Hedgies bet on fresh downturn in tech shares November 29, 2012 HEDGE funds increased their bets against big name European technology stocks last month, after data showed a surge in the short selling of shares in the sector. Data out this week shows 6.7 per cent of European technology shares – including big name brands like Nokia and Logitech – are currently out on loan to [...]
Asian sparkle fades for Tiffany & Co November 29, 2012 JEWELLER Tiffany & Co yesterday lowered its full-year sales and profit outlook for the third straight quarter and posted lower-than-expected revenue and earnings after a drop in same-store sales in its Asia market. Like-for-like sales at Asian stores fell four per cent, excluding currency effects, as global sales rose 3.8 per cent to $852.7m in [...]
Royal Bank of Canada profit rises November 29, 2012 Royal Bank of Canada’s quarterly profit rose 22 per cent on a sharp jump in fixed-income trading revenue and steady loan growth, suggesting the long-awaited slowdown in Canadian consumer lending has yet to materialise. The bank, Canada’s largest, earned C$1.9bn (£1.2bn), or C$1.25 a share, in the fourth quarter ended 31 October. That compared with [...]
Hostess Brands attracts interest November 29, 2012 Hostess Brands, the bankrupt maker of Twinkies snack cakes, received court permission to wind down its 82-year-old business yesterday but revealed “furious” interest in its iconic brands from potential buyers. Around 110 potential bidders have contacted the company about bidding for at least part of its business, and 70 had enough interest to sign confidentiality [...]
Hangar8 snaps up JetClub November 29, 2012 Aim-listed private jet operator Hangar8 has spent £3.7m plus 500,000 new shares to take over International JetClub, a high-end aircraft management firm. The acquisition boosts Hangar8’s fleet from 36 to 46. The firm also announced a £4.2m share placing to fund the acquisition, to be run by Seymour Pierce. Oxford-based Hangar8 this week defied a [...]
Retailers enjoy a third month of sales growth November 29, 2012 RETAIL sales growth accelerated in November, industry data out yesterday indicated, marking the third month of expansion after August’s small decline. The net balance of retailers who reported a rise in sales year-on-year rose to plus 33 per cent in November from plus 30 per cent in October, the Confederation of British Industry (CBI) said. [...]
Interest rates inch down in third month of Funding for Lending November 29, 2012 INTEREST rates on new secured loans edged down in October, the third month since the Funding for Lending Scheme (FLS) began, data revealed yesterday, but rates on unsecured loans rose. The average interest rate on new secured loans edged down from 3.77 per cent to 3.74 per cent last month, the Bank of England said. [...]
Housing market treads water in November as weakness persists November 29, 2012 HOUSE PRICES were completely flat in November, data out yesterday revealed, highlighting the weakness in the market. According to Nationwide’s latest monthly survey average prices were unchanged this month at just under £164,000. However, in spite of staying flat in the month, the annual change in price worsened from minus 0.9 per cent in the [...]
US economy grew even faster than thought in third quarter November 29, 2012 US ECONOMIC growth for the third quarter was 2.7 per cent, on an annualised basis, data out yesterday revealed – up from the two per cent increase originally estimated. This came after growth running at just 1.3 per cent in the second quarter, the Bureau of Economic Analysis (BEA) said, with the increase coming from [...]
Net migration to UK sinks to eight-year low November 29, 2012 NET migration into the UK fell to its lowest total for almost eight years in the year to March 2012, data out yesterday revealed. In the year to March, 536,000 people came from abroad to live in the UK, according to estimates from the Office for National Statistics, down 42,000 on the year before, and [...]
