India’s state-owned banks have ratings cut by Fitch September 23, 2013 RATINGS agency Fitch has slashed the creditworthiness of three Indian banks, highlighting concerns about the sector’s safety as the Indian economy deteriorates. The Indian Bank is the only institution having its issuer default rating cut. Fitch is also cutting its viability rating, along with those of the Punjab National Bank and Bank of Baroda. The [...]
China factories set to avoid a hard landing September 23, 2013 CHINA’S manufacturers have suggested that their sector is now solidly back to expansion, as purchasing managers indicate the best environment for business in the past six months. HSBC’s purchasing managers’ index (PMI) for manufacturing in China reached 51.2 this month, up from 50.1 in August, with any number over 50 suggesting that the sector is [...]
Tesco enters the tablet market with £119 Hudl September 23, 2013 GROCERY giant Tesco unveiled its first foray into the consumer electronics market yesterday with the £119 Hudl tablet. Tesco said launching a tablet is an important step, “meeting the 21st century needs of customers”. The tablet’s price point missed analyst’s expectations, coming in above the £99 that was predicted last week. While the launch will [...]
Bottom Line: Watsa’s bite of rotten fruit may be too big September 23, 2013 IT SHOULD have been obvious. Six weeks ago, as Blackberry launched a strategic review, Prem Watsa stepped down from the board. The Fairfax chief executive cited conflicts of interest, but said his investment firm had no intention of selling its shares. Yesterday he made good on that promise – and then some – offering $9 [...]
Microsoft unveils revamped Surface 2 following poor sales September 23, 2013 MICROSOFT yesterday unveiled faster, more powerful versions of its Surface tablet computer in an effort to boost poor sales of its flagship hardware product and mount a stronger challenge to Apple’s iPad. In a move criticised by many analysts, the company showed off the revamped devices that come less than a year after it brought [...]
AG Barr’s sales add fizz to the drinks market September 23, 2013 SOFT drinks maker AG Barr yesterday revealed a 12.3 per cent increase in profits for the six months ending 28 July, which said it remains confident on the long term growth of its drinks. The company – whose drinks brands include Irn-Bru and Tizer – saw revenues rise to £128.7m from £121.6m in the same [...]
Analyst Views: What do you make of AG Barr’s half year financial results? September 23, 2013 WAYNE BROWN CANACCORD GENUITYA combination of returns on capital well in excess of the company cost of capital and strong growth in the invested capital base have created significant levels of shareholder value. With positive forecast momentum and the group yet to see the benefits of Milton Keynes, we increase our target price to 630p [...]
Citi to cut 1,000 jobs across its mortgage businesses in the US September 23, 2013 CITI last night joined the latest round of cost-cutting, chopping 1,000 jobs in its US mortgage businesses. The job losses will take its headcount in that arm of the bank down to around 12,000. Most of the jobs will go in Las Vegas, with 760 staff set to leave by 20 December. Another 100 are [...]
Hailstorms leave insurers with £1.7bn bill September 23, 2013 Freak hailstorms that hit Germany during July will leave the insurance industry with a bill of up to $2.7bn (£1.7bn), Swiss Re said yesterday. Massive hailstones smashed cars and broke through roofs.
Labour resorts to spin after its football defeat September 23, 2013 LABOUR’S shadow cabinet was yesterday at war – over a brutal football defeat to a group of journalists. The annual showdown between the Labour team and Fleet Street’s finest ended in a 4-0 win for the media. But some of the politicians – mainly consisting of a rapidly ageing group of Blair-era MPs – resorted to [...]
