Greek crisis saps market confidence October 3, 2011 Banks were the biggest fallers across Europe on opening this morning after Greece admitted it will not meet 2011-2012 deficit targets imposed by international lenders as part of the country’s bailout. The sector was down 3.7 per cent on the pan-European FTSEurofirst 300 index, illustrating the problem for financial institutions saddled with burden of the [...]
Manufacturing in surprise bounce back October 3, 2011 British manufacturing activity unexpectedly grew for the first time in three months in September, although a slide in new export orders highlighted the dangers facing the sluggish recovery, a survey showed. The Markit/CIPS manufacturing PMI headline activity index rose to 51.1 last month from an upwardly revised 49.4 in August. This was well above the [...]
Charles Stanley hit by market volatility October 3, 2011 The global market downturn hit British fund management companies Charles Stanley and City of London Investment Group with Charles Stanley warning of a drop in its first-half profits. Charles Stanley said the market slump, caused by fears over Europe’s debt crisis, had led to lower revenue at its securities division which would mean that first-half [...]
Osborne to extend council tax freeze October 3, 2011 A council tax freeze in England will be extended to 2012-13 under plans to be unveiled at the Conservative Party conference by chancellor George Osborne. The £805m move will be paid for by a Whitehall “underspend”, aides said. The government cannot force councils to freeze bills – but it is offering to give those which [...]
Avanti losses widen October 3, 2011 Satellite operator Avanti Communications Group posted a much wider full-year loss on higher costs after it decided to manage three satellite projects instead of one in the period. Avanti, whose results for the year include the first revenue from its superfast broadband satellite HYLAS 1, said it started the early-stage work for the construction of [...]
Man Group to double job cuts to 400 September 30, 2011 HEDGE fund giant Man Group is doubling its planned job cuts to 400, according to Reuters sources. The news came two days after Man shocked markets by reporting clients had pulled out $2.6bn (£1.67bn) in assets in the three months to the end of September, The group’s shares tumbled 25 per cent on the day. [...]
Southern Cross starts care homes sell-off September 30, 2011 A third of Southern Cross care homes have been transferred to new operators, the company has announced. Purchase agreements have been signed for 70 per cent of the group’s homes, and further transfers are scheduled for October and November. The company intends to close once all its care homes have been transferred. Chairman Christopher Fisher [...]
Eurozone deal fails to breathe new life into markets September 30, 2011 The FTSE 100 opened down today as action to increase the Eurozone’s bailout fund failed to breathe new life into global markets. World stocks fell with European shares set to post their biggest quarterly decline since the collapse of Lehman Brothers three years ago, as investors grappled with a slowdown in global growth and the [...]
Jacques Vert sales slow September 30, 2011 Fashion retailer Jacques Vert has reported a slowdown in sales, as the high street continues to suffer. Growth was only 0.2 per cent in the 22 weeks since the beginning of the financial year, down from 1.7 per cent in the first nine weeks of the period. Sales have weakened even further in the last [...]
LSE and Singapore tie-up for London Metal Exchange bid September 30, 2011 The Singapore Exchange Ltd is tying up with London’s main bourse to make a joint bid for the London Metal Exchange, as the world’s largest metal market seeks a suitor in a deal that could be worth £1bn. The consortium has appointed a bank to advise with the auction expected to attract rival offers, according [...]
