Wall Street tumbles on Obama re-election November 7, 2012 The Dow Jones fell more than two per cent in trading today, as investors shifted their focus to a looming fiscal cliff after President Barack Obama’s re-election for a second term. The energy, healthcare, banking and defence sectors were among the hardest hit during trading, after Obama defeated Republican candidate Mitt Romney. The Dow Jones [...]
Carlyle calls off Chemring bid talks November 7, 2012 US private equity firm Carlyle has confirmed it will not make a bid for troubled defence equipment group Chemring, after extending the deadline twice. Chemring, which first received a “highly preliminary expression of interest” from Carlyle in August, issued a profit warning last week, sending its shares to a six-year low. The FTSE 250 defence [...]
FTSE 100 up on Obama victory November 7, 2012 US President Barack Obama’s victory pushed up the blue chip index in early trading. His win is expected to mark the continuation of loose monetary policy and low interest rates at the Federal Reserve. Miners and engineering firms led the FTSE All-Share higher, with boiler and valve maker Spirax-Sarco adding 6.76 per cent in early [...]
Vedanta profits soar almost 50 per cent November 7, 2012 India-focused miner Vedanta reported an almost 50 per cent jump in first-half profit this morning, boosted by record output from subsidiary Cairn India. Earnings before interest, tax, depreciation and amortisation for the six months to September came in at $2.6bn (£1.62bn), helped by production at Cairn India, which it acquired last year. Zinc profits fell [...]
Obama wins US election November 7, 2012 President Barack Obama last night won a second term in the White House, prevailing despite dissatisfaction over the US economy to secure victory over Republican candidate Mitt Romney. The Democrats retained a majority in the Senate, while the House of Representatives remained in Republican control. Obama scored impressive victories across the US, so much so [...]
Rising revenue at Burberry November 7, 2012 Luxury goods retailer Burberry this morning posted an eight per cent rise in revenue over the six months to September. Total revenue for the luxury retailer grew to £883m over the half year. However, the group reported profit before tax of £111.9m over the period, down from £158.7m last year after Burberry took a £71m [...]
ING to cut headcount by 2,350 November 7, 2012 Dutch bank ING is to cut 2,350 jobs, it announced this morning, as it streamlines its business. ING said it would cut 1,350 jobs from its insurance arm and 1,000 from the commercial banking division as it aims to separate both operations in difficult markets. Chairman Jon Hommen said today: “As we work to solidify [...]
UK house prices fall in October November 6, 2012 UK house prices fell 0.7 per cent in October, Halifax said today. On an annual basis, property values fell 1.7 per cent. In the three months to October, prices were 1.2 per cent lower than in the previous quarter, the fifth successive decline, Halifax said. Martin Ellis, housing economist at the lender, today said: “The [...]
FTSE 100 edges up as investors bide time before US election November 6, 2012 The leading share index was up this morning on a wave of corporate earnings releases, although trading was expected to be subdued as investors bided time before the closely-fought US election today. G4S and Marks & Spencer were risers on the FTSE 100 this morning, as they released positive trading updates. On the FTSE All-Share, [...]
Revenues rise at G4S despite Olympic failings November 6, 2012 Security group G4S this morning said revenue grew 6.3 per cent over the nine months to September, as its core UK market showed an improved performance. Its secure solutions division grew six per cent, flattered by strong performance in developing markets, UK government and US commercial businesses. The world’s largest security group said that it [...]
