Before the open – 24/07 July 24, 2013 We're expecting a muted start to European markets after China saw some grim manufacturing data overnight. HSBC's manufacturing PMI saw 11-month lows, at just 47.7, implying that the contraction in the sector is accelerating. $FTSE flat on open despite weaker Chinese Manufacturing Data. UK – ARM 2Q rev sales in line. $BLND IMS, $KGF lfl [...]
Chipmaker ARM sees revenues up by over a quarter July 24, 2013 Cambridge-based processor designer ARM holdings has seen profit before tax fall to £15m in the second quarter ended 30 June (release). That's a fall from £54.8m in the same period last year. Revenue was up 26 per cent to £171.2m from the second quarter of 2012, as the firm's dominance in the smartphone market saw [...]
Wetherspoons expects better outcome for the year as sales rise in second quarter July 24, 2013 Pub chain Wetherspoons has seen total sales rise by 6.2 per cent in the 11 weeks to 14 July, with like-for-like sales up 3.5 per cent (release). The firm has opened 29 firms since the start of the financial year, and sold three, with plans to open around 30 in the next financial year. The [...]
Meet our prince: Baby Cambridge leaves hospital with parents July 23, 2013 CHEERING crowds greeted the Duchess of Cambridge and Prince William last night as they left St Mary’s Hospital in Paddington, giving the world the first glimpse of their son. The third in line to the throne, who was born on Monday afternoon, was held by both parents and delighted onlookers as his raised hands resembled [...]
Hooked on help to buy July 23, 2013 THE GOVERNMENT’S commitment to underwrite hundreds of thousands of mortgages is “like a drug” that will artificially inflate house prices, critics have warned. George Osborne yesterday confirmed details of the next stage of his Help to Buy scheme, which will guarantee £130bn worth of mortgages from January 2014. Buyers will need a deposit of just [...]
Amazon ends free delivery for orders of less than £10 July 23, 2013 ONLINE shopping giant Amazon yesterday scrapped free delivery on many orders worth less than £10, in a sign that the retailer may finally be attempting to improve profitability. The change, which was announced with immediate effect, means thousands of small items will no longer be accessible for supersaver delivery, which takes up to five days [...]
Financial markets will face unbearable pressure when rates rise July 23, 2013 COULD the financial markets be about to have a heart attack? The reason I ask is a terrifying little document that has just landed on my desk. Entitled tellingly Capital Markets – the Arteries are Clogging and published by Redburn, the stockbroker, it highlights cogently a little-understood feature of the post-crisis economy. Liquidity, the lifeblood [...]
What the other papers say this morning – 24 July 2013 July 23, 2013 FINANCIAL TIMES Ex-HSBC banker in frame for RBS job Mark McCombe, a veteran banker with 20 years experience at HSBC, has emerged as the leading external candidate to be the next chief executive of RBS according to people close to the process. Mr McCombe, a Briton who has spent the past year running the Asian [...]
Bottom Line: Opportunity for Prime to shine July 23, 2013 IT’S starting to look like Amazon might actually begin consistently making money one day soon. Having pursued an aggressive – and loss-making – growth strategy since it was founded in 1995, CEO Jeff Bezos and his team are increasingly looking for ways to convert user numbers into real cash. As Amazon told customers yesterday it was [...]
Low tax boosts investment and jobs in the UK July 23, 2013 INVESTMENT from overseas jumped in 2012, official figures showed today, with business groups praising the UK’s falling corporate tax rate for stimulating the flow of cash. Foreign direct investment (FDI) produced 1,559 projects in 2012-13, UK Trade and Investment said, up 11 per cent on the year. New jobs from the investment increased 12 per [...]
