Banks in retreat after Portugal downgrade July 6, 2011 The FTSE 100 lost ground on opening today after Moody’s cut Portugal’s credit rating to “junk” sending banking shares down. As the Eurozone crisis deepened investors abandoned risky equities as banks’ exposure to the crisis in the eurozone came under the spotlight. The euro fell sharply after the Moody’s four-notch downgrade to Ba2, with the [...]
Corporate profit at highest in two years July 6, 2011 Non-financial companies’ profitability rose to its highest since the fourth quarter of 2008 in the first three months of 2011, official data showed. The Office for National Statistics said that the net rate of return for private non-financial companies rose to 12.7 per cent from 12.5 per cent in the last three months of 2010. [...]
House prices rise in June July 6, 2011 House prices rose 1.2 per cent in June, their biggest month-on-month rise since October, mortgage lender Halifax said. That confounded analysts’ expectations for an unchanged reading and left prices 3.5 per cent lower in the three months to June compared with a year ago. “Low interest rates, an increase in the number of people in [...]
Sports Direct in £7m move into premium market July 6, 2011 Sports Direct said it has purchased majority stakes in two companies controlled by Tom Hunter, dipping its toe in the premium and luxury sector of the market. The firm, controlled by Newcastle United soccer club owner Mike Ashley, said Wednesday it has acquired 80 per cent shareholdings in Hunter’s West Coast Capital, a branded fashion [...]
Balfour Beatty acquisition to boost order book July 6, 2011 Balfour Beatty , Britain’s largest infrastructure contractor, said it will make further selective acquisitions after recently snapping up a US contractor, a move that it said will lift its order book. Balfour, which operates in 80 countries and offers a range of infrastructure services, said in a short trading statement on Wednesday that the outlook [...]
3i Group reports strong quarter July 6, 2011 Private equity firm 3i Group said today investment in the three month period to end-June was £233m compared with £105m in the same period last year. A £112m investment into Hilite, £17m into GO Outdoors and £13m into World Freight Company International, were among the new investments. The Group had cash, cash deposits and undrawn [...]
S&P hits back at criticism over Greek role July 6, 2011 The head of Standard & Poor’s in Germany rejected criticism that the ratings agency was being too tough in judging efforts to involve the private sector in Greece’s bailout without triggering a sovereign debt default. “The assertions are completely made up out of thin air and factually wrong. They are either based on ignorance of [...]
Booker bucks grim retail trend with sales rise July 6, 2011 Britain’s biggest cash and carry wholesaler Booker said it was on course to meet full-year expectations as it posted a rise in first-quarter sales, showing its resilience against a weak industry backdrop. The firm, which runs over 170 branches supplying convenience stores, restaurants, pubs, schools and prisons, said on Wednesday its total sales in the [...]
FTSE digs in after gains July 5, 2011 The FTSE started solidly today after breaking the 6,000 barrier yesterday but bleak service sector data cast a shadow across European markets. Growth in the eurozone’s service sector slowed for a third straight month in June — sending negative signals to investors. The UK Markit/CIPS services PMI came in at 53.9 for June, down from [...]
Eurozone retail sales fall July 5, 2011 Retail sales in the euro zone slipped in May from April with a sharp fall in economic powerhouse Germany, data showed on Tuesday, as the single currency area prepared for a likely interest rate rise. The European Union’s statistics office Eurostat said month-on-month volumes of retail sales fell by 1.1 per cent in the 17 [...]
