FTSE rally loses steam as energy stocks dip January 20, 2012 The FTSE 100 edged down this morning as energy and resource stocks pinned the market back after solid gains over the week. Greece and its private bondholders resumed debt swap talks today amid signs they are edging towards the deal needed to prevent a chaotic default by Athens. That helped to give financial stocks a [...]
Retail sales up 0.6pc in December January 20, 2012 UK retail sales volumes rose by 0.6 per cent in December, official figures show, after heavy discounting by stores. The Office for National Statistics (ONS) also said that sales rose by 2.6 per cent over the year to December. The sales figure for November was revised down to show a fall of 0.5 per cent, [...]
Vodafone victory in India tax battle January 20, 2012 India’s tax office has no jurisdiction over Vodafone’s purchase of mobile assets in India, the Supreme Court ruled on Friday, in a big relief to the telecom giant that has been fighting a $2.2bn (£1.4bn) tax bill in a long-running dispute anxiously watched by foreign investors in India. Vodafone, challenging the tax bill over its [...]
China’s sovereign wealth fund buys stake in Thames Water January 20, 2012 China’s $410bn (£264bn) sovereign wealth fund said it had bought a minority stake in Thames Water, the water network that serves London, marking the fund’s first acquisition in Britain. China Investment Corporation (CIC) said it had bought an 8.68 per cent stake in Thames Water through a wholly-owned subsidiary. It did not say how much [...]
Ex BP boss and partners to share £158m windfall January 20, 2012 Former BP chief executive Tony Hayward, financier Nathaniel Rothschild and former banker Julian Metherell will share a £158m payout after exercising a right to a 6.67 per cent stake in Genel Energy, the oil group they founded last year. The founders of bid vehicle Vallares, renamed Genel Energy after acquiring a Kurdistan-focused group of the [...]
IKEA posts record profit January 20, 2012 Sweden’s IKEA, the world’s biggest furniture retailer, posted on Friday a record profit for the fiscal 2010/11 year on the back of growing sales and a bigger share in almost all of its markets. Net profit at the privately-held Swedish firm, known the world over for low-price, self-assembly, flat-packed furniture, rose 10.3 per cent to [...]
Bank of America returns to profit January 19, 2012 Bank of America Corp reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans. Under pressure to shore up its balance sheet, Bank of America sold assets and completed a stock swap during the quarter that boosted its capital levels. And in 2012, the bank said it [...]
Cameron caps Lloyds and RBS cash bonuses at £2,000 January 19, 2012 Bonus payments in the financial services sector have “got out of control” in recent years, Prime Minister David Cameron said, raising pressure on banks to rein in annual rewards for top executives in the coming weeks. Cameron also confirmed that the government would set out detailed proposals next week on curbing executive pay, with staff [...]
Sony Ericsson plunges into loss January 19, 2012 Sony Ericsson posted a quarterly loss that missed all forecasts after losing in the battle for smartphone sales in the key year-end period, showing the challenge for Sony as it prepares to take full control of the joint venture. The world’s ninth-biggest handset maker, which got left behind in the boom that powered smartphone growth [...]
Bank stocks up as Eurozone fears ease January 19, 2012 The FTSE 100 today opened with a strong performance in the banking sector with investor confidence being buoyed by efforts to bring the Eurozone back in line after months of damaging instability. The International Monetary Fund (IMF) is seeking to raise up to $600bn (£388.8bn) which would help ease worries about funding in the Eurozone. [...]
