FTSE 100 weighed down by Aggreko October 19, 2012 The leading share index slipped on Friday, weighed down by banks and miners. Power supplier Aggreko fell back 7.38 per cent as it said this morning its full-year profits would be hit by unfavourable exchange rates and higher bad debt provision. Housebuilder Redrow fell 7.14 per cent as its founder Steve Morgan dropped its bid [...]
Aggreko hit by forex and bad debt provisions October 19, 2012 Temporary power supplier Aggreko this morning warned that its full-year profit would be hit by unfavourable exchange rates and increased bad debt provisions. The FTSE 100 firm said it would impact profit by about 2.5 per cent. Aggreko, which provides power generators and temperature control equipment, posted a revenue jump of 22 per cent from [...]
Ofgem sets out proposals to shake up energy market October 19, 2012 Ofgem this morning unveiled plans to force energy suppliers to tell customers about the cheapest tariff they have on offer. The energy regulator put forward proposals for a package of more transparent measures to improve the competition in the household energy market. The proposals want suppliers to provide vulnerable customers and those who haven’t switched [...]
William Hill reports rising profits October 19, 2012 Bookmaker William Hill this morning posted group operating profit up 26 per cent over the three months to September, helped by good sporting results. Year on year, profit was 17 per cent up. The online business grew strongly over the quarter, with online revenue up by 18 per cent over the period, and 26 per [...]
Barclays increases PPI provision by £700m October 18, 2012 Barclays has set aside a further £700m to cover Payment Protection Insurance (PPI) claims, after experiencing higher than expected claim volumes since the end of June. It takes its overall provision to £2bn from £1.3bn. UK banks have set aside more than £10bn to cover claims relating to the mis-selling of PPI. PPI policies were [...]
Nat Rothschild October 18, 2012 In today’s article ‘Nat Rothschild shared £10m Bumi expenses’ we stated that Nat Rothschild had personally received $4.9m in expenses from Bumi and used the money to purchase a private jet. This was incorrect and the payment was reimbursement for third party expenses, approved by Bumi’s audit committee and in fact structured in such a [...]
FTSE 100 at one-month highs October 18, 2012 The leading blue chip index was up this morning to a one-month high, with miners leading the pack once again. Evraz, Kazakhmys, Vedanta and Antofagasta all rose on the FTSE 100 in early trading, cheered by early signs of improvement in the economy of China. On the FTSE All-Share, insurer CPP Group rose 10.71 per [...]
UK retail sales rise in September October 18, 2012 UK retail sales rose last month as Britons stocked up on new winter clothing and school uniforms, according to data out today. Sales volumes including petrol jumped 0.6 per cent last month, after dipping 0.1 per cent in August, the Office for National Statistics said this morning. Year on year, retail sales were 2.5 per [...]
Man Group reports $2.2bn outflows in third quarter October 18, 2012 Hedge fund Man Group reported $2.2bn (£1.3bn) in outflows over the three months to September, up from $1.4bn over the previous quarter. The outflows were concentrated in lower margin product lines, said Man. The group said this morning total assets rose 14 per cent over the three months to the end of September to $60bn, [...]
China grows at slowest pace in three and a half years October 18, 2012 The Chinese economy grew 7.4 per cent over the three months to September, the slowest quarter of growth since the financial crisis. Industrial production, retail sales and investment figures were slightly up on forecasts, according to the National Bureau of Statistics (NBS). The economy grew buy 7.7 per cent in the first nine months of [...]
