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November 21, 2007
by Stewart Douglas
Mobile phone operator T-Mobile has today announced it is to open up sales of the Apple iPhone to customers without forcing a T-Mobile contract, in a move driven by a court injuction preventing the satisfaction of the company's exclusivity arrangement with manufacturers Apple.
Following a petition raised by competing operator Vodafone to challenge the validity of the arrangement between T-Mobile and Apple, ...
by Stewart Douglas
Dubai government owned and controlled company DP World has today been sold on open markets following its initial public offering, placing a value on the firm that owns UK based P&O Ferries of in excess of $21 billion.
The Dubai government backed business, the world's fourth largest holder of ports for commercial docking, offered £2.4 billion worth of equity which was snapped up ...
by Elaine Frei
The price of crude oil in New York hit a new record at $99.29 per barrel in early trade on Wednesday, but prices dropped after the weekly US inventory report from the Energy Information Administration showed that crude oil inventories dipped over all but grew at a key depot in Oklahoma.
January contracts for West Texas Intermediate crude closed ...
by Elaine Frei
The Swiss franc hit a new record high versus the US dollar for the second day in a row on Wednesday as investors backed away from risk on equities declines and a pessimistic forecast on the growth of the US economy from the Federal Reserve
The franc was as high as SFr1.1025 versus the greenback before trading at SFr1.1035 to the ...
by Kay Murchie
Enterprise Inns, the UK leased and tenanted pub group, has criticised supermarkets for selling cheap booze.
The UK’s second largest pub group said anti-social drinking is the fault of supermarkets. Chief executive, Ted Tuppen, said Asda are currently selling beer at 22p per pint, which is less than duty plus VAT.
He added that it is irresponsible that supermarkets and corner shops are ...
November 20, 2007
by Stewart Douglas
Paragon, the UK's third biggest provider of buy-to-let mortgage schemes has today announced it is experiencing cash flow problems, with reserves down by as much as 40% as a result of problems in the global credit market spawned from the sub-prime fallout of the summer months.
The company has today spoken of problems with its short term financing arising from losses linked to debt-based ...
by Stewart Douglas
Technology company Hewlett Packard has today announced strong results for the fourth quarter off the back of improving sales and increasing demand for its laptop computers, which have had a significant effect on profits over the last three months for the US based firm.
Hewlett Packard, the world's largest manufacturer of PC computers, including latpops, has enjoyed strong ongoing demand over the last ...
by Elaine Frei
Equities markets in the Asia-Pacific region were mixed on Tuesday on the possibility that the US economy is strong enough to survive the current subprime mortgage and wider credit crisis without significant damage. Gains came in China, where the Shanghai Composite added 0.45 percent to 5,293.7, as well as in Singapore and Hong Kong where the Straits Times index was ...
by Elaine Frei
West Texas Intermediate crude for January delivery was $3.31 higher to $97.95 per barrel on Nymex just before the close of floor trade, while January contracts for Brent crude gained $2.30 to $94.58 per barrel on the ICE Futures Europe exchange in London.
Meanwhile, the price of heating oil hit a new record high in New York on Tuesday as January contracts ...
by Elaine Frei
The US dollar touched another new record low versus the euro and hit a record low in relation to the Swiss franc as well as investors waited to see if the minutes of the most recent meeting of the US Federal Reserve will give any indication of what the Fed might do about interest rates in December.
In New York trade, the ...
by Kay Murchie
Scottish & Newcastle, the Edinburgh-based brewer, is currently defending itself from a takeover bid from European brewers Carlsberg and Heineken and has announced plans to make the company ‘leaner, tougher and faster’.
S&N also announced that it is confident about its outlook and plans to cut costs by £20 million a year. The company has agreed to sell a ...
by Kay Murchie
easyJet, the Luton-based budget carrier, said it expects to increase profit by 20% next year, after reporting a 48% increase for the last full year.
Europe's second-biggest budget airline carried 37.2 million passengers in the 12 months to 30 September. Pre-tax profit and exceptional items was £191.3 million in the same period compared with £129.2 million a year earlier.
However, the group said increasing oil ...
November 19, 2007
by Stewart Douglas
Italian utility Eni has today announced it is pulling out of its prospective buy out deal of UK-based oil company Burren Energy after the target sought to increase its valuation in the deal beyond the initial £1.7 billion offer, in a move which would have seen the company substantially increase its investment portfolio and service range at a time where oil prices ...
by Stewart Douglas
Low cost travel company Travelodge has today announced it intends to increase its exposure to the Spanish market, building around 100 new hotels in Spain over the course of the next fifteen years as part of its wider expansion strategy throughout Europe.
The company today announced that it is planning major new developments across Spain after initial test runs highlighted strong demand for its ...
by Elaine Frei
London’s declines were even bigger. The FTSE 100 was down 2.71 percent to 6,120.8 while the FTSE 250 plummeted 3.36 percent to 10,404.5. Banks were mixed in London, where there were only three gainers on the 100. The mining and oil sectors saw declines.
Declines in Europe were substantial. The FTSE Eurofirst 300 dropped 2.05 percent to ...
by Elaine Frei
Base metals prices dropped on Monday as worries about demand and the wider global economy continued to control the markets.
Copper prices were down 17 cents to $3.03 per pound in New York, while three-month copper fell $245 to $6,795 per tonne on the London Metal Exchange.
Prices declined on another jump in LME copper inventories, up to more than 3.5 days ...
by Elaine Frei
The US dollar traded at $1.4661 to the euro and at $2.0468 to the pound on Monday, affected by the news that the Gulf Cooperation Council - Bahrain, Kuwait, Oman, Saudi Arabia, the United Arab Emirates and Qatar - will discuss dropping the dollar peg to their exchange rates when they meet early next month in Qatar.
Meanwhile, currencies that ...
by Kay Murchie
SABMiller, the world’s third largest brewer, is to purchase Grolsch for £583 million in a bid to enhance its position in the rapidly growing premium beer market.
SABMiller said it had secured the support of Grolsch's board. The offer represents an 84% premium over Grolsch's average closing share price during the last month.
The deal is the latest indication of consolidation in ...
by Kay Murchie
Food to clothing retailer, Marks & Spencer (M&S), is planning to set up a joint venture in India. According to unnamed sources, there are 3-4 Indian partners who are interested in the venture, which will be 51% owned by the British retailer.
M&S, which currently has about 20 franchises operated by India’s Planet Retail, will also sell food and home ...
by Kay Murchie
Barratt Developments said rising interest rates and the credit crunch have had a negative impact on the UK property market and the firm has warned that a slowdown is likely.
Barratt said in a trading statement for the 19 weeks from July 1, it secured a forward order book of £1.8 billion, which represents 61%. It added that consumer confidence, mortgage finance ...
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