Lloyds in red as it takes £4bn hit on insurance protection May 5, 2011 Lloyds bank said it will take a £3.2bn provision to cover it for losses from the mis-selling of protection insurance and suffered another £1.1bn hit in Ireland. The part-nationalised bank said it made the provision against payment protection insurance (PPI) complaints after UK banks last month lost a court case on how policies were sold [...]
Bank lending data shows slump May 4, 2011 Lending to consumers and homebuyers rose less than expected in March, Bank of England data showed, adding to evidence of a sluggish economy from the construction sector and falling house prices. A slew of weaker-than-expected data, kicked off by tepid first-quarter growth figures last week, have caused economists to push back their expectations of a [...]
UK construction PMI weaker than expected May 4, 2011 Activity in Britain’s construction sector slowed more than expected last month, a survey of purchasing managers by Markit/CIPS showed. The Markit/CIPS headline construction PMI index fell to 53.3 in April from 56.4 in March. Economists had expected a more modest slowdown in the index to 55.5. Both the housing and civil engineering sub-industries registered weaker [...]
Standard Chartered lifted by Asian markets May 4, 2011 Standard Chartered said it has had an excellent start to the year as key Asian markets lifted income by over 10 per cent, although costs rose at a faster rate after a hiring spree last year. The Asia-focused bank said its staff headcount had dropped but this was only temporary. Costs rose more than income [...]
Henderson assets dip May 4, 2011 Fund manager Henderson Group saw assets under management fall by £1.2bn in the three months to the end of March, mainly due to the transfer of its cash management to a Deutsche Bank unit. Henderson, which confirmed the acquisition of troubled Gartmore last month, said on Wednesday that combined assets under management stood at £76.2bn [...]
Next raises forecast after weather boost May 4, 2011 Next has hiked its profit forecasts after enjoying a boost in sales from the recent warm weather. The retailer reported stronger than expected trading for the last thirteen weeks, particularly in womenswear as shoppers bought new outfits for the summer. Sales across Next’s retail outlets and its Directory catalogue rose by 5.2 per cent between [...]
Weir lifts profit guidance after US drilling success May 4, 2011 British engineer Weir aid it expected 2011 pre-tax profit to be £20m higher than previously guided after strong demand for valves and pumps from oil and gas customers in the first quarter. Weir, which also supplies parts to customers in the mining and power generation market, said on Wednesday that orders in the first three [...]
Glencore releases flotation value May 4, 2011 Commodities trading giant Glencore has priced its public offering at between 480p and 580p per share, giving it a valuation nearer to $45bn than the $83bn some banking advisers had estimated. Glencore, the world’s largest commodities trader, has been a private firm since its creation 37 years ago. Last month, Glencore announced the appointment of [...]
Retail sales strong in April May 3, 2011 Retail sales showed solid annual growth in April, but the outlook is grim, with stores planning to cut orders with suppliers in anticipation of a weak May, a survey by the CBI business lobby showed. The CBI distributive trades survey’s April sales balance unexpectedly rose to a four-month high of +21, up from +15 in [...]
Aberdeen profit soars May 3, 2011 Aberdeen Asset Management posted a 54 per cent rise in pre-tax profit in the six months to end-March, aided by new business in high-fee products that partly offset greater-than expected outflows. The fund manager said that pre-tax profit amounted to £142.8m, compared with the £92.6m posted last year. Broker Evolution Securities had forecasted £128.6m profit. [...]
