Greek referendum bombshell hits markets November 1, 2011 Markets were plunged into renewed gloom today as Greece sent shockwaves through the Eurozone by announcing that it would hold a referendum on the bloc’s action plan to tackle the debt crisis. The renewed uncertainty hit banks while commodities were also dented by disappointing manufacturing data out of China. Meanwhile the Office for National Statistics [...]
GDP rises to 0.5 per cent November 1, 2011 Gross domestic product grew by 0.5 per cent on the quarter as business services and finance posted the strongest quarterly increase in four years, according to the Office for National Statistics. However, the Purchasing Managers’ Index (PMI) survey released earlier showed that manufacturers saw the sharpest monthly rate of decline since June 2009 in October. [...]
Stagecoach in lift from rail ticket sales November 1, 2011 Stagecoach Group PLC said ticket sales across its bus and rail operations rose in the first half of its financial year and that it expects to meet its profit expectations for the full-year. Like-for-like revenue at Stagecoach’s UK rail business, which includes London commuter franchise South West Trains, grew 8.7 per cent in the 24 [...]
National Express sales boosted by British rail and US buses November 1, 2011 National Express said third-quarter revenues rose, boosted by strong performances from its British rail and US school bus businesses. National Express, an operator of coach, bus and rail services, said revenues at its UK rail division grew six per cent in the three months to the end of September, with British bus sales rising two [...]
Chinese manufacturing held back by weak US and Europe November 1, 2011 China’s big manufacturers ran at their slowest pace in October since early 2009, purchasing managers’ data shows, though signs of a bounce-back at smaller firms and a sharp fall in factory-gate prices suggest no swift change to interest rates. China’s official purchasing managers’ index (PMI) fell to 50.4 in October from 51.2 in September, countering [...]
L&G sales flat as it targets £1bn cash for year November 1, 2011 Life insurer Legal & General said it was set to generate close to £1bn in cash this year as it reported flat nine-month sales. L&G, Britain’s third-biggest insurer by market value, generated £736m of cash in the nine months to 30 September putting it on course to hit a full-year target of £900m. L&G has [...]
G4S abandons deal to buy ISS after shareholder revolt November 1, 2011 Security group G4S has scrapped its £5.2bn takeover of Danish cleaning company ISS after opposition from shareholders. G4S said that after consultation with shareholders it concluded that it was “inappropriate to proceed”. Some shareholders expressed concerns about the takeover strategy and size of a rights issue to fund the deal. The proposed takeover of ISS [...]
St Paul’s Dean steps down as pressure mounts over protest October 31, 2011 The dean of St Paul’s Cathedral has resigned, saying his position had become untenable. The Very Rev Graeme Knowles said the past fortnight had been a testing time. It follows weeks of protests outside the cathedral by anti-capitalist protesters, which led to the building being closed for the first time since Word War II. City [...]
House prices fall as confidence ebbs away October 31, 2011 The fall in house prices in England and Wales accelerated in October as consumers become increasingly worried about the outlook for the economy and shy away from buying homes, property data firm Hometrack said. Average prices dipped 0.2 per cent on the month compared to falls of 0.1 per cent in each of the five [...]
Euro area growth to fall sharply warns OECD October 31, 2011 The euro area is headed towards a sharp economic slowdown in 2012, with some countries set for negative growth, and failure to restore confidence in battered state finances could prompt a major contraction in developed countries, the OECD said on Monday. In a report released just days before a summit of G20 leaders in Cannes [...]
