Carrefour issues profit warning October 13, 2011 Carrefou issued its fourth profit warning in as many months on Thursday, providing further evidence that cash-strapped shoppers are becoming even more cautious against an uncertain economic backdrop. The French group, battling to drive through a turnaround plan to address years of underperformance in its main western European markets, said it expected 2011 operating profit [...]
EMI to be sold in two pieces October 13, 2011 EMI Group Ltd, the home of Coldplay and Katy Perry, looks increasingly likely to be sold off as two separate businesses – recorded music and song publishing – after final bids came in last week, according to several people familiar with the matter. The music company is reviewing competing offers for EMI Publishing from BMG [...]
FTSE flat after Slovak vote blow October 12, 2011 The FTSE 100 was flat this morning after Slovak lawmakers rejected a plan to expand the Eurozone rescue fund and the US earnings season kicked off with disappointing results. Slovakia’s decision rattled world markets as the plan — which would see Greece saved from economic abyss through new loans — is central to hopes that [...]
Dale warns that UK growth will continue to slow October 12, 2011 The economy is likely to get steadily weaker through the rest of this year, and the Bank of England’s future decisions on asset purchases will be largely driven by overseas developments, Bank chief economist Spencer Dale has said. In his first public comments since Bank’s Monetary Policy Committee surprised markets by launching a second round [...]
Eurozone production better than expected in August October 12, 2011 Eurozone industrial production was much stronger than expected in August, data showed on Wednesday, indicating the economic slowdown in the third quarter might be smaller than feared. The European Union’s Statistics Office said industrial production in the 17 countries using the euro rose 1.2 per cent month-on-month in August for a 5.3 per cent year-on-year [...]
UK unemployment hits 17-year high October 12, 2011 UK unemployment rose by 114,000 between June and August to 2.57m, a 17-year high, according to official figures. The Office for National Statistics (ONS) said the unemployment rate also increased to 8.1 per cent. The number of Britons claiming unemployment benefit rose by 17,500 in September, official data showed on Wednesday. Analysts had forecast a [...]
BAE warns over tough trading October 12, 2011 Europe’s biggest defence contractor BAE Systems warned that serious flooding at one of its plants in the United States and uncertainty over federal budgets may disrupt sales and trading. “The group is assessing the implications of serious flood damage at its Johnson City electronics facility following recent severe weather along the U.S. east coast. This [...]
Coal producer ATH issues fresh profit warning October 12, 2011 ATH Resources said its full-year profit would fall slightly short of market expectations, as the British coal producer continued to face margin pressure due to higher costs, and it would not reinstate dividend payments in the near term. The Doncaster, South Yorkshire-based company, which recently terminated takeover talks with potential suitors, has been crippled by [...]
Infosys profits rise October 12, 2011 Infosys, India’s No.2 software services exporter, reported a 9.7 per cent rise in quarterly profit and cut its full-year revenue outlook by less-than-expected, cheering investors who shrugged off its warning about global economic uncertainty. Nasdaq-listed Infosys said consolidated net profit rose to 19.06 billion rupees (£248m) for the fiscal second quarter ended September 30, from [...]
Burberry beats forecasts as China sales shine October 12, 2011 British luxury group Burberry beat second-quarter revenue forecasts, helped by new stores and strong demand from China, and said it had not seen a slowdown in demand despite an uncertain economic outlook. The 155-year-old maker of raincoats and leather goods, known for its camel, red and black check pattern, said on Wednesday revenue rose 29 [...]
