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July 28, 2008
by Elaine Frei
Banks and airlines led declines in European equities markets Monday on concerns that there will be more losses for banks in the credit crisis and that the global economy will continue to slow because of those losses.
Declines in London were limited by gains in the mining sector, where Antofagasta (LSE: ANTO) led the FTSE 100 with a gain ...
by Elaine Frei
The US dollar was weaker versus the euro and the yen Monday after the president of the Minneapolis Fed said that he believes US credit markets will get worse and on the possibility that house prices will be lower and that there were fewer jobs in the US in July when new reports on both issues are released later in the week.
In ...
by Kay Murchie
The bad news continues in the airline industry after budget carrier Ryanair warned if oil prices continue to be high, it could make an annual loss of up to €60 million (£47.4 million).
The airline’s chief executive, Michael O'Leary, said that Ryanair expected to break even ‘at best’ in the year to March 2009.
Europe’s largest no-frills airline said profits in the second ...
by Kay Murchie
British Airways (BA) has become the latest airline to announce cutbacks as a result of soaring fuel prices.
The airline is to ground 20% of short-haul flights with the majority being at London’s Gatwick airport. However, sources at the airline believe Heathrow, which is the airline’s main base, will also experience cuts but on a smaller scale.
Just last ...
July 25, 2008
by Kay Murchie
Rentokil Initial, the pest control-to-washroom services group, has issued its fourth profit warning since December.
Following the news, shares in the company plummeted 30% this morning to a decade-low of 70.5p.
The company has slashed its profits forecast for 2008 from £150 million to £115 million due to difficult trading conditions and a slower than expected restructuring programme.
Newly ...
July 24, 2008
by Elaine Frei
Crude oil prices rose Thursday but gains were limited by a report that demand for oil and oil products was down by 2.4 percent in the past four weeks.
September contracts for West Texas Intermediate crude were up $1.14 to $125.58 per barrel on the New York Mercantile Exchange while Brent crude was last reported up 63 cents to $125.92 per barrel on ...
by Elaine Frei
European equities markets were lower on Thursday after the Ifo Institute reported that German business confidence dropped in July, while reports from the United States showing that existing home sales declined in June and that first-time jobless claims climbed last week also hurt markets.
In London the FTSE 100 was down 1.61 percent to 5,362.3 while the FTSE ...
by Elaine Frei
The euro and the pound were both weaker Thursday after the Ifo Institute reported that German business confidence declined in July and on a report from the Office of National Statistics in London said that UK retail sales declined by 3.9 percent in June.
It cost $1.5673 to buy a euro in late morning trade in New York and a euro ...
by Kay Murchie
Renault, Europe's sixth largest car maker, has confirmed it is to reduce its European workforce by 5,000 through voluntary redundancies.
The French car maker blamed the deteriorating economic outlook and said this far exceeded the worst-case scenarios envisaged when it commenced a profit recovery plan in 2006.
Renault had planned to produce 3.3 million vehicles this year, however, it said this target would ...
by Kay Murchie
Budget airline, easyJet, is adding to the airline industry’s woes as it announces that it is to cut flights over the winter as it battles with soaring fuel prices.
Over the 2008-09 winter period, it is to reduce capacity at London’s Stansted airport by 12%.
The airline said its annual fuel costs have risen by approximately £185 million. As a result, ...
July 22, 2008
by Kay Murchie
US carrier United Airlines has announced further plans to reduce its workforce as it struggles with the soaring cost of fuel.
America’s second largest airline is to axe 7,000 staff and slash more than a sixth of domestic routes in a bid to cut costs, after record fuel costs pushed the company to a quarterly loss of ...
by Kay Murchie
Shares in Britain’s second largest pubs group, Enterprise Inns, have plunged to a 4-year low this morning after it expressed concern that beer sales in its pubs continue to fall.
Shares fell 13.8% to 298p, the lowest point since September 2004, following the announcement.
Ted Tuppen, the group’s chief executive, said these are challenging times for the ...
by Kay Murchie
Mobile phone giant, Vodafone, has warned that revenue will be hit by the economic slowdown.
It expects revenues to reach the lower end of £39.8 billion to £40.7 billion range, which is at the bottom end of analysts’ forecasts after the group said it is facing a more challenging operating environment.
Following the news, shares in Vodafone fell 10% ...
by Kay Murchie
Evidence of the housebuilding slump continues as one of Scotland’s largest construction companies, Stewart Milne Group, is to slash its workforce by one fifth.
The Aberdeen-based group said 289 jobs are to go with the majority of the cuts in the north east of Scotland.
The housebuilding company is the latest to announce cutbacks due to a downturn in sales ...
by Peter Charalambous
The Canadian dollar has strengthened for the second consecutive week following the central bank’s announcement that there have been improved trade reports and manufacturing orders.
Also, sales have exceeded forecasts resulting in the dollar advancing against 11 of the 16 most-traded currencies, rising 0.3 percent against its US counterpart since July 11.
Although the loonie was strong against the US dollar, ...
July 21, 2008
by Kay Murchie
The UK’s pizza delivery chain, Domino’s has benefited as diners are choosing a cheaper night at home rather than visiting restaurants and, as a result, experienced a 33% rise in first-half profits.
Like-for-like sales, which exclude revenue from new stores opened in the period, increased by 11.4% while total sales grew 20% per cent to £66.2 million. The group has opened ...
by Peter Charalambous
China's yuan fell against the dollar today following the announcement that the Chinese central bank is going to buck the trend and change the yuan's one-way appreciation.
Prior to trading, the daily yuan mid-point was down against the dollar at 6.8271, from 6.8238 on Friday, which is the third consecutive day of falls as the currency declined 0.21 percent.
Although the Yuan is ...
by Peter Charalambous
Shares have rallied around the rise of Citigroup although there were fewer other developments as credit concerns and rising oil prices, with the figure of a potential $150 a barrel, stalling economic optimism.
Citigroup's results where better than expected as they posted a smaller than expected second-quarter loss of $2.5 billion, even though there was $11.7 billion of write-downs and credit losses.
Shares in the ...
by Peter Charalambous
Europe's largest economy, Germany, has been growing at its fastest pace in 12 years, although the Finance Ministry said today that economic growth is experiencing a ‘distinct decline' as the strength of the euro is damaging exports and oil prices are denting profits further.
The fact that the euro gained 8.6 percent against the dollar affected exports outside the euro zone.
Deputy finance ...
by Peter Charalambous
According to Grant Thornton LLP, mergers and acquisitions among UK companies will continue to decline over the next 12 to 15 months as the aftermath of the credit crunch continues to be felt.
According to recent data compiled by Bloomberg British, M&A has nearly halved to $372 billion this year.
Ernst & Young ITEM Club also revealed today that the signs are that ...
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