Factory output in unexpected fall August 9, 2011 Factory output fell unexpectedly in June, an unwelcome reminder of the poor state of the country’s economy as it faces new challenges from global financial turmoil and widespread riots in London and other cities. The weak official data followed reports overnight from trade associations of low consumer confidence in the retail and property markets last [...]
Cameron recalls Parliament over riots August 9, 2011 David Cameron has recalled Parliament after returning from his holiday this morning to take charge of government’s response to the escalating violence in London. The prime minister, who chaired a meeting of the government’s Cobra emergency response team, has boosted police numbers on the capital’s streets by 10,000 today in an effort to stave off [...]
UK trade gap at 2011 high in June August 9, 2011 The UK’s imports significantly outstripped exports in June, leading to the biggest trade deficit this year, new data shows. The trade gap widened to £4.5bn in June, from £4bn in May after exports dropped 2.8 per cent and imports fell just 1.5 per cent. UK domestic demand for traded goods fell five per cent in [...]
FTSE sinks below 5,000 August 9, 2011 The FTSE 100 plunged below 5,000 for the first time since 7 July 2010 as the crisis of confidence in world markets deepened. The latest plunge came after indices across Europe had opened on the front foot before returning to a downward spiral. Rallying calls form President Obama failed to limit the damage caused by [...]
HSBC in talks to sell US card business August 9, 2011 HSBC said that it is in talks on the possible sale of its card and retail services business in the United States. “These discussions are ongoing and no decision has yet been made to proceed with any transaction. HSBC will make a further statement if or when appropriate,” the company said in a statement to [...]
InterContinental upbeat after beating forecasts August 9, 2011 InterContinental Hotels reported favorable current trading with record demand and low supply growth of new hotels on Tuesday which helped the world’s biggest hotelier to beat half-year earnings forecasts with a 23 percent rise. The British group, home to the Holiday Inn, Crowne Plaza and InterContinental brands, saw stronger bookings and room rates in the [...]
Reliance given go-ahead for $7.2bn BP deal August 9, 2011 Indian energy major Reliance Industries said it has received approval from the government for selling stakes in some of its oil and gas blocks to BP Plc for $7.2bn (£4.4bn). Last month, India’s cabinet had approved Reliance’s plan to sell 30 percent stake in 21 oil and gas blocks, instead of the 23 originally planned, [...]
A SEA OF RED August 8, 2011 WORLD MARKETS CONTINUE LURCH DOWNWARDS INVESTORS fled stocks on both sides of the pond yesterday, as financial turmoil further engulfed markets. In New York, the Dow Jones index closed down 5.55 per cent; the Nasdaq shed 6.9 per cent; and the S&P 500 lost 6.66 per cent. By the close of trading last night every [...]
Prime Minister finally cuts short holiday as London burns August 8, 2011 PRIME MINISTER David Cameron has returned to London this morning to chair a crisis meeting on the riots, as violence spread across the country and fires blazed in hotspots throughout the capital. Downing Street confirmed last night that Cameron will cut his holiday short to return to London overnight and chair the meeting of the [...]
BofA hit by AIG’s $10bn legal action August 8, 2011 BANK of America shares fell to their lowest level since April 2009 over fears of the slowing US economy and challenges to a multi-billion dollar mortgage settlement. Although most bank shares were knocked by the market turmoil, Bank of America’s shares were worst hit after insurer American International Group (AIG) said it would sue the [...]