Unexpected drop in Italian industrial output September 12, 2013 Industrial output in Italy has fallen by -1.1 per cent in July, down from 0.2 per cent in May. Analysts expected a 0.3 per cent drop. The figures, released by the National Institute of Statistics, show a year-on-year decrease of -4.3 per cent (down from -2.1 per cent) but analysts expected only -2.5 per cent. [...]
UK win over EU short-selling ban could open door to tackle swathes of legislation September 12, 2013 UK opposition to the European Union's "wide" powers to ban short-selling may be successful, as the rules could be unlawful, according to an EU court aide. Advocate general Niilo Jaaskinen: The emergency powers granted by that article to the European Securities and Markets Authority to intervene in the financial markets of member states so as [...]
Next plans growth as it does well in first half of 2013 September 12, 2013 High street retailer Next has published encouraging figures for the first half of 2013, with sales up 2.2 per cent at £1,677m. (Release) Next plans continued growth by developing product ranges and Next online, and acquiring new retail space. Profit before tax stood at £271.8m, up 8.2 per cent from the same period in 2012. [...]
Ocado sees sales swell ahead of Morrisons partnership September 12, 2013 It's been a really good 12 weeks for Ocado with confirmation that they'll be partnering up with Morrisons from early 2014. The e-grocer has seen gross sales up 18.8 per cent on the same 12 weeks to mid-August last year, reaching £189.2m (release). Orders are also looking more healthy. Per week numbers have risen 15.3 [...]
Engineering merger off as Amec gives up Kentz chase September 12, 2013 After a bid on 19 August, engineer Amec has given up on a purchase of smaller peer Kentz, concluding that "it does not intend to make an offer" (release). Amec's first proposal valued Kentz at £660m, an offer that shareholders found unappealing. Kentz have also commented on the withdrawal of Amec's offer (release): As previously [...]
Before the open: FTSE expected up as markets wait for Carney’s Westminister appearance September 12, 2013 Predictions before open this morning are reasonably good for the FTSE with most traders predicting an increase. Bank of England governor Mark Carney will be present at the Treasury Committee Hearing for an inflation report this morning at 10.00. Morning ftse +3, Dow Flat, dax +25, Nikkei -80, H/s +70, SP 1689, Brent 111.57, Nymex [...]
Morrisons tops FTSE despite profit decline as supermarket remains confident of second half bounce September 12, 2013 Supermarket Morrisons has seen its pre-tax profits drop from £440m to £344m in the half year to 4 August (release). The announcement also includes a 10 per cent decline in underlying profit to £401m. We anticipate an improvement in our sales performance during the second half and accordingly the Board believes the Group's performance for [...]
Privatisation of Royal Mail to begin in coming weeks September 12, 2013 The government has confirmed plans to privatise 497-year old Royal Mail. In "coming weeks" shares in Royal Mail will become available. 10 per cent of shares will be distributed to the Royal Mail's 150,000 employees, with the government retaining an as yet undecided share. More details and analysis on the liveblog.
Biggest privatisation in decades as Royal Mail float expected to raise £2.8-2.9bn in coming weeks September 12, 2013 The government has confirmed that it will now sell off Royal Mail "in coming weeks" as unions prepare strike action over what will be the biggest privatisation in decades. When offered to private hands on the London Stock Exchange, Royal Mail could go for as much as £3bn according to estimates. ETX Capital's spread suggests [...]
How the geography of global innovation is rapidly changing September 12, 2013 Liam Ward-Proud investigates the cities that are attempting to foster new startup cultures WIKIPEDIA founder Jimmy Wales has called on Britain to extend its entrepreneurship visa scheme to make London more enticing to startups. He joked that “nobody wants to live in San Jose, California – it’s incredibly boring”. But the geography of global innovation [...]
