Tesco posts 10.5 per cent profit drop October 3, 2012 Tesco posted a 10.5 per cent drop in first-half trading profit this morning. Over the six months to 25 August, profit came in at to £1.6bn. A £1bn capital investment programme, to stem a decline in market share to chains such as Asda, Sainsbury’s and Morrisons, was largely responsible for the firm’s first fall in [...]
UK construction contracts in September October 2, 2012 UK construction activity contracted for the second consecutive month in September, a closely-watched survey revealed today. The construction purchasing managers’ index (PMI) rose to 49.5 in September from 49 the month before, leaving it below the 50 mark that indicates growth. “The principal take out from September’s PMI survey is that underlying construction weakness is [...]
EU review wants to ringfence investment banking October 2, 2012 EU advisers have recommended that banks should separate deposit taking activities from trading and other riskier operations in a report released today. Proprietary trading of securities and derivatives should be legally separated from retail banking with the objective of reducing “systemic risk” in banking activities, it said. The advisory group led by Bank of Finland [...]
Exclusive interview with Homeland’s Mandy Patinkin October 2, 2012 IN a small, dark ante-room, with a one-way pane of glass, Mandy Patinkin is wearing a set of headphones and a highly concentrated expression. On the other side of the glass, in a CIA interview room, Clare Danes, businesslike in a dark blue trouser suit, and Damian Lewis, one of his fists bloodied and bandaged, [...]
FTSE 100 weak on Eurozone concerns October 2, 2012 The FTSE 100 opened down this morning, losing yesterday’s strong gains, as concerns over the health of the European economy and whether Spain might apply for financial help weighed on sentiment. A mixed bag made up the loserboard. Property group LSL Property led the fallers, shedding 4.61 per cent in early deals. Intellectual property firm [...]
BCC: UK economy remains stagnant October 2, 2012 The UK economy has lost momentum, with domestic and export demand slowing, the business lobby British Chambers of Commerce said this morning. The survey, of 7,593 businesses across the UK, shows the domestic market stagnating and a fall in export activities thanks to domestic austerity and the Eurozone crisis denting confidence. Business confidence and investment [...]
Wolseley proposes £350m special dividend October 2, 2012 Plumbing giant Wolseley posted a 10 per cent rise in full-year profit this morning, proposing a special dividend of £350m. Trading profit for ongoing businesses at Wolseley, which operates the Plumb Centre and Ferguson chains in the UK, was £658m, 10.4 per cent ahead of last year. Revenue from ongoing businesses was 5.4 per cent [...]
Babcock confident on targets October 2, 2012 Defence services group Babcock said this morning trading in the first half of the year was positive, and it was on track to meet expectations for the full year. “Our businesses continue to experience buoyant market conditions, in both civil and military markets, as current and potential customers continue to seek increased efficiency and improved [...]
UK house prices slump in September October 2, 2012 UK house prices fell by 0.4 per cent in September, according to Nationwide. Figures from the lender showed that house values are now 1.4 per cent lower year on year, with the average house price sitting at £163,964. Robert Gardner, chief economist at Nationwide, said this morning that the Funding for Lending scheme should bolster [...]
Eurozone jobless at record high October 1, 2012 Eurozone unemployment hit a record high of 18.2m in August, according to data published today by the European Union. Month on month, the number of unemployed people in the euro-area rose by 34,000 in August. The unemployment rate was up 1.2 per cent year on year to 11.4 per cent, with southern European economies such [...]
