their biggest one-day slide in 11 months. There was some stabilisation, however, on the news that Janet Yellen would [...]