Wall Street tumbles on Obama re-election November 7, 2012 The Dow Jones fell more than two per cent in trading today, as investors shifted their focus to a looming fiscal cliff after President Barack Obama’s re-election for a second term. The energy, healthcare, banking and defence sectors were among the hardest hit during trading, after Obama defeated Republican candidate Mitt Romney. The Dow Jones [...]
Carlyle calls off Chemring bid talks November 7, 2012 US private equity firm Carlyle has confirmed it will not make a bid for troubled defence equipment group Chemring, after extending the deadline twice. Chemring, which first received a “highly preliminary expression of interest” from Carlyle in August, issued a profit warning last week, sending its shares to a six-year low. The FTSE 250 defence [...]
FTSE 100 up on Obama victory November 7, 2012 US President Barack Obama’s victory pushed up the blue chip index in early trading. His win is expected to mark the continuation of loose monetary policy and low interest rates at the Federal Reserve. Miners and engineering firms led the FTSE All-Share higher, with boiler and valve maker Spirax-Sarco adding 6.76 per cent in early [...]
Vedanta profits soar almost 50 per cent November 7, 2012 India-focused miner Vedanta reported an almost 50 per cent jump in first-half profit this morning, boosted by record output from subsidiary Cairn India. Earnings before interest, tax, depreciation and amortisation for the six months to September came in at $2.6bn (£1.62bn), helped by production at Cairn India, which it acquired last year. Zinc profits fell [...]
Obama wins US election November 7, 2012 President Barack Obama last night won a second term in the White House, prevailing despite dissatisfaction over the US economy to secure victory over Republican candidate Mitt Romney. The Democrats retained a majority in the Senate, while the House of Representatives remained in Republican control. Obama scored impressive victories across the US, so much so [...]
Rising revenue at Burberry November 7, 2012 Luxury goods retailer Burberry this morning posted an eight per cent rise in revenue over the six months to September. Total revenue for the luxury retailer grew to £883m over the half year. However, the group reported profit before tax of £111.9m over the period, down from £158.7m last year after Burberry took a £71m [...]
ING to cut headcount by 2,350 November 7, 2012 Dutch bank ING is to cut 2,350 jobs, it announced this morning, as it streamlines its business. ING said it would cut 1,350 jobs from its insurance arm and 1,000 from the commercial banking division as it aims to separate both operations in difficult markets. Chairman Jon Hommen said today: “As we work to solidify [...]
America decides November 6, 2012 ■ Obama edges ahead as race goes down to wire ■ Swing states are divided by the smallest of margins US VOTERS went to the polls yesterday in one of the tightest presidential elections in memory, with the race to the White House set to be decided by the slimmest of margins in a number [...]
So much for the election. Now America must regain its mojo November 6, 2012 AS ever, the actual voting was the easy bit. The truly epic task comes next: trying to mend the US economy. Contemporary America is a strange place: in some ways, it remains astonishingly successful; in others, remarkably weak. More than ever, the giant has feet of clay, a tragedy for those of us who love [...]
What the other papers say this morning November 6, 2012 FINANCIAL TIMES BHP begins hunt for new chief BHP Billiton has quietly started looking for a successor to Marius Kloppers, chief executive, in what could herald a further shake-up in the leadership of the global mining industry following a five-year period of stability. JPMorgan in talks over SEC claims JPMorgan Chase is in advanced settlement [...]
