Editor's Picks
IMF and EU not ready to discuss new Greek bailout
Tuesday 12 Jul 2011
Christine Lagarde, the International Monetary Fund’s (IMF) new managing director, stated that the IMF and European partners are not yet ready to discuss the terms of a second Greece bailout. “As regards a possible new programme, in my view we’re not at the stage of discussing the conditions and terms and length and volume, and nothing should be taken for granted.”
Britons’ support for cuts falls
Tuesday 12 Jul 2011
Public support for spending cuts has fallen noticeably in Britain in the last year. An FT/Harris poll has found that now only 55% of the public supports (spending) cuts, considering that they are necessary to help long-term economic recovery, versus 69% a year ago. The above, just before we learn the latest quarterly gross domestic product statistics, “suggests...
Six Spanish lenders could fail stress tests
Tuesday 12 Jul 2011
Up to six Spanish financial entities would fail the stress tests implemented by the European Banking Authority (EBA) using the more pessimistic economic hypothesis of a 1% contraction in Spanish gross domestic product, inflation of 0.9%, and unemployment of 21.3% in 2011.
Premium tips: BSkyB, DMGT, Rio Tinto...
Tuesday 12 Jul 2011
Credit Suisse slashed its target price for satellite broadcaster British Sky Broadcaster from 870p to 650p. “Following the decision by the UK government to refer its consideration of media plurality to the Competitition Commission, we believe Sky will move from trading on an M&A valuation to one based on standalone fundamentals […] We remain Neutral.”
UK trade figures come in worse than expected on rise in imports
Tuesday 12 Jul 2011
The UK’s deficit on trade in goods and services was £4.1bn in May, according to data just out from the Office of National Statistics (ONS), while the previous month´s deficit figure has been revised up to £3.1bn in April, from the £2.8bn originally published.
Wolseley sells electric center business
Tuesday 12 Jul 2011
Plumber's merchant Wolseley has agreed to sell its electric centre business unit to electrical products distributor Edmundson Electrical for an undisclosed amount and said the transaction is expected to generate a small gain. Wolseley said the net assets at completion are expected to be around £29m and the cash consideration will be used to pay down debt.
Luminar lights up despite declining sales
Tuesday 12 Jul 2011
Nightclub operator Luminar Group Holdings’ shares rose more than 2% despite reporting a worse-than-expected decline in sales.
US newspaper round-up: News Corp, Debt, Twitter...
Tuesday 12 Jul 2011
News Corp. took steps that will delay its proposed takeover of the BSkyB satellite-TV operation, as the company hopes to wait out the phone-hacking furor that continued to batter it Monday.
Broker tips: M&S/Debenhams, Thomas Cook, Croda
Tuesday 12 Jul 2011
Matrix has maintained its positive stance on high street retailers Marks & Spencer and Debenhams after the British Retail Consortium's (BRC) Retail Sales Monitor for June came in ahead of estimates.
Ryanair opens Manchester base
Tuesday 12 Jul 2011
Ryanair is opening a base at Manchester Airport as it seeks to compete with other budget airlines operating from the airport.
TT sells remaining non-core general industrial assets
Tuesday 12 Jul 2011
Electronics and sensors supplier TT Electronics’ shares inched lower despite the company reaffirming that the strong trading conditions, which were reported in May, have continued through to the end of the first half.
Premium broker snap: Rio remains Credit Suisse's favoured Aussie miner
Tuesday 12 Jul 2011
Credit Suisse has retained its outperform stance and 112p target price on multi-metal mining giant Rio Tinto ahead of the firm’s first half production report due on Thursday.
Vedanta raises stake in Cairn India to 28.5%
Tuesday 12 Jul 2011
Mining giant Vedanta has completed the first tranche of its purchase of Cairn Energy’s Indian subsidiary, after acquiring an additional 10% stake for net proceeds of $1.36bn in cash.
Unexpected fall in inflation
Tuesday 12 Jul 2011
Price-cutting by retailers contributed to an unexpected fall in annual inflation in June, new data from the Office for National Statistics (ONS) shows.
Asia: Steep losses on Europe debt fears
Tuesday 12 Jul 2011
The Nikkei tanked 1.43% on Tuesday, posting its biggest one-day decline in a month, as traders offloaded financials on fears about Europe's debt crisis engulfing Italy and Spain.
UK trade figures come in worse than expected on rise in imports
Tuesday 12 Jul 2011
The UK’s deficit on trade in goods and services was £4.1bn in May, according to data just out from the Office of National Statistics (ONS), while the previous month´s deficit figure has been revised up to £3.1bn in April, from the £2.8bn originally published. The surplus on trade in services was estimated at £4.4bn in May, compared with a surplus of £4.5 billion in April.
Vedanta raises stake in Cairn India to 28.5%
Tuesday 12 Jul 2011
Mining giant Vedanta has completed the first tranche of its purchase of Cairn Energy’s Indian subsidiary, after acquiring an additional 10% stake for net proceeds of $1.36bn in cash. Following the purchase of 191,920,207 shares on Monday, Vedanta upped its stake in oil firm Cairn India to 28.5%. Cairn still remains...
Goal in sight for Perform
Tuesday 12 Jul 2011
Perform Group, which provides live footage of sporting events via the web and mobile devices, said its half-time score is as predicted, with strong growth seen across all business areas.
Retail sales improve in June
Tuesday 12 Jul 2011
The retail sales environment improved slightly in June, but conditions remain tough due to consumer caution and shops are having to launch sales to draw in customers, according to the British Retail Council (BRC). “Sales continue to be under huge pressure from the squeeze on disposable incomes produced by rising inflation and low wage growth,” BRC director general Stephen Robertson said.
London open: Thomas Cook leads the slide
Tuesday 12 Jul 2011
London’s leading share index is down by nearly 100 points but it is FTSE 250-listed travel group Thomas Cook that is the main talking point after a profit warning.
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