Network Rail debt jumps to £28bn November 22, 2012 Investment in the UK rail network pushed up infrastructure company Network Rail’s debt to more than £28bn, it said this morning. The funding of £2.06bn of capital expenditure over the six months to September – including on the Reading station redevelopment and works on the East Coast and West Coast main lines – helped push [...]
Chinese manufacturing accelerates in November November 22, 2012 Chinese manufacturing activity expanded in November, a sign that the pace of economic growth has rebounded, a survey showed this morning. The China HSBC Flash Manufacturing Purchasing Managers’ Index climbed above the critical 50 level – which separates growth from contraction – for the first time in 13 months. The index stood at 50.4 in [...]
Peroni sales boost UK arm of SABMiller November 22, 2012 Strong sales of premium lager Peroni boosted SABMiller in the six months to September, as its UK arm grew beer sales by five per cent. Miller Brands bucked the trend of a declining UK beer market – total volumes sank 4.6 per cent in the half year to September – as Peroni Nastro Azzurro volumes [...]
FTSE 100 down on concerns over Greece November 21, 2012 The blue chip index edged down in early deals today, weighed down by a lack of agreement among Greece’s international lenders on emergency aid for the Eurozone country. Credit card insurer CPP Group fell 7.48 per cent, while Imagination Technologies sank 6.42 per cent on the news that it faced a rival for its bid [...]
Japan exports fall for fifth straight month November 21, 2012 Japan’s exports fell for a fifth consecutive month in October, hurt by weak global demand. Overall, exports fell 6.5 per cent in October from a year earlier. Shipments to China, Japan’s top export market, dropped by an annual 11.6 per cent last month following a 14.6 per cent fall in September, as a territorial dispute [...]
Daily Mail owner offloads regional titles November 21, 2012 Daily Mail and General Trust said this morning it will sell its regional titles to newly-formed media group Local World, led by tabloid veteran David Montgomery. From the sale of its regional newspaper business Northcliffe Media, the Daily Mail parent company will receive £52.5m and a 38.7 per cent stake in the new media group. [...]
Halfords reports slump in first-half profits November 21, 2012 Bicycle and car parts retailer Halfords posted a 23 per cent slump in first-half profits this morning, as the ‘summer of sport’ failed to offset a poor start to the year. Pre-tax profit before one-off items was £41.9m in the half year to September, down from £54.7m it made in the same period last year. [...]
Former UBS trader jailed for seven years November 20, 2012 Former UBS trader Kweku Adoboli was convicted and sentenced to seven years in jail today for losing the Swiss bank $2.3bn (£1.45bn) in what is thought to be the biggest fraud in British history. Adoboli, a senior trader on the ETF desk at UBS, was accused of carrying out unhedged trades far in excess of [...]
Glencore shareholders back Xstrata merger November 20, 2012 Glencore shareholders voted overwhelmingly in favour of the merger with Xstrata this morning, paving the way for the £56bn commodity tie-up. More than 99 per cent of Glencore investors were in favour of the merger, which looks set to be voted through today. After nine months of negotiations, Xstrata investors are due to meet in [...]
FTSE 100 edges down as Moody’s downgrades France November 20, 2012 The blue chip index inched lower in trading this morning, as Moody’s downgrade of France stifled investor sentiment. On the FTSE All-Share, platinum miner Lonmin sank more than 40 per cent in early trading. Yesterday its shareholders voted through an $817m (£514m) rights issue at a general meeting. Pub group Punch Taverns fell almost four [...]
