Greek bank loses on bond move August 30, 2011 National Bank of Greece, the country’s largest lender, made a big first-half loss on government debt writedowns and said it would not rush into big strategic moves. NBG lost €1.31bn from its planned participation in a voluntary swap of Greek government bonds, aimed at relieving the country’s debt burden. Excluding this provision, net first-half earnings [...]
BIS warning over UK’s debt levels August 30, 2011 High debt can be a major drag on growth, the Bank of International Settlements (BIS) has warned, drawing attention to the UK’s perilous levels of borrowing. Debt-to-GDP ratios “will explode in all but a few countries” in the next 30 years, it states. “Debt quickly rises to more than 100 per cent of GDP, with [...]
Barnes & Noble bullish on e-books August 30, 2011 US bookseller Barnes & Noble yesterday forecast sales of its Nook e-reader and e-books would more than double this fiscal year to $1.8bn and said book sales would get a lift from the demise of rival Borders, sending its shares up about 15 per cent. The group reported a loss of $56.6m for the quarter, [...]
Insurers see share bounce after Irene August 30, 2011 HURRICANE Irene sparked a relief rally in UK insurance stocks yesterday after low damage estimates from the storm left insurers less likely to suffer more claims to add to their heavy losses already this year. Lloyd’s insurers saw their shares fall last week as US authorities evacuated New York and warned of huge damage as [...]
CITY VIEWS: DO YOU THINK HOME OWNERSHIP IS DECLINING? August 30, 2011 MARCUS KUM | INSTITUTE OF CHARTERED SHIPBROKERS “People will always buy houses rather than rent because it’s a personal achievement: the only problem is the affordability. Renting is cheaper because of the deposit when buying, causing a decline in house ownership.” CHRIS COPPING | UNITED INSURANCE BROKERS “Yes, but I’m not sure how long it [...]
Private equity buyouts will not be stopped by lack of access to cash August 30, 2011 MOST private equity houses expect to be able to raise the cash needed for new investments, according to new research. The study, produced by Grant Thornton, also found that the overwhelming majority of private equity houses do not expect to see a fall in the number of buyouts over the coming months. Half expect the [...]
Cost cutting helps boost Bovis profits August 30, 2011 BOVIS HOMES more than doubled its profits in the first half of the year after cutting building costs and embarking on an aggressive land buying spree, despite gloomy market conditions. The FTSE 250 company said pre-tax profits jump to £8.1m in the six months to 30 June from £3.5m in the same period last year, [...]
Mortgage approvals pick up but consumer loans lose pace August 30, 2011 LENDERS approved the highest number of mortgages since May 2010 last month, but growth in consumer borrowing slowed more severely than expected, according to Bank of England figures. The Bank said 49,239 mortgages were approved in July, rising from an upwardly revised 48,500 in June. Gross lending secured on dwellings stood at £11.3bn last month, [...]
IS BOVIS STILL ON TRACK? August 30, 2011 CHRIS MILLINGTON | NUMIS Bovis’ H1 update is in line with expectations…We believe that Bovis is a quality housebuilder and efforts to rebuild revenue and margins should ensure that profit continues to grow strongly. However, we still hold concerns over the low rate of asset turn and believe that this will hold back the return [...]
Daniel Stewart warning despite return to profit August 30, 2011 GROWTH in the Far East helped stockbroker Daniel Stewart swing back into the black after years of turmoil. The AIM-listed firm made a £1m pre-tax profit, compared to a £2.91m loss the previous year, and said its wealth management arm is growing quickly. It warned, however, that market conditions had dipped since the year end, following [...]
