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Economics
House prices: The Nationwide Building Society said that house prices
fell a further 1.4 per cent in September, the twelfth month in succession,
to stand 14.6 per cent lower over the past year.
Consumer confidence: The GfK NOP index of consumer confidence fell to
minus 36 in October, from minus 32 in September. Confidence for buying
expensive items fell to minus 43, the lowest since the series began in 1982.
Eurozone economic sentiment: A survey among households and businesses
for the European Commission showed that eurozone economic sentiment fell in
September to its lowest since 1993, its biggest monthly fall. Its headline
index of sentiment fell to 80.4, from 87.5 in September.
German unemployment: Figures for German unemployment fell in September
by a seasonally adjusted 26,000 to 3.151 million, pushing the jobless rate
down to a new 16-year low of 7.5 per cent.
The euro: Denmark said that a referendum on swapping its krone for the
euro could be held in 2011. A swap would leave Britain and Sweden as the
only “old” EU members not to adopt the euro.
The US economy: Official figures showed the US economy shrank for the
first time since the third quarter of 2001, with GDP dropping at an annual
equivalent rate of 0.3 per cent. Consumer spending fell by an annual 3.1 per
cent, its steepest fall since 1980 and its first since 1991.
Economic crisis measures: Global economies have introduced economic
crisis measures. Germany was drawing plans for a stimulus package worth up
to £15 billion, while France said a strategic fund for its industries would
be set up within three weeks. Japan unveiled a 26.9 trillion yen (£169
billion) package.
Banking
& finance
Standard Life: The Edinburgh insurance group said its worldwide life
and pensions sales amounted to £12.4 billion in the nine months, little
changed from £12.3 billion last year, but its capital position was strong.
Deutsche Bank: Germany’s largest lender revealed that third-quarter
pretax profits fell 94 per cent to €93 million (£73.5 million) after it had
to make a €1.2 billion writedown.
American Express: The US credit card group said it would cut nearly 10
per cent of its workforce, about 7,000 staff, as it seeks to reduce its
costs by $1.8 billion (£1.1 billion) next year.
HBOS: The Commons Treasury Select Committee said it would investigate
any secret payouts to the departing directors of HBOS after its £6.2 billion
rescue takeover by Lloyds TSB. Taxpayers are set to own up to 43.5 per cent
of the combined Lloyds-HBOS.
Barclays: The banking group is on the verge of securing a capital
injection of more than £6.5 billion from Qatar.
Construction
& property
Carpathian: The property investment group has received indications of
interest from third parties about buying it or some of its assets after its
strategic review.
Consumer
goods
Unilever: The Anglo-Dutch consumer goods group reported an 8.3 per cent
rise in third-quarter underlying sales, despite experiencing a “tough”
environment.
British American Tobacco: The London-listed cigarette maker reported a
17 per cent rise in nine-month earnings and said it was well placed to cope
with the downturn in consumer spending.
Pernod Ricard: The French drinks group reported first-quarter organic
sales growth of 7 per cent, driven by premium brands.
Engineering
Rolls-Royce: The aircraft engine maker, based in Derby, said that it
had secured £5 billion of new orders since the end of June, lifting its
shares almost 10 per cent.
Domino Printing Sciences: The printing technology group, based in
Cambridge, said it expects full-year one-off costs of about £8 million
because of a proposed 10 per cent reduction in its workforce, but its
expectations for full-year underlying profits were unchanged.
MAN: The German engineering group, reported third-quarter operating
profits of €422 million (£333.5 million), up from about €334 million last
time.
Health
AstraZeneca: The Anglo-Swedish drugs group reported a 29 per cent
increase in its third-quarter net profits to $1.73 billion (£1.06 billion)
as strong sales in emerging markets such as China helped to offset flat US
demand.
Synergy Healthcare: The healthcare provider, which is based in
Derbyshire, said that it is increasing its dividend by 20 per cent, despite
issuing a profit warning earlier this month. It also reported a 30 per cent
rise in first-half revenues to £133.1 million.
GlaxoSmithKline: Europe’s biggest drugs maker, has agreed to buy
Genelabs Technologies, the US group, for $57 million (£35.08 million),
saying the acquisition will help it to develop treatments for the hepatitis
C virus.
Industrials
Solvay: The Belgian chemicals and plastics group reported a better than
expected 6 per cent decline in operating profits.
BASF: The German chemicals group said it would shed 1,000 staff, reduce
capacity and cancel a share buyback plan to preserve cash as its
third-quarter operating earnings fell by 8 per cent and net profits by 37
per cent.
Leisure
Problem gambling: The Gambling Commission has told the Department for
Culture, Media and Sport to prepare to introduce a statutory levy on the
gambling industry from April 2009 should it be unable to reach agreement
with operators on the best way to fund research, education and treatment for
problem gambling.
Luminar: Britain’s biggest nightclub operator reported a 5.2 per cent
decline in like-for-like sales in the eight weeks to October 22, but said it
was confident that a “good but not great” Christmas trading period would
allow it to meet full-year market forecasts.
Premium Bars & Restaurants: The operator of the Living Room and
Prohibition chains has appointed BDO Stoy Hayward to review its £41 million
debt burden, according to M&C Report. Shortly before his recent
departure, Mark Jones, executive chairman, had revealed that PBR was in
negotiations with Royal Bank of Scotland about renewing the facility and he
was confident of a positive outcome despite the financial turmoil.
Starman Hotels: The hotel investment joint venture between Starwood
Capital and Lehman Brothers has appointed Molinaro Koger, the advisory
group, to sell a long leasehold on Le Méridien Piccadilly, London, with an
estimated guide price of about £90 million. A sale would be subject to the
retention of Starwood Hotels & Resorts, owner of the Méridien brand, as
operator of the luxury hotel.
Media
WPP: The London-listed advertising group forecast that 2009 would be
very tough after reporting third-quarter revenue growth broadly in line with
expectations. WPP also said that its headline operating margin was flat in
the first nine months and that it would not be easy to attain its 2008
margin target of 15.5 per cent.
Natural
resources
Royal Dutch Shell: The Anglo-Dutch oil group, reported a 71 per cent
rise in third-quarter profits to $10.9 billion (£6.54 billion), thanks to
the record oil prices over the summer.
Kazakhmys: The London-listed copper mining company, whose main assets
are located in Kazakhstan said that it may cut copper output next year
because of lower projected spending.
Lonmin: The London-listed platinum producer, said output rose in the
three months to the end of September, but the outlook for platinum prices
remained challenging.
ExxonMobil: The US oil company, unveiled a 58 per cent surge in its
third-quarter profits to $14.8 billion, thanks to oil prices that touched
$147 per barrel.
Retailing
Lookers: The Manchester-based car dealer, said that third-quarter
trading had fallen by about 20 per cent because of the turbulent economic
climate and that the outlook for the industry was poor.
Alliance Boots: Stefano Pessina, the billionaire executive chairman of
Alliance Boots, the high street health and beauty retailer, described
trading as “relatively resilient” after first-half revenues rose by 11.3 per
cent, compared with a year ago, with like-for-like retail revenues rising by
0.5 per cent.
Hugo Boss: The German fashion house has cut its 2008 forecasts, citing
a decline in retail sales, and also reported a decrease in nine-month
operating profits.
Support
services
1700 Group: The recruitment company, which specialises in the media,
advertising and publishing industries, said full-year results will miss
market estimates and it will cut jobs at its Hamblyn unit because of a
freeze on hiring by advertising companies.
Northern Recruitment: The recruitment agency, based in Newcastle,
acknowledged the “volatile” economic times, but said that it had confidence
in the long-term resilience of its business model.
Lovefilm: The online DVD rental site said that it expects to a 70 per
cent rise in its customer base this year as consumers choose to stay at
home. Lovefilm, which operates in Sweden, Norway, Denmark, Germany and the
UK, had annual revenues of £49 million last year — a year-on-year increase
of 38 per cent.
Aramark: The US contract catering group has signed a partnership deal
with Marcus Wareing, chef patron of his eponymous restaurant at The Berkeley
Hotel, in London, to train staff in its business dining division.
Technology
Intec Telecom Systems: The billing and support systems company, based
in Surrey, said that talks about a potential offer for the company had ended
because of the market volatility.
Nintendo: First-half profits of the Japanese maker of video games and
consoles rose by 34 per cent, providing hope for the group that its DS and
Wii machines may prove bestsellers at Christmas. However, it cut its
forecasts for the full year by 3 per cent as the Japanese market felt the
effects of the global consumer slowdown.
Telecoms
Alcatel-Lucent: The French telecoms infrastructure group, said the
economic slowdown had spread in its developed markets and it would unveil a
strategy review in December to streamline the company.
Motorola: The American maker of mobile phones is to cut its global
workforce by 4.5 per cent. It reported a third-quarter net loss of $397
million (£244.3 million) after revenue fell 15 per cent and sales of mobile
devices slid 31 per cent.
Vodafone: The mobile phone group, based in Berkshire, announced a
strategic partnership with Mobile TeleSystems, the largest mobile phone
operator in Russia and the Commonwealth of Independent States. Under the
tie-up Vodafone — which is opening an office in Moscow — will supply MTS
customers with communications services.
Transport
Network Rail: The rail infrastructure company must increase the number
of trains arriving on time to 93 per cent on the busiest routes under a
five-year plan laid down by the Office of Rail Regulation, which also ruled
that Network Rail will have to get by with less money than it had requested
for 2009-14.
Ferrovial: The Spanish owner of BAA, the UK airports operator, reported
a fall in nine-month core earnings of 10.2 per cent to €2.1 billion (£1.67
billion).
Utilities
Carbon Trust: E.ON, the utility group, and Dame Ellen MacArthur, the
yachtswoman, are behind a campaign to urge business leaders to champion
energy efficiency and encourage employees to change their behaviour. The
Carbon Trust estimates that businesses could save £2.5 billion in the next
12 months and prevent the emission of 22 million tonnes of CO2 into the
atmosphere.
