RBS posts loss as Irish crisis takes toll May 6, 2011 Royal Bank of Scotland announced a first quarter loss as its exposure to Ireland’s economic woes hit its earnings, and said it expected charges for bad debts from Ireland to remain high in the next quarter. RBS, 83-percent owned by the British government after it was bailed out during the credit crisis, made an overall [...]
US jobless claims hit 8-month high May 5, 2011 The number of Americans filing for jobless aid rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed. While the surprise jump in initial claims for unemployment benefits was attributed to factors ranging from spring break layoffs to [...]
Trichet signals no ECB rate rise May 5, 2011 European Central Bank President Jean-Claude Trichet signaled that euro zone interest rates are unlikely to rise next month but left the door firmly open for an increase in July. Trichet did not use the phrase “strong vigilance” in his opening remarks at a news conference which followed the ECB’s decision to leave rates at 1.25 [...]
GM profit beats forecasts May 5, 2011 General Motors posted stronger-than-expected quarterly profit, driven by a recovery in the US market and strong sales in Asia. Quarterly net profit more than tripled from a year ago and its operating profit narrowly beat expectations. Even though total sales rose 15 per cent to $36.2bn (£22bn) against analyst expectations of $35.6bn, “all of this [...]
Interest rate held at record low 0.5pc May 5, 2011 UK interest rates have been kept at the record low of 0.5 per cent again by the Bank of England’s Monetary Policy Committee (MPC). The MPC did not reveal any new quantitative easing measures either. The Bank has faced a difficult choice – either keep interest rates low to try to aid the economic recovery, [...]
Societe Generale misses forecasts May 5, 2011 Societe Generale, France’s second-biggest listed bank, posted lower than expected first-quarter results after turmoil in the Arab world offset a strong performance in investment banking. SocGen is among the most exposed in Europe to Egypt and North Africa, where political upheavals hit business activity and led to a 61 per cent slide in international retail [...]
Service sector growth slows May 5, 2011 The country’s dominant service sector grew less than expected in April after hitting a 13-month high in March, a survey showed, suggesting the economy failed to pick up speed after its sluggish start to the year. The Markit/CIPS headline services PMI index eased to 54.3 in April from 57.1 in March, staying in positive territory [...]
Schroders profit rises May 5, 2011 British blue chip investment manager Schroders posted an 11 per cent increase in first quarter pre-tax profits from a year earlier but fell short of forecasts as returns on its investment capital flagged. Pre-tax profit for the three months to the end of March was £103.8m, an advance on £93.2m a year earlier but missing [...]
Morrisons in Royal Wedding boost May 5, 2011 Supermarket chain said its sales have been boosted by the royal wedding. Total sales excluding fuel during the 13 weeks to 1 May were up by 4.2 per cent from the same period a year ago, or by 2.5 per cent on a like-for-like basis. The company said campaigns such as its “Fuel Britannia” and [...]
Diageo sales rise fuelled by emerging markets May 5, 2011 Diageo, the world’s biggest spirits group, beat forecasts with a seven per cent rise in underlying sales for the first three months of 2011 as strong emerging market growth offset a weak Europe. The British maker of Smirnoff vodka, Captain Morgan rum and Guinness beer also stuck to its forecast to see higher profit growth [...]
