ECB’s Nowotny says central banks shouldn’t intervene in currency markets August 29, 2013 The European Central Bank's (ECB) Ewald Nowotny has said that central banks shouldn't intervene in foreign exchange markets, apart from the Swiss. Apparently the Swiss interventions were justified and exceptional. Nowotny said that liquidity from the ECB can only be provided to already solvent banks. This is likely to allay fears that taxpayers will have [...]
Bumi’s losses narrow August 29, 2013 Mining group Bumi has reported a 25 per cent fall in pre-tax losses and a 57 per cent fall in basic losses per share (release). Pre-tax losses fell to $85m from $113m in the same period the year before. Basic losses per share fell to 31 cents from 72 cents. Production rose by 19 per [...]
Pre-election German unemployment sees surprise jump August 29, 2013 German unemployment has risen by 7,000 in August, despite economist estimates of a 5,000 drop. That sees the unemployment rate unchanged at 6.8 per cent. Last month German unemployment saw its second consecutive reduction as it fell by 7,000. This is the last Germans jobs number we'll see before the coming election. Christian Schulz, senior [...]
WPP profits rise but concerns linger about “grey swan” events August 29, 2013 Advertising agency WPP has seen pre tax profits rise by 19.4 per cent to £524m in the first half of 2013, but concerns for the future remain, and WPP's "operating companies remain cautious" (release). Yet again the firm's management refer to the chance of "grey swan" events. Here are the four they have in mind: [...]
Serco reports fall in profits and vows to work with government over overcharging allegations August 29, 2013 Outsourcing group Serco has reported a 2.6 per cent fall in pre-tax profits and an 11.2 per cent fall in earnings per share in the first half of the yar. Pre-tax profits fell to £106.1m from £108.9m, while basic earnings per share fell to 17.19p from 19.35p. Serco, which makes around 45 per cent of [...]
Vodafone spikes on confirmation of Verizon deal talks August 29, 2013 Shares in Vodafone have risen as much as 9.4 per cent in early London trading this morning as the company says it is in talks over the possible sale of its $100bn (£64bn) stake in Verizon Wireless. Vodafone notes the recent press speculation and confirms that it is in discussions with Verizon Communications Inc. regarding [...]
Co-Op reports major losses in its banking division August 29, 2013 The Co-Operative Group has reported major losses for the first half of the year and regulators have reaffirmed its £1.5bn capital shortfall (release). The group made £559m of pre-tax losses in the first half of the year after writing off £496m of bad loans mostly relating to Britannia Building Society, which merged with its troubled [...]
Carney’s message for businesses and the regions August 29, 2013 Bank of England governor Mark Carney has told businesses not to “worry that the rug is going to be pulled out from under you too soon” in attempt to boost confidence in light of a future rise in interest rates, and stressed the importance of monetary policymakers getting out of London and talking directly to [...]
Before the Open – 29/08 August 29, 2013 Asian shares had a mixed performance last night as offshore markets rebounded from Syria concerns while mainland markets remained suppressed. The Hang Seng recovered slightly from multi-month lows, rising around 0.4 per cent to 21,606. However, the Shanghai Composite remained in the red, despite a good start on the back of a strong finish in [...]
Admiral Group reports boost in profits August 29, 2013 Motor insurance company and owner of price comparison website Confused.com Admiral Group has reported a 5.6 per cent increase in pre-tax profits and six per cent growth in earnings per share for the first half of the year (release). Pre-tax profits rose to £181.4m from £171.8m in the same period the year before. Basic earnings [...]