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Economics
The economy: Official figures showed that Britain remained in recession
in the third quarter, although GDP fell by 0.3 per cent, up from an initial
estimate of a fall of 0.4 per cent. Household spending stabilised and the
decline the in the services sector was less severe than anticipated.
German confidence: The forward-looking GFK indicator of German consumer
morale fell to 3.7 for December, down from 4 in November. This is the first
time the index has fallen for two consecutive months since the collapse of
Lehman Brothers last year.
The dollar: The US Dollar Index, which measures the greenback against a
basket of currencies, fell to 74.399 points in morning trading yesterday,
its lowest level since August 2008.
US unemployment: Official figures showed that new claims for US
unemployment benefits fell by 35,000 to 466,000 in the week to November 21,
the lowest number of new claimants since September last year and much lower
than forecasts of 500,000.
US durable goods orders: Official figures showed that US durable goods
orders fell by 0.6 per cent in October, after September’s figures were
revised to show a rise of 2 per cent, up from an initial estimate of 1.4 per
cent.
US housing: Official figures showed that Sales of US single- family
homes rose to an annual rate of 430,000 in October, from from 405,000 in
September and beating expectations of 410,000.
Banking
&
finance
London Stock Exchange: The bourse reported half-year pre-tax profits
down by 37 per cent to £79.4 million. Nearly all of the decline was seen in
its core capital markets operation, which includes equities trading in
London, because of the entry of new competition and a fall-off in business.
Banking governance: Banks will be forced to disclose the salaries of
their most highly paid employees under a tightening up of a key
recommendation in the Walker Review into the governance of banks.
Overdraft charges: Millions of bank customers hoping for refunds on
overdraft charges were left disappointed after the high street banks won a
landmark case in the Supreme Court.
TPG: Australia’s tax office has hit the US private equity group with a
$628 million (£376.7 million) bill for tax and penalties in a dispute that
threatens to deter foreign investment in the country.
Cattles: The London-listed doorstep lender, based in West Yorkshire,
said that it had agreed a standstill arrangement with its key creditors,
subject to approval by bondholders, that would give it breathing space on
the repayment of its £2.7 billion debt.
Construction & property
Dubai World: The Dubai Government is to ask creditors of the
state-owned conglomerate, which is behind the emirate’s massive property
expansion, for a standstill on all its liabilities as accountants are
appointed to restructure the debt-laden group.
Rugby Estates Investment Trust: An attempt by Terra Investments, a
Laxey Partners’ investment vehicle, to take over Rugby Estates has lapsed
after it failed to receive enough acceptances from Rugby shareholders.
Hansteen: The industrial property group has made a £56.8 million bid
for Kenmore European Industrial Fund just weeks after Kenmore’s parent
company went into administration.
Consumer
goods
Britvic: The London-listed soft drinks group reported a 23 per cent
rise in full-year pre-tax profits to £86.5 million.
Greencore: The Irish food company, which is Britain’s biggest sandwich
maker, reported full-year profits in line with forecasts and said it
anticipated modest earnings growth in 2010 as its main markets improved.
Finsbury Foods: The Cardiff bread and cake maker revealed that sales in
its cake business fell by 6 per cent in the 17 weeks to the end of October,
slightly ahead of the overall cake market which has declined by nearly 4 per
cent.
Cadbury: Trian Fund Management, the US hedge fund, said that it has
reduced its stake in the London-listed confectionery group to 2.68 per cent,
from 3.03 per cent, citing portfolio “adjustments”. It also owns shares in
Kraft, the US food group which has mounted a £10.2 billion hostile bid for
Cadbury.
Engineering
Porsche: The German carmaker is heading for a second consecutive
full-year loss after its failed takeover of Volkswagen.
Vauxhall: General Motors, the US carmaker, intends to step up
production at its Vauxhall plant in Ellesmere Port, Cheshire, from two to
three shifts a day and to expand output from 140,000 cars a year to 190,000,
according to a source. GM has confirmed its plans to cut 9,000 jobs from its
Opel and Vauxhall plants in Europe as part of a €3.3 billion (£3 billion)
restructuring.
Health
GW Pharmaceuticals: The London-listed group, based in Wiltshire,
reported its first full-year pre-tax profit of £1.2 million, compared with a
loss of £10.2 million a year ago. The cannabis medicine specialist, which
has developed Sativex as a treatment for multiple sclerosis, said UK
regulatory approval of the drug in 2010 would bring milestone payments of
£10 million from Bayer, its German partner.
Industrials
Johnson Matthey: The London-listed chemicals company and manufacturer
of catalytic converters has predicted a partial recovery in its business
thanks to a rise in worldwide car production during September and October.
The company generates about half its profits from the converters, which
reduce emissions.
Leisure
Internet gambling: Barney Frank, chairman of the US House of
Representatives Financial Services Committee, will next week seek to push
forward efforts to scrap the ban on internet gambling at a hearing on
regulation.
Sportingbet: The AIM-listed online gaming group said net gaming
revenues rose by 26 per cent to £48.6 million in the three months to October
31. But it added that profits for the quarter were hit by a poor run of
Australian horse racing results.
Media
BBC: The corporation said that its iPlayer will be made available to
Freesat customers, the first time that a non-subscription satellite
television service has offered the catch-up platform.
Natural
resources
Coalcorp Mining: Shares in the Canadian group rose by as much as 39 per
cent after it said that it had settled arbitrations with Glencore
International, the Swiss metals company.
Minara Resources : The Australian nickel miner will submit a joint bid
with a Chinese company for BHP Billiton’s Ravensthorpe nickel operation in
Western Australia, according to reports.
Gold: The International Monetary Fund said that it had sold 10 metric
tonnes of gold to the Central Bank of Sri Lanka, with proceeds equivalent to
$375 million (£224.9 million).
Retailing
Tiffany: The New York jeweller reported third-quarter profits of $43.3
million (£25.9 million), down by 1 per cent from $43.8 million a year ago,
but ahead of analysts’ expectations.
HobbyCraft The out-of-town arts and crafts store reported a rise of 67
per cent in full-year pre-tax profits to £5.4 million, on a turnover of
£68.7 million.
French Connection: The fashion label and retailer reported an 8 per
cent rise in revenue in the three months to October 30, as the weak pound
boosted the value of international earnings.
Borders UK: The bookseller is understood to be likely to appoint BDO
Stoy Hayward as its administrator today, putting 1,100 jobs at risk.
Support
services
Harvey Nash: The London-listed recruitment group reported a fall of 72
per cent in adjusted third-quarter pre-tax profits, with revenues down by 23
per cent. It also gave a warning about its full-year profits as businesses
continue to shy away from recruiting staff during the recession.
Photo-Me International: The photo booth operator, based in Surrey, said
that it expects the current financial year to be better than expected after
its cost-cutting actions had reaped rewards.
Speedy Hire: The London-listed tool hire company, based in Merseyside,
reported an underlying first-half loss of £4.8 million, compared with an
adjusted pre-tax profit of £23.8 million a year ago, and said that it was
continuing to suffer from deferrals.
Compass: Shares in the London-listed contract catering company hit a
seven-year high after it beat City expectations when it reported a 37 per
cent increase in full-year profits.
Technology
Apple iPhone: Tesco Mobile said that it will begin selling the Apple
iPhone 3G and 3GS before Christmas in a surprise move that may spark a price
war.
Telecoms
Giffgaff: The “people-powered network”, owned by O2, that credits users
when they sign up new customers, has launched its services this week. It
said that calls using the SIM-only service will be charged at 8p a minute,
while texts will cost 4p each.
France Télécom: The group said that it has boosted its
presence in Switzerland after pooling its assets in the country with TDC’s
Sunrise and paying €1.5 billion (£1.3 billion)for a 75 per cent stake in the
merged company. It is the latest sign of consolidation in the European
mobile sector after the recent merger of Orange and T-Mobile in Britain.
Transport
Bmi: The former British Midland has announced 600 redundancies and the
closure of seven routes as the struggling airline looks to cut costs. Bmi
will also start returning its A330 aircraft to leasing companies,
effectively ending its hopes of rivalling British Airways as a long-haul
carrier.
Utilities
United Utilities: The water company that supplies seven million people
in the North West said that it had sold its minority stakes in Northern Gas
Networks and the Manila Water Company to the majority shareholders,
realising about £130 million. It also plans to sell its last remaining
non-regulated businesses in the UK, Australia and the Middle East, which
could raise another £270 million. The sale will mark the transformation of
United Utilities from a mini-conglomerate into only a water business.
Electricité de France: The French Government has approved the
appointment of Henri Proglio as chief executive of the state-controlled
utility, replacing Pierre Gadonneix. Mr Proglio is chief executive of Veolia
Environnement.
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