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October 24, 2008
by Kay Murchie
Microsoft has unveiled its profits and sales figures beating analysts' expectations.
For the three months to the end of September, the US software giant, made a $4.37 billion (£2.69 billion) profit, compared with $4.29 billion a year ago. Revenue for the same period rose 9% to $15.06 billion.
In after-hours trading, Microsoft’s shares rose more than 4%. The group has seen its ...
by Kay Murchie
Air France-KLM has become the first major European airline to issue a profit warning in the wake of the economic slowdown.
Following the news, shares in the airline plummeted to their lowest level in more than three years, down 11% to $15.55 (£9.59).
However, the carrier has survived the crisis better than many of its competitors and said it will ...
October 23, 2008
by Elaine Frei
Crude oil prices advanced Thursday on anticipation that the Organization of Petroleum Exporting Countries will cut production quotas when it meets tomorrow in Vienna, where OPEC President Chakib Khelil said that member nations have agreed on the necessity of a cut but have not yet decided on how large those cuts should be.
December contracts for West Texas Intermediate crude added $1.09 ...
by Elaine Frei
Equities markets were mixed in Europe on Thursday as metals markets declined, taking miners lower, as UK retail sales were reported lower in September and as business confidence fell to its lowest level in nearly fifteen years in France.
The FTSE 100 added 1.16 percent to 4,087.83 but the FTSE 250 dropped 1.67 percent to 6,128.65.
The Office ...
by Peter Charalambous
In a period of soaring costs and reducing disposable income, retail and food sales have tumbled in the UK.
For the first time in over 22 years food sales have fallen, alongside household and retail goods.
Household goods were particularly hit as a result of the sharp downturn in the housing market and instability, meaning that many people ...
by Peter Charalambous
The lack of affordable housing has really hurt the UK property market further and even though there was actually a small increase in the number of approvals in September from August, the numbers according to the British Bankers are still disastrously low with only 23,422 approvals.
The small increase is not being viewed particularly favourably by economists as many predict that the housing ...
by Peter Charalambous
Europe’s second largest economy, France, is threatened by an even tighter grip into recession as business confidence and consumer spending are out of sync giving conflicting messages to analysts.
Currently French business confidence is at a 15-year low as an index of sentiment among 4,000 manufacturers declined to 88 points last month, down three from September marking the lowest reading since ...
by Peter Charalambous
The powerhouse that was South East Asia seems to be cooling as the economy has grown as its slowest pace in over four years in the last quarter, as the country is flirting with recession due to the reduction in consumer confidence that has caused a huge reduction in exports.
During the last year the currency, the won has slumped by 32 percent ...
by Peter Charalambous
Following on from what seems to be a coordinated move by European central banks, Sweden is the latest country to drop their interest rates by 0.5 percent and this represents the second rate cut this month as the country fights off the ill effects of the economic downturn.
In what is seemingly a U-turn by the central bank, the decision has been taken that ...
by Kay Murchie
Home Retail Group, owner of Argos and Homebase, has posted a half-year loss of £437 million.
For the half-year to 30 August, Home Retail Group posted a £437 million pre-tax loss, after exceptional items, compared with a £169.3 million profit for the same period in 2007.
Home Retail Group said its Argos chain was experiencing the worst sales since it was established in 1973 ...
by Kay Murchie
As a result of the economic downturn, electronics giant Sony has issued a profits warning and has cut its earnings forecasts by 57%.
The Japanese company said operating profits are now expected to be 200 billion yen (£1.25 billion) for the 12 months to March 2009, revised from an earlier forecast of 470 billion yen.
Meanwhile, the company expects annual net profits ...
by Peter Charalambous
A huge 3 percentage points have been added to the benchmark interest rate by Hungary's central bank which represents the largest increase in over 5 years.
It is seen as an emergency measure as the country’s currency, the forint, has lost ground against the euro. The measure is also, in part, introduced in order to reduce the short-term financing problems that came as ...
October 22, 2008
by Elaine Frei
Prices for crude oil dropped Wednesday on the weekly inventories report from the US Energy Information Administration, which showed that US stockpiles for crude oil, gasoline, and distillates were all up last week, and as concerns continued that demand will continue to decline.
West Texas Intermediate crude oil for December delivery was $5.28 lower to $66.90 per barrel on the New ...
by Elaine Frei
European equities markets saw significant losses Wednesday as recession worries were exacerbated by comments from Bank of England governor Mervyn King, who said that the UK is likely already entering a recession.
The FTSE 100 was 4.46 percent lower to 4,040.89 and the FTSE 250 dropped 3.27 percent to 6,232.62 in London.
Miners were among the worst performers on the ...
by Elaine Frei
The pound and the euro both weakened Wednesday on chances that the Bank of England and the European Central Bank will cut interest rates again soon.
Comments from the governor of the Bank of England that the UK is probably already in a recession and that house prices will continue to drop there sent the pound to a one-week low versus ...
by Kay Murchie
Yahoo is to axe around 1,500 jobs, which represents about 10% of its workforce, in a bid to cut costs. It is the second time in nine months the group has announced major job cuts.
The internet group, which is based in Sunnyvale, California, blamed the economic downturn after it said net profit for the third quarter of 2008 totalled $54.3 million ...
October 21, 2008
by Elaine Frei
Crude oil prices fell Tuesday on demand concerns ahead of Wednesday’s Energy Information Administration US inventories report, which is expected to show that crude oil and gasoline stockpiles grew last week and despite an upcoming OPEC special meeting where the cartel will likely cut production quotas.
November contracts for West Texas Intermediate crude, which expired at the end of the trading ...
by Elaine Frei
European equities markets were mixed Tuesday as fears continued that the global economy is sliding toward recession.
The FTSE 100 was down 1.24 percent to 4,229.73 in London, while the FTSE 250 added 0.68 percent to 6,442.11.
Homebuilders were higher, helping out the 250 as many more than gained back yesterday’s big declines.
Barratt Developments (LSE: BDEV) added 12.67 percent while ...
by Peter Charalambous
The International Monetary Fund (IMF) and the Icelandic government are said to be very close to reaching a rescue deal to prop up the country’s struggling financial system, along with help from their neighbours as well as far afield as Japan.
In a show of Nordic solidarity the central banks of Denmark and Norway will offer Iceland a euro swap facility worth a ...
by Peter Charalambous
Governor Mark Carney have announced today that the Bank of Canada will be cutting the interest rates for overnight loans between commercial banks to 2.25 percent. However, the cut is smaller than economists had predicted, meaning that it is quite likely that the bank may need to act again.
Since the coordinated move of widespread cuts, the Bank of Canada is the ...
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