Best of the Brokers December 4, 2012 TESCO Espirito Santo has downgraded the supermarket giant from a “hold” guidance to a “sell” and cut the price target from 300p to 275p, warning of a drop in profit margins. CWC Barclays has upgraded the telecoms firm to an “equal weight” rating, and upped its target by 32 per cent to 41p following CWC’s [...]
FTSE 100 flat on US budget uncertainty December 4, 2012 The FTSE 100 was broadly flat in early trading as uncertainty continued over the fate of US budget talks to avert January’s so-called “fiscal cliff”. The White House has dismissed a budget deal proposal from congressional Republicans that included tax reforms and spending cuts, saying it did not meet President Barack Obama’s pledge to raise [...]
Greene King boosted by diners December 4, 2012 Brewer Greene King today announced strong sales growth for the 24 weeks to 14 October 2012, largely thanks to strong sales at the pubs it controls. Total revenue was £566.2m, up from £527.5m for the same period last year, leaving operating profits of £122.7m. “Our team has delivered another strong trading performance driven by 17 [...]
British retail sales pick up in November December 4, 2012 UK retail sales improved slightly in November, according to figures released today by the British Retail Consortium. Like-for-like retail sales rose by 0.4 per cent in value compared to the same month last year, after falling 0.1 percent in October. Despite this analysts had hoped for stronger growth. Total retail sales rose 1.8 per cent [...]
UK is facing a lost decade for growth December 3, 2012 CITY leaders yesterday raised new concerns about the pace of growth in the Western economies after experts warned countries were facing more than a decade of economic stagnation. The gloomy warnings will send a stark reminder to chancellor George Osborne ahead of tomorrow’s Autumn Statement of the growth challenges facing Britain and its debt pile. [...]
US manufacturing stalls ahead of looming fiscal cliff December 3, 2012 US FIRMS yesterday blamed Hurricane Sandy and the oncoming fiscal cliff for a plummet in manufacturing activity to its lowest level since July 2009. The ISM’s widely-regarded purchasing managers’ index (PMI) crashed from 51.7 in October to 49.5 in November – a level that shows a contracting manufacturing sector. Companies cited political uncertainty as the [...]
Duke and Duchess of Cambridge expecting baby December 3, 2012 THE Duke and Duchess of Cambridge yesterday confirmed they are expecting their first child. The royal couple, who wed last April, said they were “delighted” by the news. The 30-year-old duchess is not yet 12 weeks pregnant, but St James’s Palace was forced to make an early announcement as she has been hospitalised in London with [...]
UBS prepares to pay Libor fine of more than $450m December 3, 2012 SWISS banking giant UBS is set to be the next bank to settle with regulators over Libor manipulation claims, it emerged yesterday, with RBS likely to follow suit in the coming months. The bank could take the hit as soon as next week under negotiations taking place with the authorities in the UK and the [...]
Crosby sorry for his role in HBOS failure December 3, 2012 FORMER HBOS chief executive Sir James Crosby yesterday apologised for his role in building up an unsustainable bank, which had to be rescued in 2008 after he left the helm in 2006. The session at the parliamentary commission on banking standards was Sir James’ first appearance before MPs and peers since the collapse of the [...]
US watchdog charges audit China affiliates December 3, 2012 THE US markets watchdog yesterday hit the Chinese arms of five accounting firms with charges, after the affiliates failed to hand over audit documents the US body wants. PwC, KPMG, Ernst & Young and Deloitte – the so-called big four – as well as BDO, have been charged with securities violations by the Securities and Exchange Commission (SEC), [...]