World gold demand slides on slowdown in Chinese economy November 15, 2012 GLOBAL gold demand dropped 11 per cent in the three months to September from record levels seen in the same period last year, dampened mainly by fading Chinese fervour as its economy slowed, with stronger Indian demand stemming a larger fall, the World Gold Council said yesterday. Chinese gold consumption fell eight per cent in [...]
Viacom profits up despite lack of blockbuster November 15, 2012 THE OWNER of MTV and Paramount, Viacom, yesterday said that it had defied slipping box office revenues and lower ratings at its TV networks to reach a $643m (£405m) profit in the third quarter of the year. This 12 per cent year-on-year rise came despite revenues falling 17 per cent to $3.4bn. The firm’s cost-cutting [...]
Executive Offices sign lease on Atlas House November 15, 2012 EXECUTIVE Offices Group, the upmarket office space provider, has signed a deal to take up four floors of Atlas House in the City, which it plans to revamp and run as offices. The group, which was acquired by Morgan Stanley’s real estate fund in 2005 for £220m, has signed a 15-year lease on the 19th [...]
Who’s switching jobs November 15, 2012 Maurice Turnor Gardner The law firm has announced the appointment Sarah Conway as partner in its residential property practice, effective January 2013. She joins from Allen & Overy, where she has worked since 1998. Conway has also held the partnership at Carruthers & Co, and focuses on residential property transactions for high net worth clients. [...]
Best of the Brokers November 15, 2012 ICAP Canaccord maintains its “hold” rating for the voice and electronics dealer, decreasing its target 10 per cent to 300p. The broker expects growth to remain stagnant for the rest of the financial year. MONEY SUPERMARKET UBS has a “buy” rating on the price comparison site and has raised its target from 160p to 170p, [...]
Eurozone sinks back into recession November 15, 2012 The Eurozone debt crisis dragged the currency bloc into recession in the third quarter of the year, marking its second recession since 2009. Economic output in the bloc fell 0.1 per cent over the three months to September, following a 0.2 per cent drop in the second quarter. Those two quarters of contraction put the [...]
Eurozone worries weigh on FTSE 100 November 15, 2012 The leading share index was trading down this morning, as investors were spooked by growth worries in the Eurozone. Wolfson Microelectronics sank six per cent in early trading, followed closely by stove maker Aga, which fell 5.42 per cent. Engineering firm Wood Group declined 4.82 per cent, while investment manager Man Group dropped 4.8 per [...]
BP in talks to settle Gulf spill claims November 15, 2012 BP this morning confirmed that it was in “advanced discussions” with the US Department of Justice and the Securities & Exchange Commission to settle claims arising from the Deepwater Horizon incident in 2010. The oil major said today it was discussing “proposed resolutions of all US federal government criminal and SEC claims against BP in [...]
French GDP up 0.2 per cent in third quarter November 15, 2012 The French economy expanded by 0.2 per cent in the third quarter, according to official statistics. A pickup in household consumption and manufacturing led the rise, which comes after the economy shrank by 0.1 per cent over the second quarter. Household consumption grew by 0.3 per cent in the third quarter, after contracting 0.2 per [...]
Qatar backs Glenstrata merger November 15, 2012 Qatar Holding confirmed this morning it would back Xstrata’s mega-merger with Glencore at the shareholder vote next Tuesday. Xstrata’s second-largest shareholder after Glencore said it would vote in favour of two key resolutions, which will pave the way for the £56bn deal to go ahead. The vote, which comes 10 months after commodities giant Glencore [...]