Rolls-Royce confident on targets November 9, 2012 Power systems firm Rolls-Royce said this morning it expects to post good growth in underlying revenue and profit for the year, despite forecasting flat revenue in its marine division. The FTSE 100 firm said guidance for all business segments remained unchanged, except in its marine division, where revenue would be broadly flat due to “phasing [...]
IAG profits hurt by weak Iberia November 9, 2012 British Airways owner IAG this morning reported a 25 per cent drop in operating profit over the third quarter, as it announced a turnaround plan for poorly-performing subsidiary Iberia. The airline group posted operating profit over the three months to September of €270m, down from €363m over the same period last year. Over the nine [...]
Miner strike drags Lonmin to full-year loss November 9, 2012 Industrial action at South African mine Marikana had a significant impact on platinum miner Lonmin’s results, it said today. The world’s third-largest platinum miner was hit by special costs of $755m (£473m) over the year, including $159m for the cost of the strike. This dragged it to a full-year pre-tax loss of $698m. It lost [...]
House repossessions fall to five-year low November 8, 2012 House repossessions fell to a five-year low in the third quarter, the Council of Mortgage Lenders (CML) said today. A total of 8,200 properties were taken into possession over the three months to September, down from 8,500 in the second quarter and 9,600 the year previously, the trade body said. Over the first nine months [...]
Bank of England opts against more stimulus November 8, 2012 The Bank of England refrained from pumping more cash into the economy today, leaving the current stimulus programme at £375bn. The decision to hold quantitative easing is likely to have been close, with rate setters weighing up the UK’s GDP growth in the third quarter against signs of renewed weakness since then. It is understood [...]
Balfour Beatty warns on profits November 8, 2012 Infrastructure company Balfour Beatty this morning issued a profit warning, weighed down by weak construction service trading. The FTSE 250 firm said difficult trading conditions had persisted in its construction services division, which accounts for around 30 per cent of Balfour’s business. As a result, profits for this year will be lower than expected, it [...]
FTSE 100 recovers after sharp falls yesterday November 8, 2012 The leading share index was up in trading this morning, after falling sharply yesterday. Miners led the bounceback, helped by a recovery in copper prices. Russian-focused oil firm Ruspetro added 7.4 per cent in early deals, as it reported a well in Siberia was on track to meet its full-year targets. Healthcare provider BTG was [...]
EADS on track to hit 2012 targets November 8, 2012 Defence firm EADS this morning said it was on track to meet its 2012 revenue and profit guidance, as it got itself back on track following the collapse of merger talks with British firm BAE. Over the nine months to September, EADS revenue jumped 14 per cent to €37.3bn (£29.8bn), up from €32.7bn over the [...]
German exports slump in September November 8, 2012 German exports fell at their fastest pace since last year in September, fuelling fears that the Eurozone crisis has finally reached the area’s largest economy. Imports also fell, sliding 1.6 per cent in September. Exports declined 2.5 per cent over the month, and 3.4 per cent year on year. The seasonally-adjusted trade surplus narrowed to [...]
Morrisons sales fall in challenging market November 8, 2012 Britain’s fourth-largest supermarket Morrisons this morning posted a 2.1 per cent drop in like for like sales over the 13 weeks to 28 October, hurt by fragile consumer confidence. Total sales excluding fuel fell 0.4 per cent over the period. “With consumer confidence still fragile and high levels of promotional activity a persistent feature of [...]
