BAE profits fall on delayed Saudi jet deal and US defence cuts August 1, 2013 BAE Systems has said it hopes to made double-digit growth in full year underlying earnings on the conclusion of a Saudi jet deal after delays in price negotiations pushed its first half pre-tax profits down eight per cent to £529m (release). Basic earnings per share fell to 12.6p from 12.8p in the same period the [...]
Spanish manufacturing slips back into decline August 1, 2013 Spanish manufacturing has slipped back into decline in July, as Markit's purchasing manager's index (PMI) drops from 50 to 49.8. Any number below 50 would imply that the sector is contracting. Analysts had expected the sector to expand in July, forecasting a PMI of 50.6.
Lloyds share price passes break even point for taxpayer as bank reports swing to profit August 1, 2013 Share prices in Lloyds Banking Group have surpassed what the City regards as the "real" break even point for the taxpayer as the group reports a swing to profit in the first half of the year. This morning, the Lloyds share price passed the 73.6p "real" break-even point, which represents the average price at which [...]
Shell boss pledges focus on financial performance after weak Aussie dollar and Nigerian troubles drag down earnings August 1, 2013 Royal Dutch Shell has reported an annual fall in second quarter earnings amid a weakened Australian dollar and disruption to operations in Nigeria. Earnings in the second quarter of the year fell to $2.4bn (£1.48bn) after net charges of $2.2bn after tax – mainly due to impairments in upstream earnings. Excluding an accounting adjustment, second [...]
Before the open – 01/08 August 1, 2013 Asian shares were up last night on the back of unexpected good manufacturing data from July. The NBS purchasing managers’ index came in at 50.3 – up from 50.1 the month before and above expectations of 49.8 (above 50 indicates growth, below contraction). HSBC’s measure of manufacturing PMI, however, said the industry shrank, coming in [...]
SocGen surprises with a more than doubling in profits amid cost-cutting August 1, 2013 French bank Societe Generale has reported a second quarter net income more than double what it was a year ago following growth in fixed income and equities and a return to growth in foreign retail operations. SocGen saids its quarterly net income grew to €955m (£838m) from €436m in the same period one year ago. [...]
Any Other Business – 01/08 July 31, 2013 ■ City gentlemen who are partial to a pair of loud red chinos, take heed. The results of a survey by polling firm YouGov that were released yesterday have revealed that almost half of Britons gave the red trousers a firm “dislike”. Forty-three per cent of those asked were indifferent to rosy chinos, while only [...]
RBS insider set to take top job July 31, 2013 RBS’ NEW chief executive will be retail head Ross McEwan, insiders indicated last night, with the bank just waiting for the nod from the regulator to announce the appointment. The board is understood to have met yesterday to make the final decision from a small field of internal executives, after earlier favourites from outside [...]
No sign of Fed tapering even as GDP jumps July 31, 2013 THE US Federal Reserve expects America’s economy to reach even faster growth than the 1.7 per cent GDP expansion recorded in the year to June – yet last night gave no indication that it is set to rein back its mass stimulus programme. The Fed’s latest policy statement said it will continue with its $85bn [...]
Facebook shares hit flotation price after mobile success July 31, 2013 SHARES in Facebook rose above their initial flotation value of $38 yesterday for the first time since the company’s rocky initial public offering in May 2012. Shortly after the US markets opened, stock in the social network climbed to an all-time high of $38.31, before closing at $36.80. This follows a 39 per cent jump [...]