BAE warns over tough trading October 12, 2011 Europe’s biggest defence contractor BAE Systems warned that serious flooding at one of its plants in the United States and uncertainty over federal budgets may disrupt sales and trading. “The group is assessing the implications of serious flood damage at its Johnson City electronics facility following recent severe weather along the U.S. east coast. This [...]
Coal producer ATH issues fresh profit warning October 12, 2011 ATH Resources said its full-year profit would fall slightly short of market expectations, as the British coal producer continued to face margin pressure due to higher costs, and it would not reinstate dividend payments in the near term. The Doncaster, South Yorkshire-based company, which recently terminated takeover talks with potential suitors, has been crippled by [...]
Infosys profits rise October 12, 2011 Infosys, India’s No.2 software services exporter, reported a 9.7 per cent rise in quarterly profit and cut its full-year revenue outlook by less-than-expected, cheering investors who shrugged off its warning about global economic uncertainty. Nasdaq-listed Infosys said consolidated net profit rose to 19.06 billion rupees (£248m) for the fiscal second quarter ended September 30, from [...]
Burberry beats forecasts as China sales shine October 12, 2011 British luxury group Burberry beat second-quarter revenue forecasts, helped by new stores and strong demand from China, and said it had not seen a slowdown in demand despite an uncertain economic outlook. The 155-year-old maker of raincoats and leather goods, known for its camel, red and black check pattern, said on Wednesday revenue rose 29 [...]
Slovaks vote no to bailout October 11, 2011 THE EUROZONE’S grand plan to boost the firepower of its bailout fund was dealt a major blow last night as the Slovakian parliament voted “no”. Legislators now face a scramble to form a new coalition and pass the bill, which could happen tonight at the earliest. Observers expect it to be ratified by the end [...]
BBA: blanket bailout unfair October 11, 2011 EUROPEAN governments should focus on getting their houses in order and should not force blanket recapitalisation on the region’s banks, according to the head of the British Bankers’ Association (BBA), the industry body. BBA chief Angela Knight told City A.M. that bailing out banks should only be done if necessary as the third leg of [...]
Slovakia’s rebellion will be dismissed October 11, 2011 HOW typical. The Slovakian parliament last night voted against expanding the European Financial Stability Facility (EFSF), the Eurozone bailout fund. That is a major blow to the project: the new rules need to be ratified by all members to come into force. But no sooner was the scheme voted down – forcing the collapse of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 11, 2011 FINANCIAL TIMES MPS SET TO GRILL TAX OFFICIAL The UK’s top tax official is likely to be questioned by MPs today over leaked documents concerning the settlement of a tax dispute with Goldman Sachs. Dave Hartnett, permanent secretary for tax at Revenue & Customs, shook hands on a settlement last December that apparently waived a [...]
Paulson outlines his fears October 11, 2011 BILLIONAIRE American investor John Paulson has said his hedge fund could suffer redemptions worth between 20 and 25 per cent of its assets by the end of the year. The “worst case” scenario was outlined in a call to Paulson & Co investors yesterday. They were told that leverage in the firm’s Advantage Plus fund [...]
Pressure on Liam Fox grows October 11, 2011 The Labour party yesterday accused the government of blocking a proper investigation into defence secretary Liam Fox and his relationship with Adam Werrity. Shadow deputy prime minister Harriet Harman said in parliament that the government was “protect[ing] the secretary of state”. Werrity met with civil servants yesterday as part of a probe into his overseas [...]
