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Economics
Consumer confidence: The GfK NOP barometer of consumer confidence rose
to minus 35 in November, from minus 36 in October, but is still close to the
record low of minus 39 in July.
House prices: Figures from Nationwide, the mortgage lender, showed that
house prices fell in November at the slowest rate in a year, dropping by 0.4
per cent. The average house price is now £158,442, 13.9 per cent lower than
in November last year.
Stock market: The London market made strong gains as mining groups
soared and housebuilders were buoyed by Nationwide’s property price figures.
The FTSE 100 index rose nearly 2 per cent, up 73.41 points to 4,226.10
European Union confidence: The European Commission’s EU economic
sentiment indicator fell to 70.5 points in November from 77.2 in October,
hitting the lowest level since the survey was created in January 1985.
German unemployment: The total number of Germans out of work fell by
8,000 in November to 2.99 million, a drop of 390,000 against November 2007,
while the jobless rate was 0.1 percentage point lower to 7.1 per cent. On a
seasonally adjusted basis the jobless total fell by 10,000.
Spanish economy: Luis Rodriguez Zapatero, the Spanish Prime Minister,
unveiled an €11 billion (£9.2 billion) two-year package to boost the economy
and cut unemployment.
Banking
& finance
BlueBay Asset Management: Simon Treacher, manager of the £900 million
hedge fund, resigned after being accused of breaching internal valuation
policy, the company said, sending its shares down by 30 per cent.
National insurance: Women wishing to top up their basic state pension
should do so now before a 50 per cent increase in the cost of buying back
national insurance contributions comes into force in April, experts said.
UBS: The Swiss bank said its executives would forgo bonuses worth a
total of SwFr70 million (£38 million). But shareholders called for the
executives to be prosecuted after the $60 billion (£39 billion) bailout of
UBS by the Swiss Government last month.
Equitable Life: The life insurer has halted the sale of its £6 billion
with-profits fund after a year of trying to find a buyer.
Brewin Dolphin: The wealth management group raised its dividend after
revealing that it had won £1 billion in new mandates by poaching teams from
rival companies.
Construction
& property
Quintain Estates and Development: The property group reported a
first-half pre-tax loss of £52 million, after a £4 million loss last year.
Grainger: The Newcastle residential landlord reported a full-year loss
of £112 million, against pre-tax profits of £77.5 million last time, after
property writedowns.
Capital & Regional Property: The investment group is selling St
George’s Retail Park in Leicester for £32 million to a fund managed by
JPMorgan Asset Management and Kirkstone, operating partner.
Morgan Sindall Construction: The building group has secured a contract
for a £350 million development in Swindon, Wiltshire.
Consumer
goods
British American Tobacco: The Treasury is potentially facing a £5
billion black hole after a High Court defeat by British American Tobacco.
The cigarette maker had challenged HM Revenue & Customs over its policy
of taxing dividend payments from foreign subsidiaries. It could receive
about £1.2 billion.
Engineering
BAE Systems: The defence contractor confirmed that its office in South
Africa had been visited by anti-corruption police in connection with a
Serious Fraud Office investigation into alleged bribery .
Halma: The sensors group reported a 17 per cent rise in first-half
profits to £39 million and raised its interim dividend by 5 per cent to
3.15p.
Porsche: The German carmaker suffered a fresh setback in its campaign
to take control of Volkswagen when a regional court backed the state of
Lower Saxony’s blocking of the takeover. Lower Saxony has a 20 per cent
stake in Volkswagen.
Health
ProStrakan: The Scottish pharmaceuticals group said it had given an
exclusive licence to Bayer Schering to develop Tostran, its testosterone
replacement gel. Bayer Schering will make unspecified payments to
ProStrakan.
Industrials
ArcelorMittal: The world’s biggest steelmaker will cut 9,000
administrative and office jobs in a drive to save $1 billion (£646 million),
amounting to about 3 per cent of the workforce.
Leisure
TUI Travel: Europe’s biggest tour operator said it was cutting UK
capacity by 16 per cent next summer but insisted that the majority of
customers regarded their main holiday as an essential rather than a luxury.
Holidaybreak: The specialist travel group reported a “disappointing”
year, as robust trading from its camping division failed to make up for a
decline in short breaks. It said that it had negotiated modified covenants
with its banks in the event of a deterioration in trading.
Merlin Entertaintments: The visitor attraction operator behind Madame
Tussauds and Alton Towers said it would reduce the cost of entry after
deciding to pass on the full VAT reduction from Monday.
Media
Aegis: Robert Lerwill, chief executive of Aegis, the marketing group,
was ousted unexpectedly after a boardroom falling-out that reignited hopes
of a tie-up with Havas, its rival.
Telegraph Media Group: The newspaper company confirmed that it will cut
50 jobs, about 10 per cent, from its editorial staff because of a fall in
advertising revenue and the cost of newsprint.
Natural
resources
Tajik Aluminium Company: A lawsuit about the control of an aluminium
smelter in Tajikistan, which began last month at the High Court in London,
has been settled. Tajik Aluminium Company, the smelter’s state-controlled
operator, had accused Azar Nazarov, its former business partner, of
defrauding it of more than $500 million (£315 million). Mr Nazarov, who
denied the allegations, had sought about $130 million in a counter-claim.
Retailing
Moss Bros: Sir Philip Green, the retail billionaire, has ruled out an
imminent bid for Moss Bros, two weeks after buying a 28 per cent stake in
the menswear chain.
DSG International: The owner of Currys and PC World said it was scrapping
its dividend after reporting a half-year loss of £29.8 million, from a £52.5
million profit last time, and said trading remained “volatile”.
Home Retail Group: The owner of Argos and Homebase has bought the Alba
and Bush trademarks in a deal worth more than £15 million for exclusive use
of the names on consumer electronics goods on sale in Argos.
Kingfisher: The DIY retail group will shut down its Trade Depot stores
after a fall in sales across the group and heavy losses in China.
John Lewis: The department store group said sales since Sunday were in
line with the previous two weeks when trading fell by as much as 14 per
cent.
JD Sports Fashion: The retail group has indicated privately that it is
considering a bid for its rival, the Wigan-based JJB Sports.
MFI: Customers arriving at MFI furniture stores have been met by locked
gates and a notice from the administrators instructing them to call a
premium rate telephone line to make a claim.
Support
Services
Vacherin: The London catering group said it had won a five-year
contract worth £5 million to manage the catering and events facilities at
the Whitechapel Gallery when it opens in April after a £13.5 million
makeover.
AEA Technology: The energy and environment consultancy reported a 17
per cent rise in adjusted first-half pre-tax profits to £3.4 million.
Technology
Nokia: The world’s biggest mobile phone maker said it will stop selling
phones in Japan, except for its luxury Vertu brand, after struggling to
expand its presence.
Ericsson: The telecom equipment maker said it won a contract to manage
the 3G radio access network operations for T-Mobile and 3 UK. It said the
deal was a four-year managed services contract for the operation and
maintenance of a consolidated network.
Panasonic: The Japanese electronics and white goods group said that
full-year net profits would be 90 per cent lower than previously claimed.
Intel: The computer chip maker had been attempting to stop a marketing
company using the brand “Intelmark” in Britain but the European Court of
Justice court ruled that a resemblance between two brands was not enough to
refuse a trademark.
Telecoms
Mobile phone calls: European Union telecoms ministers have backed plans
to limit the price of sending text messages while travelling abroad in
Europe.
Transport
Ryanair: The no-frills carrier is to cancel all its Christmas and new
year flights at Newquay airport in Cornwall, blaming the decision on delays
involving the new ownership of the airport.
Utilities
Northumbrian Water: The utility said that energy costs are well over 50
per cent higher than last year and well above the level assumed by Ofwat in
the last price review, as it reported a 12.4 per cent fall in first-half
pre-tax profits to £77.1 million.
