Job cuts a sign of things to come July 31, 2012 YESTERDAY’S job cuts at Deutsche Bank may have come as a shock, but – unfortunately for the bank’s new co-chief executives – they were inevitable. Compared to its peers Deutsche’s core Tier 1 ratio is weak, and though management promised yesterday that improving ratios was a key focus, it is still targeting just eight per [...]
ANALYST VIEWS | WERE BP’S QUARTERLY RESULTS IN LINE WITH EXPECTATIONS? July 31, 2012 ROB MUNDY LIBERUM CAPITAL The underlying results are worse than expected driven by lower oil and gas prices, extensive maintenance in the Gulf of Mexico, lower than expected income from TNK-BP and a higher level of depreciation. Overall, our view is little changed. Shell looks more attractive in almost all respects. JONATHAN JACKSON KILLIK & [...]
REGENT STREET SUFFERS IN STRATFORD BOOM July 31, 2012 Some retailers have been left pondering the whereabouts of the city’s Olympics tourists, as the normally bustling West End fell quiet yesterday. Londoners were told ahead of the Games to avoid the city centre.
Tullett Prebon profits slide on investor fears July 31, 2012 TULLETT Prebon reported a seven per cent slump in profits yesterday as it warned investors that trading activity would remain subdued for the rest of the year. The inter-dealer broker, led by City veteran Terry Smith, saw underlying operating profit slip to £73.7m from £79.4m in 2011. It led to a fall in basic earnings [...]
Winterflood analysts sceptical of Bolton’s Chinese adventure July 31, 2012 ANALYSTS at market maker Winterflood Securities yesterday warned fund veteran Anthony Bolton that his faltering China fund was too highly geared for retail investors. Researchers at the firm’s investment trust arm said the fund’s 20 per cent gearing and its level of stock analysis raised questions about its “suitability” for its retail investor base. Analyst [...]
Transfers to EU jump by £1bn July 31, 2012 BRITAIN’S contribution to Brussels appears to have risen by nearly £1bn last year, according to Office for National Statistics (ONS) data released yesterday. The ONS’s balance of payments records, known as the Pink Book, showed debits to EU bodies rose to £19.18bn from £18.23bn. The data can include private sector transfers, but the ONS said [...]
Inflation eases in British shops July 31, 2012 PRICES in Britain’s shops rose just one per cent in July compared to the previous year, dragged down by the brakes being hit on food inflation. Food prices increased 3.1 per cent annualised in July, the British Retail Consortium announced this morning, a less severe rise than the 3.5 per cent recorded in June. Overall [...]
ONS reveals hit to household income in 2012 July 31, 2012 HOUSEHOLDS came in for a hammering in the first quarter of the year, as income, expenditure and saving all crashed, the Office for National Statistics said yesterday. Household income collapsed to its lowest level since mid-2005, while expenditure fell to its second lowest level since mid-2003, the newest statistics showed, as the second dip of [...]
Eurozone sees retail and jobs battering July 31, 2012 EUROZONE unemployment ballooned in June, as rates crept up across almost all nations, according to data released by Eurostat and others yesterday. Only Germany and Cyprus saw any improvement, while grim retail data hit Greece, France and Spain. Unemployment climbed 123,000 in the Eurozone, to a total of 17.8m, meaning that since last year, two [...]
Treasury set to scrap flagship credit scheme July 31, 2012 THE TREASURY has come under fire for appearing to abandon what it had said was its flagship programme for boosting lending, as it rolls out a newer scheme today. The National Loan Guarantee Scheme, known as “credit easing”, was launched just six months ago to provide credit to small businesses. But with Funding for Lending being [...]
