Before the open – 25/07 July 25, 2013 Today will show whether growth is accelerating in the UK, with second quarter GDP out later. After a limp 0.3 per cent growth in the first quarter, economists are now forecasting that we'll see the economy grew by as much as 0.6 per cent in the second quarter. Asian equities fail to respond to #China’s [...]
Unilever warns of slowing growth in emerging markets and little sign of recovery in North America and Europe July 25, 2013 Consumer goods company Unilever has warned that emerging markets are facing slowdown, as it posts results for the first half of 2013 (release). Growth is slowing in emerging markets, as macro-economic headwinds influence consumer behaviour. Within this overall trend we see a mixed picture across the major countries reflecting different local circumstances. Developed markets remain [...]
Rolls Royce sees profits soar as Airbus A350 takes off July 25, 2013 Rolls Royce has announced pre-tax profits of £840m for the half-year ended 30 June, up £212m the same period last year (release). Excluding Tognum, the German propulsion and energy system specialist (which did not feature in a fully consolidated form in the group's results last year), underlying profit before tax was up by 32 per [...]
BT reports profit and revenues fall in second quarter July 25, 2013 Telecoms company BT has reported a revenues fall of one per cent, down to £4.449bn, for the period from the first quarter to 30 June (release). The biggest revenues fallers were Wholesale (down six per cent) and Global Services and Openreach (both down by two per cent). Profit before tax fell by 16 per cent [...]
Travis Perkins announces new CEO as cold weather sees profits fall July 25, 2013 Builders merchant Travis Perkins has announced the appointment of a new chief executive officer – John Carter – who will replace the incumbent Geoff Cooper on 1 January 2014 (release). Geoff Cooper has been CEO since 2005, and retires as he approaches his 60th birthday next March. Commenting on the succession, non-executive chairman, Robert Walker [...]
Credit Suisse up in pre-market trading as results beat expectations July 25, 2013 Switzerland's Credit Suisse is doing well in pre-market trading – up 0.7 per cent right now – after some better than expected results out this morning (release). The bank posted net income for the second quarter of CHF 1.05bn (£0.73bn), beating forecasts of CHF 1.03bn (£0.72bn). Brady W. Dougan, chief executive officer, said: With an [...]
Amendment to defund US National Security Agency fails narrowly July 25, 2013 (Rep Justin Amash pictured, second from right) Last night saw an amendment proposed to the latest US defence spending bill by representative Justin Amash narrowly defeated. If it had been successful, the amendment would have curbed the ability of the National Security Agency (NSA) to snoop on the communications of Americans. A majority of Democrats [...]
How to secure a place on the MBA course of your choosing July 24, 2013 Business schools will typically look for three different qualities DECIDING to study for a Masters of Business Administration (MBA) is a significant step. But it is arguably the easiest part of the process: far harder is securing a place at your preferred school. According to QS TopMBA, most candidates apply on average to between two [...]
Standard & Poor’s cuts ratings on 18 Italian banks citing prolonged high cost of funding July 24, 2013 Ratings agency Standard & Poor’s has cut its ratings on 18 Italian banks, citing increased industry risks from a sustained higher cost of funding than in most other eurozone banking markets. It added that it doesn’t see Italy’s downward per capita GDP trend reversing in 2014. The rating cuts complete a review initiated after S&P [...]
Hollande subject to further ridicule as French jobless claims hits record high July 24, 2013 The number of people claiming unemployment benefits in France shot to a record high of 3.279m in June – up 11.2 per cent from the year before and half a percentage point from May 2013. This will be a blow for French president Francois Hollande who infamously said earlier this month that “the economic recovery [...]