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June 30, 2008
by Elaine Frei
Crude oil prices were up early Monday, pushed up by concerns that Israel could attack Iran over Iran’s nuclear ambitions, but later in the session prices fell to slightly below Friday’s levels on a report from the US Energy Information Administration that said US demand in April was down more than earlier reports indicated.
August contracts for West Texas Intermediate crude ...
by Kay Murchie
Trinity Mirror has warned that operating profits will be 10% below the City's expectations.
The owner of the Daily and Sunday Mirror newspapers blamed the slowdown in the UK economy which is having an impact on advertising revenues.
The company said that the last 2 months had seen a marked drop in advertising revenues and this will possibly continue for the remainder of 2008.
Compared ...
by Elaine Frei
The US dollar was weaker Monday, hurt by the possibility that an upcoming Labor Department report will say that 60,000 more jobs were lost in June, as well as by manufacturing data that showed activity still contracting in some regions of the country, although it contracted less quickly in June in some areas during the month.
At just past noon in New ...
June 29, 2008
by Kay Murchie
On Friday, mobile phone maker Sony Ericsson, issued its second profit warning this year.
The company said that it would only break even in the three months from April to June because of poor European sales of its mid and expensive handsets. It added that markets continue to be challenging.
As a result of the credit crunch, consumers are cutting back and only spending ...
by Kay Murchie
Housebuilder Taylor Wimpey is close to receiving a huge cash injection in a bid to shore up its balance sheet.
The rescue is being co-ordinated by investment bank UBS, and JP Morgan Cazenove.
The agreement, which is believed to raise as much as £500 million could be reached by Wednesday, at which time a trading update is due, which is expected to be ...
June 27, 2008
by Elaine Frei
Crude oil prices hit new records in both London and New York, with Brent crude going as high as $142.97 per barrel and West Texas Intermediate hitting $142.99 per barrel before both eased back but still closed above $140 per barrel.
August contracts for WTI ended the session 57 cents higher than Thursday’s close at $140.21 per barrel on the New York ...
June 26, 2008
by Elaine Frei
Crude oil prices jumped to a new high for a front-month contract at $140.39 per barrel Thursday after Libya said that it might cut oil production, citing sufficient supplies, although there was no indication of how much the cut might be or when the decision might be made and after the president of OPEC said that oil prices could go ...
by Elaine Frei
London’s equities markets saw substantial declines Thursday, led by the media sector and banks, with the FTSE 100 down 2.61 percent to 5,518.2 as the FTSE 250 dropped 2.29 percent to 9,107.3.
In the media sector, JPMorgan Chase (NYSE: JPM) reduced its recommendation on BSkyB (LSE: BSY) from “overweight” to “underweight”, sending shares in the broadcaster down 4.9 percent, while Morgan ...
by Elaine Frei
The pound strengthened versus the US dollar Thursday on remarks from Bank of England governor Mervyn King, who said that the Bank will do whatever is necessary to cut inflation in the UK, which the bank expects to rise above 4 percent before the end of the year.
At 12:30 p.m. in New York, it took $1.9866 to buy a pound while the UK ...
by Kay Murchie
DSG International, the owner of Currys and PC World, has announced a £192.68 million annual loss after it was hit by charges of £341.3 million to restructuring its Italian business.
Excluding the Italian restructuring charges, full-year pre-tax profits in the company plunged by 30% to £205.3 million.
Back in April, DSG revealed it was to close down almost one ...
June 25, 2008
by Elaine Frei
The price of crude oil was lower on Wednesday after the US Energy Information Administration released its weekly US inventories data, which showed that crude oil and distillates stockpiles were up last week and while gasoline stockpiles were down, they didn’t fall by as much as had been anticipated.
Before the Federal Reserve voted to keep interest rates at 2 percent ...
by Kay Murchie
The High Street is suffering after a report revealed that clothing stores experienced their worst month for 25 years.
A survey of retailers by the CBI showed 39% were hit by dwindling sales this month while only 30% said they had improved.
The balance of minus 9% was better than May's reading of minus 14% but still a long way off the ...
by Kay Murchie
As property prices and consumer confidence in the US continue to fall, it is expected that the Federal Reserve will keep interest rates at 2% this week.
Consumer confidence in the US is at its lowest level since 1992 due to plummeting home values and rocketing oil prices.
Reports show that the consumers’ view of the economic future has never been ...
by Elaine Frei
The US dollar was about even in relation to the euro and up slightly against the yen on Wednesday ahead of the latest decision on US interest rates by the Federal Reserve and after crude oil prices fell after the US Energy Information Administration said that oil stockpiles grew more than expected last week.
Near midday in New York, the dollar traded at ...
June 24, 2008
by Elaine Frei
Crude oil prices were slightly higher at the close of floor trade in New York on Tuesday after going as high as $138.75 in morning trade, although it traded lower for a time during the afternoon session.
West Texas Intermediate crude for August delivery had added 29 cents from Monday’s close by the end of floor trade on the New York ...
by Kay Murchie
Visa is to pay £1 million ($2 million) to Facebook to advertise its small business service on the social networking site.
Visa, which is the world's largest credit card network, is giving £51 ($100) advertising credits to the first 20,000 US start-ups that download its service via Facebook.
Facebook has grown in popularity over recent times and has a ...
by Elaine Frei
Most Asia-Pacific equities markets saw declines Tuesday on broker comments recommending the sale of shares in banks.
Goldman Sachs (NYSE: GS) advised investors to sell bank shares due to more losses related to the credit crisis while Lehman Brothers (NYSE: LEH) said that Japanese consumer finance company Aiful (TYO: 8515) could be insolvent.
Australian markets saw gains, with the S&P/ASX200 adding 0.12 ...
by Kay Murchie
Thomas Cook has confirmed it is in discussions with two Russian partners in a bid to enter into its market to improve profits. Russia is currently experiencing high demand for holidays as incomes in the country increase.
Thomas Cook, which is Europe's second-largest travel firm, said a deal could be completed by the end of the year.
The company, which merged ...
by Elaine Frei
The pound weakened versus the euro on Tuesday after a report from the British Bankers Association showing that loan approvals for house purchases were down 20 percent in May from the previous month and down 56 percent from the number granted in May last year, to just 27,968 approvals.
At just past noon in New York, the pound traded ...
by Kay Murchie
US carrier United Airlines has announced plans to shed around 950 of its 6,600 pilots, which represents about 14%.
The airline blamed record fuel costs and falling demand as weak consumer spending hit earnings.
In a statement, the airline said it needed to compete in an environment of record fuel prices and must therefore take the difficult but necessary ...
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