Global markets dragged down by Eurozone crisis September 26, 2011 Gains by banks were outweighed by heavy losses among miners in early trading today as Eurozone bailout fears and bleak forecasts on world economic growth cast a shadow over markets. After last week’s rollercoaster ride, volatility looked set to continue as Eurozone leaders conceded that they would have to pump in trillions to have an [...]
Buffett raises stake in Tesco September 26, 2011 Billionaire US investor Warren Buffett has nudged up his stake in Tesco, according to Reuters sources. Analysts said the move could be interpreted as a vote of confidence in new chief executive Phil Clarke. Buffett’s Berkshire Hathaway last month bought around 34m Tesco shares for about £120m, lifting its stake in the British supermarket group [...]
Ricardo profits bounce back September 26, 2011 Engineering and automotive consultancy Ricardo posted higher full-year pretax profits as long-term clients in the automotive sector returned, and raised its final dividend eight per cent. Ricardo was chosen as a strategic supplier by Jaguar Land Rover in the development of new products in April, and the company signed a similar agreement with Great Wall [...]
Aberdeen Asset management sees clients pull £800m September 26, 2011 UK fund manager Aberdeen Asset Management said clients pulled £800m from its funds in the two months to the end of August as market volatility hit demand for its fixed income and alternative products. Assets under management fell to £176.9bn at the end of August, 4.8 per cent lower than at 30 June, as slumping [...]
RBS warns of new Eurozone recession September 23, 2011 Royal Bank of Scotland economists have forecast the Eurozone will slip back into recession. They said in a note they expect a contraction of 0.2 per cent in the final quarter of 2011, doubling to 0.4 per cent in the first quarter of 2012. Fears of a Greek default are a factor in the gloomy [...]
AXA ‘selling private equity unit’ September 23, 2011 French insurer AXA is putting its private equity unit up for sale, Sky News reported. The unit could be worth around £1bn, according to the broadcaster. AXA declined to comment.
FTSE closes narrowly up after fight back from banks September 23, 2011 A strong rebound in banking stocks saw the FTSE end higher on Friday after a turbulent week, with investors pinning hopes on more action from the European Central Bank to deal with the region’s debt crisis. As traders cited market talk of help from France with some form of capital injection to bolster French banks’ [...]
Mortgage approvals at 15-month high September 23, 2011 Mortgage approvals in August were at their highest since May 2010, according to the British Banking Association’s monthly report on High Street Banking. The number of mortgages sold was 14 per cent higher than the same month last year, with an average value of £145,500, an increase of 1% year-on-year. The report suggests the figures [...]
Moody’s downgrades eight Greek banks September 23, 2011 Moodys have downgraded eight Greek banks by two notches. The ratings agency downgraded National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank to CAA2 from B3. It also downgraded Emporiki Bank of Greece – which is majority owned by French bank Credit Agricole – and General [...]
Centrica buys Texas energy retailer in $270m deal September 23, 2011 British utility Centrica agreed to buy Texas-based energy retailer First Choice Power from smaller US peer PNM Resources for $270m (£175m) in cash, as the UK firm looks to expand and strengthen its North American customer base. Irving, Texas-based First Choice Power, a wholly owned unit of PNM Resources, has more than 220,000 residential and [...]
