HSBC to cut 2,000 UK jobs April 25, 2012 HSBC, Europe’s biggest bank, is set to cut about 2,000 jobs in Britain as part of its drive to slash costs and boost profitability in the face of a changing banking landscape, a source told Reuters. The cuts are part of chief executive Stuart Gulliver’s global revamp to cut 30,000 jobs by the end of [...]
FTSE rise aided by banks April 25, 2012 The FTSE 100 opened on the front foot this morning as the tech sector was given a boost by stellar sales from Apple in the US while banks also nudged up. But UK GDP figures showing that the country had plunged back into recession cast a shadow.The UK economy shrank by 0.2 per cent in [...]
UK in double dip recession April 25, 2012 The UK economy is back in recession the Office for National Statistics (ONS) has said. It shrank by 0.2 per cent in the first three months of 2012 following a 0.3 per cent dip in the last three months of 2011. The two consecutive drop spell recession but today’s figure is subject to revisions.
Premier Foods sales rise April 25, 2012 Premier Foods, Britain’s biggest food manufacturer, said first-quarter sales rose slightly and its cost cut and restructuring programme was on track. The maker of Bisto gravy and Hovis bread, which has been working to turn its business around, said the consumer environment would be less challenging than 2011, and it would continue to divest some [...]
BAA profit rise triggered by Heathrow growth April 25, 2012 Airport operator BAA posted a 15 per cent rise in first-quarter profit as it squeezed more growth from its capacity-constrained London Heathrow hub. BAA, which is part owned by Spanish infrastructure group Ferrovial, reported earnings before interest, tax, depreciation and amortisation of £231.2m in the three months to the end of March on sales 11.5 [...]
Credit Suisse profit falls April 25, 2012 Credit Suisse’s first-quarter net profit shrank, as a 1.5bn Swiss franc (£1bn) loss on its own debt ate into profits. In a statement the Swiss bank didn’t add to ongoing job cuts of seven percent of its workforce, or roughly 3,500 staff, as some analysts had expected. Credit Suisse posted a net profit of 44m [...]
FTSE in modest rise as investors eye Fed April 24, 2012 The FTSE 100 saw a modest rally this morning led by banking and commodity stocks as investors looked for signs that the Federal Reserve will inject more liquidity into markets. London’s blue chip index was dented yesterday by uncertainty over who will be the next president of France, the collapse of the Dutch government and [...]
Public borrowing hits 2011/12 target April 24, 2012 The public sector budget deficit was higher than expected in March, but downward revisions in previous months enabled the government to meet its full-year target, the Office for National Statistics said. The Office for National Statistics said public sector net borrowing excluding financial sector interventions – the government’s preferred measure – rose last month to [...]
AB Foods buoyed by Primark April 24, 2012 Associated British Foods forecast a “substantial” rise in full-year earnings as under-pressure British shoppers turned to its Primark discount fashion stores and it benefited from high sugar prices in the first half of its financial year. The London-based food and retailing group said earnings per share rose five per cent to 34.4 pence in the [...]
Arm receives first quarter lift from licences April 24, 2012 ARM, the British company whose technology powers Apple’s iPad, met market expectations with a 22 per cent rise in first-quarter profit, helped by growth in chip-makers licensing its energy efficient designs. The company reported adjusted pretax profit of £61.9m on revenue 14 per cent higher at 132.5 million pounds, both in line with forecasts. Cambridge-based [...]
