Barroso eurobond pledge lifts markets September 14, 2011 European markets have been lifted in a late rally on a promise that EU authorities will draw up plans for a eurozone-wide bond to end fears over the sovereign debt of the bloc’s weakest economies. The FTSEurofirst 300 index of top shares closed up 1.4 per cent after a day of choppy trading, while the [...]
US retail sales growth stalls September 14, 2011 US retail sales failed to increase in August compared with the previous month, official figure have shown. The zero growth rate was worse than expected, and the rate for July was also revised down by the US Commerce Department, from 0.5 per cent to 0.3 per cent. Department store sales continued to suffer, according to [...]
Rolls Royce expects record sales this year September 14, 2011 Carmaker Rolls Royce expects this year to be a record year for sales as luxury buyers remain undaunted by the current market sentiment. The automotive brand, owned by Germany’s BMW, said its super-rich clients had no hesitation about splashing out on a new car and believes sales will beat the 2,700 sold in 2010. “I [...]
Unemployment rises to 2.5m September 14, 2011 The number of Britons claiming unemployment benefit rose slightly less than expected last month, although the number of people without work on the wider ILO measure showed its biggest rise in two years, official data showed on Wednesday. The Office for National Statistics said the number of people claiming jobless benefit rose by 20,300 last [...]
Barratt back in the black September 14, 2011 Housebuilder Barratt Developments returned to profit for the full-year, helped by higher selling prices, and said it expected to make further progress despite the constrained housing market. The country’s largest housebuilder by volume reported full-year profit before tax and exceptional items of £42.7m, at the higher end of market estimates, compared with a loss of [...]
Next raises profit guidance September 14, 2011 Next raised its full-year profit guidance after posting an 8.5 per cent rise in half-year profit, driven by a strong performance from its Directory home shopping business. The firm, which runs over 500 stores in Britain and Ireland, said it made a pre-tax profit of £228m in the six months to 30 RETAILJuly. That compares [...]
Moody’s downgrades SocGen and Credit Agricole September 14, 2011 Moody’s Investors Service has downgraded two of France’s top banks, Societe Generale and Credit Agricole, in a new blow to efforts by European policymakers to restore market confidence in the region. The ratings agency said it was extending its review of BNP Paribas (BNPP) (BNPP.PA), but any downgrade was unlikely to be by more than [...]
Hong Kong: UK banks welcome September 13, 2011 BRITISH banks looking to move abroad would be welcome in Hong Kong, the country’s chief executive Donald Tsang said yesterday. Tsang said that he would “absolutely” be happy to see HSBC and Standard Chartered move their headquarters from the City. “If HSBC or Standard Chartered were to change headquarters it would not undermine their business [...]
Rebound in Paris banks September 13, 2011 FRENCH banks endured another tumultuous day of share price swings yesterday but closed up after quashing rumours of a funding problem. BNP Paribas rushed out a statement furiously denying a report that it no longer had access to dollar funding, after which its shares rocketed from 10 per cent down to close up 7.2 per [...]
GE to buy out Buffett September 13, 2011 US corporate giant General Electric is to repay the $3.3bn (£2.1bn) lifeline it received from billionaire Warren Buffett during the financial crisis by 17 October, a regulatory filing yesterday showed. GE will buy the entire preferred stake back from Buffett’s Berkshire Hathaway investment vehicle in cash, including unpaid dividends, in a move that closes the [...]