Xchanging profits plummet August 1, 2011 Pre-tax profits at back office services group Xchanging plummeted 95 per cent in the first half of 2011. The sponsor of the Oxford-Cambridge boat race said that in the six months to the end of June, profits before taxation fell to £812,000. The company parted ways with its chief executive David Andrews and cancelled its [...]
Europe’s rich flood London’s house market August 1, 2011 THE price of luxury homes in central London has jumped by almost 10 per cent in the past year, driven by demand from wealthy Europeans looking to invest outside of the troubled Eurozone economies. Prime London property prices have risen 9.6 per cent since July 2010, and are more than 28 per cent higher than [...]
Thomas Cook in top shorted stocks after profit warning August 1, 2011 THOMAS Cook made a surprise entry into the UK’s top ten most shorted stocks by the end of July after it issued its third profit warning in a year, according to Data Explorers. The embattled holiday operator had more than ten per cent of its shares out on loan by 28 July after it warned [...]
Triple A rating still in doubt August 1, 2011 THE US could still be downgraded by ratings agencies despite passing its deficit reduction plan yesterday, say economists, leaving debt markets under a cloud of uncertainty. The deal to cut US spending by $2.4 trillion over the next decade falls far short of S&P’s stated requirement that Washington would have to produce some $4 trillion [...]
KEY ELEMENTS OF THE US DEBT DEAL August 1, 2011 Q.what’s been agreed? A.Spending cuts totalling $2.4 trillion (£1.48 trillion) over 10 years will be approved in two stages, with $917bn available straight away and a further $1.5 trillion subject to a further vote later in the year. President Obama will be allowed to raise the debt ceiling in three steps. Q.how will the spending [...]
US manufacturing at two-year low August 1, 2011 EARLY gains in the US markets were reversed yesterday after poor manufacturing data put the spotlight firmly back on the faltering US economy. The Institute for Supply Management (ISM) reported the slowest growth in US manufacturing in two years, with new orders falling to their lowest level since June 2009. US stocks swung from a [...]
European stocks slump and Italy’s banks suffer as Greek relief wanes August 1, 2011 EUROPE yesterday showed signs that confidence was unravelling after a tepid response to Greece’s latest bailout, as the tiny Eurozone island of Cyprus swung closer to a bailout. The Dax plummeted more than 2.8 per cent, dragging the Eurostoxx 50 down 2.9 per cent, although the FTSE fell just 0.7 per cent. Trading in shares [...]
Spain gets its minimum price in telco sale August 1, 2011 SPAIN’S auction of mobile telecoms radio frequencies raised €1.65bn (£1.44bn), scraping above the minimum €1.62bn price tag set by the government. The sale formed part of Spain’s attempt to get its government deficit down to six per cent this year from over nine per cent. The country was put on a negative credit watch by [...]
Barrage from Bresnan puts sorry India to the sword August 1, 2011 ENGLAND captain Andrew Strauss claims the nature of yesterday’s crushing 319-run win over India that put his side within touching distance of being ranked the best Test side on the planet, showed why their stay at the summit is destined to be a lengthy one. Set 478 to win after England’s tail wagged for the [...]
Options are Broad and plentiful after Trent Bridge romp August 1, 2011 THE RANKINGS may not reflect it yet, but there’s no doubting this England side are the best Test team on the planet right now. That India were steamrollered at Trent Bridge yesterday afternoon came as no surprise. The tourists had their opportunity when they won what looked like a vital toss and had England eight [...]
