Car makers signal drop in profits after Japan quake July 27, 2011 CAR makers are revealing the financial impact of the Japanese disaster, with France’s Peugeot Citroen warning of a profit dip and Japan’s Nissan posting a 10 per cent profit fall. The earthquake and tsunami that struck in March led to global supply problems in the automotive industry. Peugeot, Europe’s second-biggest car maker, said it cars [...]
UK factory order book is suffering July 27, 2011 UK FACTORY orders fell more sharply than forecast in July and price pressures hit their lowest point in one and a half years, the Confederation of British Industry said yesterday. Official figures showed that the total order book balance fell to -10 this month from +1 in June, well below forecasts for a reading of [...]
Eurozone private sector loans drop July 27, 2011 THE annual growth rate of loans to the private sector in the Eurozone slowed in June, making it harder for the European Central Bank to argue for a further hike in interest rates. ECB figures released yesterday showed loans to the private sector rose at an annual rate of 2.5 per cent, down from 2.7 [...]
Morgan Crucible sees growth July 27, 2011 British industrial materials firm Morgan Crucible’s first-half underlying pre-tax profit has risen two-thirds, boosted by strong growth across its emerging markets, and said it entered the second half with good trading momentum. The company said it remains on track to achieve its three-year goal of doubling underlying pre-tax profit by 2013. The company’s net debt [...]
Daimler demand driven down July 27, 2011 German car and truck maker Daimler missed quarterly revenue forecasts – despite second quarter revenue of €26.3bn (£23.1bn) – and warned strong demand for cars in the key emerging markets of China and India is likely to slow sharply. China’s car market, the world’s biggest, is seen cooling this year due to rising fuel prices [...]
Renishaw profit surges July 27, 2011 Renishaw’s full-year adjusted pre-tax profit has almost tripled, helped by strong growth in China, and the British precision engineer said it expects its current progress to continue. The company, which makes and sells precision metrology and inspection equipment and products for the healthcare sector, said it posted a 61 per cent growth in its Far [...]
Wimbledon the smash hit for summer sport July 27, 2011 ARECENT YouGov SixthSense report on pub sports viewing revealed that 33 per cent of British adults watched sport in pubs. Large proportions of those watch football but what is the impact of summer sports, more traditionally watched in the home? The last month has seen three of the showcase sporting events of the British summer, [...]
CITY MOVES | WHO’S SWITCHING JOBS July 27, 2011 Royal Bank of Scotland The bank has appointed Helen Gordon as head of West Register, its special unit for distressed property assets in a newly created role with responsibility for global strategy. Her main task will be to maximise the returns to the group from property assets. Gordon joins from Legal and General Investment Management [...]
BEST OF THE BROKERS July 27, 2011 FIAT Morgan Stanley rates the automotive firm “overweight” with a target share price of €9, saying that the balance sheet is poorly understood and that net debt can continue to surprise. However, it sees better near-term returns in VW and Daimler. The broker has lowered its net debt estimate eight per cent to €4.7bn, and [...]
FTSE dips on US deficit talks July 27, 2011 FINANCIALS led Britain’s topshare index lower yesterday, on concerns that deeply-divided US lawmakers would fail to agree to a deal to avoid a default on the country’s debts. The UK benchmark index closed 73.15 points, or 1.2 per cent lower at 5,856.58, albeit in thin volumes. The continued standoff by US politicians has prompted fund [...]
