Telefonica sees profits fall as Spanish market remains weak November 8, 2013 Spanish O2 operator, Telfonica, has posted a nine per cent fall in net profit over the nine months to 30 September. The Spanish telecoms giant struggled against poor domestic market conditions and weakening Latin American currencies. Revenue declined by €3.14bn (£2.62bn) and operating income before depreciation and amortization fell by 10.7 per cent to €14.1bn [...]
Rolls Royce big riser on FTSE after raising guidance November 8, 2013 Rolls Royce is one of the FTSE100's biggest risers this morning, after it raised its guidance in Defence Aerospace but lowered it for its Marine division. In the former, it expects to see modest growth, but the latter's underlying profit is predicted "broadly flat" for the full year. (Release) The jet company is one of [...]
Bovis Homes’ 45 per cent reservations increase boosted by Help to Buy November 8, 2013 Bovis Homes has reported an impressive 45 per cent like-for-like increase in reservations, at 2,390 in the 44 weeks to 1 November 2012. The strong growth was, said the housebuilding company, boosted by access to "higher loan to value mortgages and Government support in the form of the Help to Buy scheme contributing to an already [...]
Ofwat rejects Thames Water eight per cent price hike November 8, 2013 Water regulator Ofwat has prevented Thames Water from increasing its prices by eight per cent, or £29, for 2014-15. Regulation officer, Sonia Brown said: We said we would challenge Thames' application, in the interests of customers. We did just that and on the evidence provided we are not convinced that an extra bill increase is [...]
What you need to know before the open – 08/11 November 8, 2013 Losses in both the US and Asia, after Twitter's strong debut onto the New York Stock Exchange sparked fears of a brewing tech bubble, will see the FTSE100 open -35pts at 6660, says Mike van Dulken, head of research at Accendo Markets. Morning call: we are calling the #FTSE +7 at 6753. — DavidMadden_IG (@DavidMadden_IG) November [...]
IAG sees profits up as Iberia makes steady progress November 8, 2013 International Airlines Group (IAG) – the British company formed by merging British Airways and Iberia Airlines in 2011 – has reported third quarter operating profit of €690m (£574.89m), from €270m for the same period last year. The profit jump comes as Iberia's restructuring programme sees progress. (Release) In October, Iberia unveiled its new corporate image [...]
Twitter frenzy as investors rush in November 7, 2013 TWITTER held one of the most highly-anticipated public debuts of the year yesterday at the New York Stock Exchange (NYSE) with intense investor interest that caused the company’s stock to jump 92 per cent at the start of trading. The social media darling eventually settled at $44.90 (£27.90) a share, up 73 per cent from [...]
ECB slashes interest rates to record low as inflation drops November 7, 2013 THE EUROPEAN Central Bank (ECB) made the shock decision to cut its benchmark interest rate to 0.25 per cent yesterday, the lowest level in the currency union’s history. Despite widespread predictions that the ECB would hold policy stable, president Mario Draghi offered up the first rate cut for the Eurozone in over a year. The [...]
Regulators clear British firms of gas price-fixing November 7, 2013 ENERGY regulator Ofgem and financial watchdog the FCA yesterday said they had found no evidence of gas market manipulation in Britain after concluding an investigation. A year-long probe into the wholesale gas market was kicked off after a whistleblower, Seth Freedman from price reporting agency ICIS Heron, made allegations of gas price-fixing. “It has been [...]
What the other papers say this morning – 08 November 2013 November 7, 2013 FINANCIAL TIMES Currencies probe shifts to the US A global probe into alleged manipulation of the multibillion-dollar currencies market has widened its focus to include the US, with Barclays putting three New York-based traders on leave. They included foreign exchange spot traders Russell Katz and Jerry Urwin, two of these people said. Mr Katz and [...]