US economic growth revised down August 26, 2011 The US economy grew at one per cent in the second quarter, the government said today That was slower than the previously estimated 1.3 per cent. The figures wee released ahead of a key speech by Federal Reserve chairman Ben Bernanke on the economy.
Santander UK profit hit by insurance mis-selling payouts August 26, 2011 Santander UK has seen its half-year profits more than halve, hit by needing to splash out £731m for compensating customers who were mis-sold payment protection insurance (PPI). Pre-tax profit for the six months to 30 June came in at £549m, down from £1.2bn a year earlier. Most of the UK’s largest banks are paying out [...]
UK GDP growth confirmed at 0.2pc August 26, 2011 The economy grew at 0.2 per cent in second quarter of this year, confirming last month’s first estimate. The Office for National Statistics also confirmed the annual growth of 0.7 per cent, as analysts had forecast. The dominant services sector was the main driver of growth in the second quarter, but output fell by 0.1 [...]
ABN Amro to cut 2,350 jobs August 26, 2011 ABN Amro it would cut 2,350 jobs over the next four years, mostly in back office operations such as IT, as well as in retail and private banking, in a drive to save costs. Several banks, such as Swtizerland’s biggest bank UBS and Dutch cooperatively-owned Rabobank, in the past two months announced plans to cut [...]
INM profit falls 6pc August 26, 2011 Publishing group Independent News & Media posted a six per cent year-on-year fall in operating profit for the first half of the year, despite cutting costs and paying back debt, after advertising and consumer markets remained “remarkably tough.” The Dublin-based group, nearly 50 per cent owned by former bondholders, is focussing on media markets in [...]
John Lewis continues to win market share August 26, 2011 John Lewis bucked the general gloom in the retail sector with another rise in weekly sales as it continued to win market share from rivals. The employee-owned business, which has been outperforming competitors for over a year, said on Friday sales at its department stores increased 2.6 per cent to £53.4m in the week to [...]
Hansteen profits and assets rise August 25, 2011 Hansteen Holdings posted first-half rises in net asset value (NAV) and pre-tax profit, and said it is focusing on improving occupancy and rents ahead of making acquisitions. Hansteen saidits EPRA NAV was 87 pence at June 30, from 79 pence a year earlier. Its pre-tax profit was £16.8m, from £7.8m a year ago. It had [...]
Glencore half year profits jump 50pc August 25, 2011 Commodities trader Glencore met forecasts with a 50 per cent rise in first-half profit thanks to rising commodity prices and rosy oil trading conditions in the first months of the year, and said it remained optimistic on global growth. “The short term volatility caused by renewed bearishness on sovereign debt in developed markets is of [...]
Diageo beats forecasts in tough climate August 25, 2011 Diageo, the world’s biggest spirits group, beat forecasts with a 16 percent rise in annual earnings and despite a fragile global economy set targets for 10-percent plus earnings growth going forward. The British maker of Smirnoff vodka and Johnnie Walker whisky said on Thursday that emerging markets in Latin America, Africa and Asia grew strongly, [...]
FTSE steady but drinks industry takes a hit August 24, 2011 THE FTSE edged up on opening but investors remained jittery ahead of a key Fed meeting on Friday and a string of company results – particularly in the beverage industry – which showed weak consumer demand. US Federal Reserve Chairman Ben Bernanke is set to make a key speech at an annual central bank conference [...]
