Sainsbury’s sales edge up October 5, 2011 Sainsbury’s posted an expected rise in second-quarter underlying sales as store extensions and growth in convenience stores, online and non-food ranges helped it to overcome tough trading conditions. The group, which trails Wal-Mart’s Asda and market leader Tesco by annual sales, said on Wednesday sales at stores open over a year rose 1.9 per cent [...]
Tesco sees overseas sales offset weak UK October 5, 2011 Tesco has posted a 3.7 per cent rise in first-half profit as overseas growth helped it to overcome one of its worst ever falls in underlying sales in its main British market. Tesco, which takes more than one in every ten pounds spent in British shops, said on Wednesday it made an operating profit of [...]
Deutsche scraps full-year profits target October 4, 2011 Deutsche Bank said its full-year target of 10 billion euros (£8.6bn) before tax is no longer within reach as the European sovereign debt crisis takes its toll on global markets. Germany’s flagship lender will also take impairment charges on Greek sovereign debt of about 250 million euros and cut about 500 jobs, mainly outside its [...]
FTSE falls below 5,000 as banks tumble October 4, 2011 The FTSE 100 plunged below 5,000 this morning as the banking sector took a hammering sparked by the economic chaos which continues to engulf Greece. While the Government unveiled initiatives to spark economic growth including ‘credit easing’ for small businesses, the state of the Eurozone’s finances continued to cast a shadow. European shares extended losses [...]
Construction activity at ten-month low in September October 4, 2011 Construction activity stagnated in September after contraction in the home-building and civil engineering sectors, a survey of purchasing managers showed on Tuesday. The Markit/CIPS construction PMI headline activity index fell sharply to 50.1 in September from 52.6 in August, its lowest reading since a contraction in December 2010. The weak construction figures contrast with surprisingly [...]
Switzerland tops list of tax safe havens October 4, 2011 Switzerland, despite bank settlements with the United States to disclose tax evaders, remains the top refuge for financial secrecy, according to a new international ranking of tax haven countries. Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations, said a [...]
UBS expects slim profit after rogue trader scandal October 4, 2011 Swiss bank UBS it expects to report a modest net profit for the third quarter after a $2.3bn rogue trading scandal. It also said it expected net new money in its wealth management business to be broadly similar to the second quarter. “UBS expects to report a modest net profit attributable to shareholders for the [...]
DP World to invest another $1bn in London Gateway October 4, 2011 Ports operator DP World will invest another $1bn (£647m) in the London Gateway project over the next three years, it said on Tuesday, adding the new port centre will be operational by the fourth quarter of 2013. The world’s largest port operator said the under-construction port will have an initial capacity of 1.6 million twenty-foot [...]
S&P reaffirms UK’S triple-A rating October 3, 2011 Britain’s prized triple-A sovereign debt rating could come under pressure if the government strays from its path of public deficit cuts in the face of weaker growth, credit agency Standard & Poor’s said. In a release that coincided with a keynote speech by finance minister George Osborne at his Conservative Party’s annual conference, S&P said [...]
Osborne in credit easing plan for businesses October 3, 2011 Chancellor George Osborne has said “credit easing” – a move aimed at cutting the cost of borrowing for hard-pressed businesses – would be triggered. The strategy would involve the public sector buying bonds issues by companies, was “potentially very significant” but full details would not be revealed until the chancellor’s autumn statement in November. In [...]
