NYSE expected to re-open for trading today October 30, 2012 THE US stock market was closed for a second straight day yesterday as cash equity trading was cancelled in the wake of Hurricane Sandy. Yesterday’s shutdown was the first time weather had resulted in a two-day market shutdown since the Great Blizzard of 1888. Exchanges expect to reopen today. NYSE Euronext said the New York [...]
Ford rated low for reliability October 29, 2012 Ford tumbled to nearly the bottom of an annual survey of vehicle reliability due to flaws in its touch-screen navigation and entertainment system, while Japanese automaker Toyota swept the top three spots. In a Consumer Reports survey released yesterday, Ford fell seven spots to 27th of 28 brands surveyed overall, while its upscale Lincoln brand [...]
The impact on markets of devastating job cuts October 29, 2012 CORPORATES are wielding the axe, and blood is being spilt on both sides of the Atlantic. Bloomberg data reveals that US companies have announced 158,100 layoffs this year – up 23 per cent from 2011. But the problem isn’t isolated to the US. Ford announced 1,400 UK job cuts just last week and UBS, which employs [...]
Presidential vote is focus for investors October 28, 2012 EARNINGS season may be only half over, but the focus on profits should subside this week as investors turn their attention to the coming presidential election and Friday’s jobs data – the last major economic indicator before the 6 November contest. More bellwether companies are set to report results in what will be another “peak [...]
Ford axes UK van plant to stem losses as Europe crisis weighs October 25, 2012 FORD will stop making vans in Britain next year, cutting 1,400 jobs on top of 4,300 to be axed in Belgium as part of a plan by the US car maker to stem European losses expected to exceed $1.5bn (£929.7m) this year. It is the fourth vehicle plant closure in Europe announced this year and [...]
Rapid response October 25, 2012 Better than Labour [Re: Coalition must not become complacent on economic growth, yesterday] Although the coalition should avoid complacency over economic growth, it’s also important that it trumpets the advantages of its economic policy against Labour’s alternative. Yes, austerity has not been pushed as far as it should have been. But a continued reliance on [...]
Lancaster looks to Vunipola and Youngs October 24, 2012 ENGLAND coach Stuart Lancaster is to turn to emerging forwards Mako Vunipola and Tom Youngs today when he names his 32-man squad for the autumn internationals as he seeks to cope with the losses of several significant players. In addition to the retirements of the peripheral Charlie Hodgson, Matt Stevens and Lee Mears, Lancaster is [...]
Peugeot gets state rescue as crisis deepens October 24, 2012 PSA PEUGEOT Citroen yesterday unveiled a government-backed refinancing deal for its lending arm as the struggling French automaker’s financial position deteriorated further, sending its stock to historic lows. Europe’s second-biggest automaker said it was close to an agreement with creditor banks on €11.5bn (£9.2bn) of refinancing and had won state guarantees on €7bn in further [...]
Ford set to close Belgian factory October 24, 2012 Ford will close a factory employing 4,300 workers in the Belgian town of Genk by the end of 2014, shifting production to Valencia, Spain, as the US carmaker tries to stem European losses. The plant makes the Mondeo mid-size car and Galaxy and S-MAX minivans, but all three models are nearing the end of their [...]
Jefferies picks UK mid-market head October 23, 2012 ■ Jefferies, the US bank group, has given a new role to Stephen Ford, one of the stars of the Hoare Govett broking business it bought earlier this year. Ford, who is a highly-rated equities salesman, has been made head of UK mid-market equities, with a brief to bring in new clients to the firm. [...]