Fears over consumer climate send retailers and FTSE down November 3, 2010 BRITAIN’S top share index closed lower yesterday, with retailers weak as Next posted falling sales, while banks gained ground after Lloyds Banking Group poached Santander UK’s head as its new CEO. Investors were reluctant to take big positions ahead of a Federal Reserve decision on further monetary policy easing later yesterday. Markets are pricing in [...]
BMW shares fall in spite of massive profit November 3, 2010 CARMAKER BMW reported an enormous rise in profit yesterday, due to to rocketing sales in emerging markets, though investors were disappointed with the group’s outlook for the rest of the year. The German company reported third-quarter pre-tax profit of €871m (£760.6m), up from €76m a year ago. This represents an 11-fold increase. Sales in China [...]
Lloyds sees its recovery start to slow November 2, 2010 LLOYDS Banking Group shares yesterday lost more momentum after a muted third-quarter interim statement which indicated that the group’s progress towards its objectives has slowed compared to the first half of the year. In an update notably thin on numerical detail, Lloyds said it delivered “good underlying income growth…[and] lower costs through continued strong integration [...]
CBI CHIEF TO PROMOTE UK PLC November 2, 2010 OUTGOING CBI chief Richard Lambert is to take up a role as a British trade ambassador, Prime Minister David Cameron will announce next week during a visit to China. The trade ambassadors programme was started under Gordon Brown in order to promote lobbying for UK business interests abroad. Its current makeup includes AstraZeneca chairman Chris Brinsmead [...]
SAV Credit and Blackstone team prepare to up offer for Egg bank November 2, 2010 SAV Credit, the owner of the Marbles and Aqua credit card businesses, has teamed up with private equity group Blackstone to prepare an offer for internet bank Egg. SAV and Blackstone are expected to make a joint offer to current owner Citigroup later this month, according to a report by Sky News. Citi’s auction to [...]
BEST OF THE BROKERS November 2, 2010 MEARS Altium rates the housing repair firm a “hold” with a target price of 270p. The broker has downgraded its 2010 pre-tax profit forecasts by £0.6m, or two per cent, due to costs linked to small contract wins in the wake of Connaught’s collapse. The firm’s social housing pipeline has slipped slightly to £2.8bn, however, [...]
AT A GLANCE | HOW TO BEAT THE STRIKE – DISRUPTION STARTS THIS EVENING November 1, 2010 TUBE Disruption is likely to most journeys, but London Underground will run as many trains and keep as many stations open as possible. Check www.tfl.gov.uk for the latest situation on your line and at your station before you travel. Volunteers will be on hand at key stations to give alternative travel options and otherwise assist [...]
ECONOMIST VIEWS: WILL THE MPC MOVE TO INCREASE QE THIS WEEK? October 31, 2010 SIMON HAYES | BARCLAYS CAPITAL “In the context of a policy stance that is already exceptionally loose… a further loosening would seem odd. I expect no change in policy… and continue to believe a three-way split is likely to persist for several months to come.” PETER DIXON | COMMERZBANK “The chances of a near-term expansion [...]
The housebuilder who is ready to take the long road back to recovery October 31, 2010 DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. [...]
Tyrie warns banks over hasty exits October 28, 2010 THE chairman of the influential Treasury Select Committee yesterday warned UK banks against making a sudden move offshore, after City A.M. revealed Barclays was weighing up the cost of quitting the UK. “My thought should be to say that the global commercial environment for financial services and banking is likely to remain unclear for some [...]