Rogue trader Jerome Kerviel loses appeal October 24, 2012 Former Societe Generale trader Jerome Kerviel this afternoon lost his appeal against a three-year prison sentence for a rogue trading scandal that lost the bank €4.9bn (£3.05bn). A Paris court ruled that the ex-trader was responsible for the loss, and that he must repay the bank the billions that he lost. “Jerome Kerviel was the [...]
Improved Chinese manufacturing doesn’t steady FTSE 100 October 24, 2012 The blue chip index fell beneath 5,800 this morning, despite signs from China that a recovery in the world’s second-largest economy was gathering pace. Energy and engineering firms shouldered the brunt of the losses. Ophir Energy fell 5.68 per cent in early deals, while FTSE 250 oil and gas group Salamander dropped 5.37 per cent. [...]
Chinese manufacturing shows signs of slow recovery October 24, 2012 The Chinese manufacturing sector showed small signs of recovery, according to a survey of purchasing managers today. The HSBC Flash Manufacturing Purchasing Managers Index moved up to 49.1 in October, a three month high, although it is still below the 50-point mark that signifies growth. The flash PMI is the first indicator of real economic [...]
US growth slows at InterContinental Hotels October 24, 2012 InterContinental Hotels Group this morning posted slowing revenue in its US operations, largely due to a shift in when public holidays fell over the third quarter. Revenue per available room (RevPAR) grew at 4.6 per cent for the three months to September, driven by a four per cent increase in room rates, a slightly “softer” [...]
Argos launches turnaround plan October 24, 2012 Home Retail Group said this morning it will reposition its Argos division from a catalogue-led business to one that is digitally led, as it posted a 37 per cent slump in pre-tax profit. The group said around 75 Argos stores will close or be relocated over the next five years as part of the strategy, [...]
FTSE 100 down while Trinity Mirror tumbles October 23, 2012 The blue chip index was down in early trading today, while Trinity Mirror sustained heavy losses on the FTSE All-Share. The newspaper publishing group lost 11.5 per cent in early trading, after four people filed legal claims accusing the group’s newspapers of hacking phones. Defence equipment firm Chemring fell 7.6 per cent, as it announced [...]
Trinity Mirror shares tumble on hacking claims October 23, 2012 Shares in newspaper publisher Trinity Mirror slumped this morning on claims that it was involved in phone hacking. A lawyer lodged the claims in court yesterday on behalf of Sven Goran-Eriksson and three others. The Daily Mirror publisher has previously denied any involvement with phone hacking. The publisher said in a statement today it had [...]
Whitbread boosted by Premier Inn and Costa October 23, 2012 Hotel and coffee shop operator Whitbread this morning posted a 10.6 per cent increase in first-half profit, boosted by its Premier Inn and Costa Coffee brands. Pre-tax profit for the leisure group came in at £193.4m over the six months to 30 August, up from £174.9m in the same period last year. Total sales at [...]
Mulberry warns on profits October 23, 2012 Luxury brand Mulberry this morning issued a profit warning, largely due to a fall in wholesale shipments over the half year to 30 September. Mulberry, which makes luxury leather handbags, said this morning that wholesale shipments to third parties were down four per cent over the period to £30m. As a result, it expects revenue [...]
Virgin Media adds record number of new customers October 23, 2012 Virgin Media added almost 40,000 new customers over the three months to September, helped by its super-fast broadband and digital TV service offering. In its third quarter results released this morning, the media group said its 39,500 new customers over the period was up from 6,300 over the previous quarter. Revenue for the media group [...]
