Moody’s downgrades three French banks December 9, 2011 Ratings agency Moody’s downgraded the debt of BNP Paribas, Societe Generale and Credit Agricole saying their creditworthiness was being hurt by the fragile operating environment for European banks. Moody’s cut its ratings on the long-term debt of BNP and Credit Agicole by one notch to Aa3, concluding reviews that began in June and were continued [...]
Premier Farnell sales dip December 8, 2011 British electronic parts distributor Premier Farnell reported a slight dip in third-quarter sales, and said it remained cautious on the global economic outlook. “The quarter’s profit was in line with our expectations, compared with last year’s strong performance,” the company said. “Although we remain cautious on the global economic outlook, the business has responded well [...]
Standard Chartered forecasts 10pc profits rise December 8, 2011 Standard Chartered Bank has said that it expects pretax profit to rise by at least 10 per cent this year to another record, helped by a strong performance in emerging markets such as Singapore and Hong Kong. Net interest margins were also expected to rise from 2010 levels, it said in a filing to the [...]
Tesco sales fall for fourth quarter in a row December 8, 2011 Tesco, the world’s No. 3 retailer, posted a drop in underlying British sales for the fourth quarter in a row on Thursday, overshadowing a more solid performance in its overseas markets. The firm, which takes about one in every 10 pounds spent in British shops, said sales at British stores open over a year, excluding [...]
Osborne to deliver budget on 21 March December 7, 2011 Chancellor George Osborne said he would deliver his 2012 annual budget on March 21. “The budget will be on the March21 ,” Osborne told MPs. The economy is teetering on the edge of contraction, damaged by the euro zone crisis, rising unemployment and strained credit conditions, leaving Osborne’s plan to tackle a record budget deficit [...]
Banks and miners fuel FTSE gains December 7, 2011 Miners and banks fuelled a lift in the FTSE 100 as investor sentiment improved ahead of a crunch Eurozone summit. The blue chip index mirrored Asia and the US where markets recovered from the ratings blow from Standard & Poor’s, which threatened to downgrade 15 nations, including Germany. There is mounting optimism that Eurozone leaders [...]
Industrial output falls at fastest rate for six months December 7, 2011 Industrial output fell more than expected and at its fastest pace in six months in October, official data showed on Wednesday, raising concerns the economy may be heading for recession after a string of weak business data. The Office for National Statistics said industrial output fell 0.7 per cent in October, more than double the [...]
Blacks to be put up for sale December 7, 2011 Blacks Leisure plans to put itself up for sale after the struggling outdoor retailer failed to raise enough funds to carry on the business. The retailer had issued a profit warning last month in the run-up to Christmas, after the retailer in October said it was evaluating all kinds of funding options. “The directors do [...]
Stagecoach profits hit by rail unit December 7, 2011 Transport group Stagecoach reported a bigger-than-expected drop in first-half profit hurt by losses at its East Midlands rail franchise. The bus and rail operator said pretax profit fell 18 percent to £88.7m. Sales in the six months to end-October rose 14 percent to £1.29bn, also below estimates of 1.37 billion pounds. The results were hurt [...]
Numis profits rise driven by M&A December 7, 2011 Stockbroker Numis posted a 13 per cent rise in full-year pretax profitS driven by a near doubling in its mergers and acquisition deal fees, but said it saw no near-term change in difficult market conditions. The firm, which focuses on small to mid-cap clients, said adjusted profit before tax increased to £8.9m in the year [...]
