UK firms hit as tensions in Egypt mount January 31, 2011 THE FTSE 100 closed down 0.2 per cent yesterday at 5,862.94 after a day of jitters fuelled by the escalating tensions in Egypt. The death toll reached over 100 as violent clashes in Egypt continued into their seventh day, with protesters calling for President Mubarak to stand down. Travel firms were hit hardest, with their [...]
Moody’s cuts rating by a notch as fears over economy grow January 31, 2011 MOODY’S Investors Service cut its rating on Egypt’s sovereign debt yesterday, saying the government might damage its already weak finances by increasing social spending to calm mass protests. It announced a one-notch downgrade, to Ba2 with a negative outlook from Ba1. The news follows a similar move by Fitch Ratings, which cut the outlook on [...]
WHAT HAPPENS AFTER MUBARAK? January 31, 2011 Q&A Q.Is overthrowing Mubarak a good thing? A.While the democratic leadership called for by international leaders including David Cameron and Barack Obama seems likely, the overthrowing of Mubarak is not that simple. As history has proved, an orderly transition is often difficult to achieve and the next Egyptian government could view the West with animosity [...]
French banks have highest exposure to turmoil, sparking worries over losses January 31, 2011 France’s banks are more exposed to Egypt than European and US peers and may see losses on bad loans rise as the country is plunged into political crisis, analysts said yesterday. Protests against Egyptian President Hosni Mubarak’s 30-year rule have led to the closure of the country’s banks and rattled European financial markets. “It is [...]
Fear index shoots up 24 per cent as investors rush for safe-haven assets January 31, 2011 Heightened instability in the Middle East drove up the Chicago Board Options Exchange (CBOE) volatility index yesterday, as investors scrambled for less risky assets to ride out the turmoil. As a result, stocks suffered their biggest one-day loss in nearly six months. The Vix – often dubbed the fear index or the fear gauge measure [...]
Carrefour in share rise on split rumours January 31, 2011 SHARES in Carrefour, the world’s second-largest retailer, rose yesterday after speculation that it is considering listing stakes in its real estate and Dia discount businesses. Shares in the French group surged 5.3 per cent to close at €35.78 following suggestions that a provisional agreement with key investors could be reached at a board meeting on [...]
Greene King buys Cloverleaf January 31, 2011 GREENE King has bought the pub restaurant group Cloverleaf for £56m. Chief executive Rooney Anand (pictured) said the acquisition, combined with a planned investment of around £25m to open ten new Cloverleaf premises within two years, would utilise the remaining balance of its rights issue proceeds. The deal has added another 12 restaurants to Greene [...]
Waitrose hits £5bn sales in record year at grocer January 31, 2011 WAITROSE has surpassed £5bn in sales for a year for the first time ever it said yesterday. Total sales growth for the 12 months starting 1 February 2010 now stands at almost ten per cent. Waitrose managing director Mark Prices said yesterday: “Five billion is a fitting finale to a year of growth and consistent [...]
French giant has started to lose edge January 31, 2011 CARREFOUR’S executives certainly need to do something to revive the retailer’s flagging fortunes. Anyone who has holidayed in France regularly over the last few years will have noticed that the supermarket giant is losing its edge. It used to be that one of the pleasures of hopping across the channel was a trip to l’hypermarché [...]
Treasury hits back after attack on cuts January 31, 2011 DEFICIT cuts for this year are “too tight” and will slow down growth by over half a per cent, a leading think tank said yesterday. The claims, from the National Institute of Economic and Social Research (NIESR), provoked the Treasury into response, with a spokesperson insisting the cuts are “a vital pre-condition to growth.” And [...]