Slowing service sector boosts chance of QE3 May 3, 2012 BRITAIN’S all-important services sector expanded solidly last month, according to data published yesterday, although the pace of growth was slower than in March. Economists said slowing demand may renew calls for more quantitative easing (QE) from the Bank of England, as Markit’s purchasing managers’ index for the sector came in at 53.3, down from 55.3 [...]
LinkedIn shares jump after the bell on high profit and growth May 3, 2012 LINKEDIN reported better-than-expected revenue and profit last night, after it racked up strong growth from its services that help companies find and hire employees and it revised upward its 2012 outlook. The professional networking site also announced that it had acquired content sharing company SlideShare for $118.75m (£73.4m) in a mix of cash and stock. [...]
Brazilian banking mogul buys City office landmark for £500m May 3, 2012 THE OWNERS of One Plantation Place yesterday confirmed the sale of the giant City office block to one of Brazil’s richest men for close to £500m, bringing an end to a drawn-out battle to solve its debt problems. An investment vehicle controlled by Brazilian banking mogul Moise Safra has agreed to buy the 550,000 square [...]
Basel tightens screw on banks May 3, 2012 INTERNATIONAL regulators are “tightening the screw” on banks by revising the rules that govern how they estimate balance sheet risks. The Basel Committee, a group of central bankers and regulators, has kicked off a consultation on how banks should model risks and what rules should govern what they put in their trading books versus their banking [...]
Renault-Nissan signs deal to take control of Russian carmaker May 3, 2012 THE Renault-Nissan alliance yesterday signed a long-awaited deal to take control of Russia’s largest car maker, AvtoVAZ, as it seeks growth in fast-growing markets outside sluggish Western Europe. The car group would hold 67 per cent of a joint venture with state corporation Russian Technologies to own 74.5 per cent of AvtoVAZ. The non-binding preliminary [...]
Small financiers scramble to fill gap left by FSA-regulated lenders May 3, 2012 SMALL-TIME finance companies are seeing explosive growth as banks are priced out of the market for helping small businesses to export their goods. Trade Finance Partners (TFP), which extends credit to small exporters that includes firms supplying Pepsi, Argos and a Tanzanian hydro-electic project, has booked a profit in its first year of trading on a [...]
PROTESTERS TARGET ENERGY CONFERENCE May 3, 2012 ENVIRONMENTAL and anti-cuts protestors targeted a summit of power firms taking place in the City yesterday, gathering outside the Grange Hotel close to St Paul’s Cathedral. The Climate Justice Collective said more than 300 protestors had turned up to disrupt the conference, which was attended by bosses of the Big Six energy companies.
Morrison rules out any further discount plans May 3, 2012 WM MORRISON’S chief executive said yesterday the supermarket would not succumb to offering more vouchers after aggressive discounting by rivals like Tesco hurt its first quarter sales. Dalton Philips warned that, as economic conditions remained uncertain, squeezed consumers would continue to seek out even more promotions. But he brushed off concerns that the grocer was [...]
DID MORRISON’S FIRST QUARTER FIGURES MEET EXPECTATIONS? May 3, 2012 CLIVE BLACK SHORE CAPITAL This is a disappointing update from Morrison, even if it is against its toughest comparatives for the year. There is no doubt about that to our minds and the performance recorded underscores our concerns about the performance of the group in recent weeks. PHILIP DORGAN PANMURE GORDON First quarter sales are [...]
Diageo toasts new markets as sales grow May 3, 2012 DIAGEO, the world’s biggest distilled drinks company, yesterday reported a third quarter of sales growth despite disappointing trading in Europe. The group posted a six per cent sales rise, excluding acquisitions, which it put down to a three per cent growth in the volume of drinks sold as well as price increases and a trend [...]
