Fed poised to offer stuttering economy monetary support July 17, 2012 The Federal Reserve stands ready to offer additional monetary support to a US economy that has slowed significantly in recent months, Fed Chairman Ben Bernanke told lawmakers. He told the Senate Banking Committee the recovery was being held back by tighter financial conditions due to Europe’s debt crisis and uncertainty surrounding US fiscal policy. Financial [...]
G4S boss brands security contract blunders “humiliating shambles” July 17, 2012 G4S chief executive Nick Buckles has said the blunders associated with his firm’s handling of the olympic security contract a “humiliating shambles”. The company could lose £50m from the £284m contract because of its failure to find enough guards for the games. But he added in a grilling from a parliamentary commitee: “We still expect [...]
Coca-Cola reports profit rise July 17, 2012 Coca-Cola reported a higher-than-expected quarterly profit on Tuesday, as rising consumption of its drinks in emerging markets offset declines in Europe, sending its shares up more than two per cent. The world’s largest soft drink company, maker of Sprite, Minute Maid orange juice and vitaminwater, said second-quarter sales volume rose four per cent, with North [...]
Goldman Sachs profit falls July 17, 2012 Goldman Sachs Group focus on cost-cutting in the second quarter helped the largest US investment bank beat muted earnings expectations on Tuesday, but its 12 per cent decline showed just how much its business model is under pressure. Goldman said it would launch a new round of money-saving efforts, having already cut staff in each [...]
FTSE in modest gains as UK inflation dips July 17, 2012 The FTSE 100 made modest gains in early trading as investors awaited a key report by US Federal Reserve chairman Ben Bernanke which could open the door to new monetary stimulus measures after recent weak US data. Bernanke will present his latest monetary policy report to Congress today and tomorrow against a background of lacklustre [...]
Inflation falls in June July 17, 2012 Inflation fell to its lowest in more than two and a half years in June helped by early summer sales of clothes and shoes, official data showed on Tuesday, suggesting consumers will be able to spend more and give a rare helping hand to the economy. The Office for National Statistics said annual consumer price [...]
IG Group hit by subdued markets July 17, 2012 Subdued financial markets have knocked revenue at IG Group in recent weeks, the British spread-betting company said on Tuesday, as it reported a 17.3 per cent rise in full-year revenue, driven by growth in Europe and Australia. “Revenue in the first six weeks of the current financial period has been lower than the same period [...]
Wolseley considers future of French business July 17, 2012 The plumbing and building supplies group Wolseley said it was considering the future of its French business after difficult market conditions in continental Europe continued to hit trade. Wolseley said on Tuesday it would “explore strategic options” for the future of its businesses in France where it intends to start a consultation process with its [...]
GSK to pay $3bn for Human Genome July 16, 2012 GlaxoSmithKline is to acquire its long-time partner Human Genome Sciences for about $3bn (£1.9bn), ending a three-month hostile pursuit of the US biotech company on friendly terms after sweetening its offer. The deal comes after weekend talks in which Britain’s biggest drugmaker agreed to raise its cash bid to $14.25 a share from $13 previously, [...]
IMF cuts UK growth outlook July 16, 2012 Britain’s growth prospects for the next two years have worsened more than those of any other big advanced economy over the past three months, the International Monetary Fund said on Monday. The sharp downgrade chimes with other economists’ darkening assessments and raises questions whether a recent flurry of government measures to stimulate growth will be [...]
