Morgan Stanley beats forecasts July 21, 2011 Morgan Stanley has seen its second quarter revenues jump by 17 per cent, beating market expectations. The US bank’s net revenues totalled $9.3bn (£5.7bn) in the three months to 30 June, up from $8bn a year earlier. Morgan made a net loss of $558m, or 38 cents per share, during the quarter. However, it was [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
Retail sales bounce back in June July 21, 2011 Retail sales bounced back only modestly in June from May’s steep slump, fuelling concerns over the recovery and highlighting the uphill struggle for the government as it aims erase a record budget deficit. The Office for National Statistics (ONS) said sales volumes rose 0.7 per cent last month, recovering only half the previous month’s drop. [...]
Kingfisher sales hit by weak UK July 21, 2011 Kingfisher, Europe’s biggest home improvement retailer, posted a small fall in underlying second-quarter sales as a hit to its British business from the closing down sale of a rival outweighed solid growth in France. The group, which runs market leader B&Q in Britain as well as the Castorama and Brico Depot chains in France and [...]
Capita profit up as contracts roll in July 21, 2011 Outsourcing group Capita reported a seven per cent rise in first-half underlying profit, with the period boosted by major contract wins as demand returns in the public and private sector markets, the group said. Capita, which runs the Teachers’ Pension Scheme, TV licensing for the BBC and the Criminal Records Bureau in the UK, said [...]
RBS warns of tough bond markets July 21, 2011 The second-quarter earnings of Royal Bank of Scotland’s global banking and markets business will reflect the weakness in fixed-income markets due to debt woes in the euro zone, an executive said, warning bond markets will remain tough in the third quarter. The comments come a few days before RBS, 83 per cent owned by the [...]
France and Germany make deal on Greek bailout July 21, 2011 Germany and France have reached a common position on a second bailout of Greece in their effort to prevent the country’s debt crisis from spreading through Europe, officials said on Thursday. The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, [...]
Cameron: I regret hiring Coulson July 20, 2011 David Cameron says he would not have employed ex-News of the World editor Andy Coulson if he knew what would emerge about phone hacking at the title The prime minister said that “with hindsight” it appeared the wrong decision and he would offer a “profound apology” if Mr Coulson was found to have lied to [...]
Mortgage lending drops July 20, 2011 Gross mortgage lending fell three per cent on the year in June but was 16 per cent up on the month, the Council of Mortgage Lenders (CML) said. The CML said gross mortgage lending totalled £12.6bn in June, the highest monthly total in almost a year. It said lending in the first half of this [...]
MPC says near term rate rise unlikely July 20, 2011 The Bank of England’s Monetary Policy Committee judged that recent economic weakness had reduced the chance that interest rates would need to rise in the near term, minutes to the Bank’s July meeting showed. Committee members voted 7-2 to keep rates at 0.5 per cent, as they did in June. Bank chief economist Spencer Dale [...]
