Banks lead tentative FTSE recovery September 23, 2011 European markets made a tentative recovery this morning after world economic leaders promises to pile in liquidity if the dire state of equities did not pick up. There was carnage on global markets yesterday with commodities and shares driven down by fears over the Eurozone crisis and the spluttering US economy. Commodities also took a [...]
ECB’s Knot admits Greece may default September 23, 2011 A situation where Greece cannot pay back its public debt can no longer be excluded, European Central Bank Governing Council member Klaas Knot has told a Dutch newspaper. Until recently, European leaders have rejected any chance of Greece defaulting, but are moving slowly to allow for the possibility of this happening. Knot became the first [...]
Trader says he is “sorry beyond words” September 22, 2011 While UBS CEO Oswald Gruebel battled to keep the Swiss bank’s investment arm and save his job, the trader accused of unauthorised deals that lost the bank $2.3bn (£1.4bn) said he was “sorry beyond words.” UBS trader Kweku Adoboli did not seek bail when he made a brief court appearance in London on Thursday. His [...]
UK factory orders weaken September 22, 2011 Factory orders weakened more than expected in September as a slowdown in the global economy reduced overseas demand at the fastest pace in almost a year, the CBI’s monthly industrial survey showed on Thursday. The business lobby’s Industrial Trends survey total order book balance fell to -9 this month from +1 in August, well below [...]
Eurozone business slumps September 22, 2011 The eurozone’s private sector shrank in September for the first time in two years as the debt crisis continued. Markit’s purchasing managers’ index (PMI) of activity dropped to 49.1, from 51.5 last month. A reading below 50 signals a contraction. Chris Williamson from Markit said: “The recovery has finished, we are now contracting. “Things will [...]
Global markets hammered by US and China gloom September 22, 2011 The FTSE 100 plunged on opening today as a bleak view of the US economy from the Fed and fears over a slowdown in China – a key engine room in the global economy – took their toll. London tracked hefty falls on Wall Street and in Asia with the Hang Seng in Hong Kong [...]
TUI Travel boosted by late bookings September 22, 2011 Europe’s biggest tour operator TUI Travel said it was confident its full year results would be in line with expectations following strong late demand for summer holidays. TUI Travel, which operates the Thomson and First Choice chains, said the summer season had traded well with bookings up across most of its markets while margins for [...]
Legal & General boss to retire September 22, 2011 Legal & General chief executive Tim Breedon is to retire from the insurer at the end of 2012, the company said on Thursday, adding it would start a process to find his successor in due course. “With the company in excellent shape I feel that next year will be the right time to retire from [...]
Easyjet raises profit guidance September 22, 2011 Low-cost airline easyJet raised its full-year profit guidance after more corporate passengers flew with the carrier in the second half and said it would return around £190m to shareholders. “EasyJet’s commercial performance continues to be robust across the network, with particular strength on city routes used by business and short break leisure travellers,” the company [...]
Foster’s shareholders set to give SABMiller bud the go-ahead September 22, 2011 SABMiller’s £6bn bid for Australian brewer Foster’s Group looks set for success as key shareholders backed the sweetened deal on Thursday with only an outside chance of a rival offer now posing a threat. Foster’s agreed to accept SABMiller’s A$5.10 a share offer, a 20 cent-a-share increase on a previous offer, after a three-month battle [...]
