Portuguese banks downgraded October 7, 2011 Moody’s have downgraded nine Portugese banks, largely due to their exposure to the ailing country’s debt and poor growth prospects for the austerity-stricken economy. The difficulty of accessing credit was another factor in the downgrades. Six banks – Caixa Geral de Depositos, Banco Comercial Portugues, Banco Espirito Santo, Banco BPI, Banco Santander Totta and Caixa [...]
Factory gate inflation hits three-year high October 7, 2011 The price of goods leaving UK factories rose to a three-year high of 6.3 per cent raising doubts over the Bank of England’s belief that consumer inflation will slow next year. The factory gate figure was largely driven by fuel and food inflation, according to the Office for National Statistics, but the core figure without [...]
Premier Foods issues profits warning – triggering share plunge October 7, 2011 Britain’s biggest food manufacturer Premier Foods has warned full year profits would fall below market expectations after sales slumped and said it was still discussing refinancing plans with its banks. The company’s shares plunged by 30 per cent after the announcement. New chief executive Michael Clarke also set out plans to rejuvenate the business and [...]
Samsung upbeat on profits as smartphone sales fly October 7, 2011 Samsung Electronics said its quarterly profits should top the most bullish market forecasts, with smartphones becoming its main profit engine despite intense competition from bigger rival Apple. Indeed, analysts expect Samsung to report record profit from handset sales in the third quarter and overtake Apple as the world’s biggest smartphone vendor in unit terms. The [...]
S&P downgrades core Dexia banks October 7, 2011 Standard and Poor’s has downgraded the core banks of Franco-Belgian financial group Dexia by one notch, citing difficulties in securing wholesale funding and the need for increased collateral. The ratings agency also said it could take further action, including further downgrades or even an upgrade, depending on how a proposed restructuring panned out. The board [...]
Why Mervyn King is wrong about QE October 7, 2011 IT was strange for Mervyn King to claim yesterday that the financial crisis may yet turn out to be worse than the Great Depression. The world faces monumental challenges. But the mass unemployment, protectionism and rise of fascism of the 1930s has so far been avoided and many emerging markets are still buoyant. Over-using apocalyptic [...]
Wilkinson and Flood selection not a gamble, says Johnson October 6, 2011 ENGLAND vs FRANCE ENGLAND manager Martin Johnson has denied gambling with England’s World Cup future by persevering with an out of sorts Jonny Wilkinson and shunting Toby Flood to inside centre for tomorrow’s crunch quarter-final against France. Johnson, ahead of the biggest game of his managerial career, has taken the bold decision to promote Leicester [...]
Tindall injury may prove a blessing in disguise for England October 6, 2011 MIKE TINDALL has been a fantastic servant to English rugby but I’d venture to say the dead leg which has ruled him out of tomorrow’s World Cup quarter-final against France may just have made life easier for manager Martin Johnson. England have been nowhere near as poor in this tournament as has been documented, but certainly [...]
Merritt case is athletics’ Bosman rule October 6, 2011 BRITISH Olympic chiefs have warned they will not drop their controversial lifetime ban for drug cheats despite the threat posed by a landmark European legal case that experts have likened to the Bosman ruling. The Court of Arbitration for Sport (CAS) yesterday ruled in favour of American 400m runner LaShawn Merritt, who argued that an [...]
Rooney backed for Montenegro mission despite off-field drama October 6, 2011 MONTENEGRO vs ENGLAND MANAGER Fabio Capello insists the arrest of Wayne Rooney’s father in connection with an alleged betting scam will not distract his talisman from shooting England into Euro 2012 tonight. Rooney is expected to start in Montenegro, where a draw will be enough to confirm England’s place at the top of Group G [...]
