Nokia losses less than estimates October 20, 2011 The world’s largest cellphone maker Nokia reported a smaller than expected fall in third quarter profits as price cuts and new models lifted sales of its basic cellphones in key markets like India. Shares in Nokia jumped on the surprise profit number, up 9.3 per cent to 4.9 euros, their highest level since May. Nokia, [...]
Eurozone wrangling sucks life out of markets October 20, 2011 European markets saw confidence ebb away this morning as continuing wrangling over the Eurozone bailout fund took its toll. Optimism had been growing that the weekend meeting of European Union leaders in Brussels would come up with a substantial plan for dealing with the debt crisis, primarily through ramping up the bloc’s bailout mechanism, the [...]
Mortgage lending rises October 20, 2011 Gross mortgage lending rose four per cent on the year to £12.9bn in September, the Council of Mortgage Lenders said, although it said the level of housing market activity was subdued. The CML said gross lending in the third quarter of this year to £38.6bn, up 15 per cent from the second quarter, and two [...]
Retail sales up with gadgets boost October 20, 2011 Retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said. The ONS said sales volumes including automotive fuel rose by 0.6 per cent on the month after a fall of 0.4 per cent in August, giving an annual rise of [...]
Punch struggles as Spirit profits rise October 20, 2011 Spirit reported a 17 per cent rise in full-year pretax profit, at the top end of expectations, while Punch Taverns, from which it demerged earlier this year, said full-year profit fell. “We have made a good start to the new financial year and, while we expect the consumer environment to be more challenging, we are [...]
Morgan Stanley reverses losses October 19, 2011 Morgan Stanley reported a third-quarter profit, reversing a year-earlier loss, helped by a large accounting gain that stemmed from declines in the value of its debt. The second-largest U.S. investment bank earned $2.15bn (£1.36), or $1.15 per share, compared with a loss of 7 cents per share a year earlier. Revenue climbed 46 percent to [...]
Bank considered £100bn QE injection October 19, 2011 Bank of England policymakers voted unanimously for this month’s restart of quantitative easing, and considered injecting even more than the £75BN agreed, minutes to Bank’s October meeting showed. Bank’s Monetary Policy Committee surprised markets earlier this month by moving more rapidly and forcefully than expected to launch a second round of quantitative easing to support [...]
GKN sees earnings lift October 19, 2011 Industrials group GKN said third quarter profit rose 14 per cent, helped by strong growth at its automotive, agriculture and metals divisions. GKN, which produces auto components as well as airframes for planemakers Airbus and Boeing, reported a pretax profit of £100m on sales 11 per cent higher at £1.48bn in the three months to [...]
Home Retail profits slump October 19, 2011 Home Retail posted a 70 percent slump in first-half profit, with profitability at its Argos business collapsing. The firm, which also owns Homebase, the second largest do-it-yourself chain, said on market conditions were “weak and volatile.” “In these early weeks of the second half we have not seen the improvement in sales that we had [...]
BSkyB first quarter profits rise October 19, 2011 Pay-TV group BSkyB posted strong growth in first-quarter profits as strong sales of broadband to existing customers made up for the expected slowdown in new subscriber additions. BSkyB, which was set to be bought by its largest shareholder News Corp until a phone hacking scandal erupted in July, has been focussing on cross selling products [...]
