FTSE hit by soaring bank yields November 17, 2011 The FTSE 100 fell in early trading today as yields on a Spanish bond auction soared to almost seven per cent – a level considered unsustainable by economists. A warning from ratings agency Fitch that the outlook for US banks could deteriorate if the Eurozone sovereign debt crisis is not resolved also took its toll. [...]
Spanish bond yields hit 6.975 per cent November 17, 2011 European shares fell in early trading as Spanish 10-year bond yields rose to 6.975 per cent this morning. The figure represents a 14-year high and compares to 5.986 per cent in July.
Early xmas deals boost retail sector November 17, 2011 Early pre-Christmas promotions gave a surprise lift to British retail sales in October, driving up volumes at their fastest pace since June, official data showed on Thursday. The Office for National Statistics said sales volumes including automotive fuel rose 0.6 per cent last month after a 0.5 per cent rise in September and confounding forecasts [...]
Government sells Northern Rock to Virgin Money November 17, 2011 The government has agreed to sell Northern Rock, the failed mortgage lender it nationalised in 2008, to Virgin Money, the banking arm of Richard Branson’s Virgin empire. “The sale of Northern Rock to Virgin Money is an important first step in getting the taxpayer out of the business of owning banks,” Chancellor George Osborne said [...]
Investec half year profits down November 17, 2011 Investec, the South African investment bank and asset manager, posted a two per cent decline in first-half earnings, hit by a loss at its private banking business and a sharp decline in investment banking. Investec, which is also listed in London, said operating profit before certain items totalled £223.63min the six months to end-September, compared [...]
Major shareholder cuts stake in scandal-hit Olympus November 17, 2011 One of Olympus Corp’s top shareholders, Nippon Life Insurance, cut its stake in the scandal-hit Japanese firm but signalled it would remain as an investor in the company, citing its strong core business and technology. Olympus, which makes cameras and medical equipment, is being investigated by police, prosecutors and regulators after admitting this month to [...]
Amlin’s NZ quake bill $83m more than expected November 17, 2011 Amlin, the biggest Lloyd’s of London insurer by market value, has reported higher prices across its main markets and said earthquakes in Japan and New Zealand this year could cost it $83m more than previously thought. Amlin, which issued a profit warning in August due to bigger than expected catastrophe claims, said prices rose by [...]
Centrica issues profit warning November 17, 2011 British Gas owner Centrica issued a profit warning, saying customers were shopping elsewhere following price hikes and using less electricity and gas in response to the weak economy and warmer weather. The utility, whose British Gas unit is Britain’s biggest household energy supplier, said on Thursday that customer churn had increased following increases in its [...]
Glencore says marketing arm solid despite uncertain economy November 17, 2011 Commodities giant Glencore (GLEN.L) said trading within in its marketing arm remained “solid” over the third quarter despite economic uncertainty, as it posted a jump in copper and gold output and announced it had produced first oil ahead of plan. The news is likely to come as a relief to investors fretting Glencore’s key marketing [...]
Bank lowers GDP and inflation forecasts November 16, 2011 Britain is on the brink of a contraction as the euro crisis weighs heavy, and inflation will fall well below target, Bank of England forecasts showed on Wednesday, leaving the door wide open for more stimulus to boost growth. In its quarterly Inflation Report, the Bank indicated it may have to add to its £275bn [...]
