Ericsson on brink of £1.2bn Marconi deal October 25, 2005 Swedish mobile phones giant Ericsson is expected to announce a £1.2bn cash deal this morning to purchase the major assets of British engineering group Marconi. Marconi shareholders are expected to receive a cash pay out of £2.50 to £3 per share at the start of next year. That is close to the price shares in [...]
House price drop cannot be hidden October 24, 2005 Annual house price inflation was 1.8 per cent according to the latest analysis by the Nationwide Building Society. That is the lowest figure since May 1996, but it is still an exaggeration. Prices rose by 1.8 per cent in the six months to last April — but they have not risen at all in the [...]
Max Petroleum set for AIM flotation October 24, 2005 Max Petroleum is to become the eighth largest AIM quote this year in the ever-growing oil and gas sector when it floats on Wednesday. The company is raising £26m and expects to reach a market capitalisation of £90m. It is also due to list in Frankfurt on the same day. The group specialises in oil [...]
London is too taxed October 24, 2005 The government is imposing an onerous and discriminatory system on taxpayers in London, according to a recent survey. The survey by Williams de Broe into regional disparities in the cost of living has found that the starting point for income tax in London should be £1,550 higher than in the country’s poorest region, Northern Ireland, [...]
House prices slip again October 24, 2005 House prices have fallen for the 16th consecutive month according to the Hometrack October survey. This pours cold water on recent claims that the market is picking up. Hometrack says that the average house price has fallen by 3.5 per cent to £160,000 over the past 12 months from a peak of £167,000 in June [...]
Record profit warnings October 21, 2005 The number of British companies issuing profit warnings in September surged to a four-year record due to difficult market and trading conditions. According to research by Ernst & Young, 103 firms listed on the London Stock Exchange issued a warning in the three months to 30 September. This represents a rise of 39 per cent [...]
Porsche upbeat about vehicles sales target October 21, 2005 German luxury carmaker Porsche will hit its mid-term vehicles sales target earlier than planned, its sales chief told German industry newspaper Automobilwoche. “We will not have to wait until 2008 to reach annual sales of 100,000 units,” Hans Riedel said in an interview to be published this morning. In the fiscal year that ended in [...]
China GDP on a roll October 21, 2005 China’s economy recorded a whopping 9.4 per cent growth in the last quarter, leaving the anaemic economies of the West far behind. Growth exceeded analysts’ expectations as the Chinese juggernaut was bolstered by strong exports and high public spending. Real gross domestic product (GDP) grew by 9.4 per cent on last year on the back [...]
Brown shaves £3bn off budget deficit October 21, 2005 Chancellor Gordon Brown got off lightly yesterday when the public sector finance figures released by the Treasury looked much healthier than expected. However, analysts suspect some sleight of hand in the way the figure has been calculated. The budget deficit narrowed to £14.6bn for the first six months of fiscal year 2005-2006, down from £17.6bn [...]
Morrisons to launch cost cutting drive October 21, 2005 Sir Ken Morrison revealed yesterday that he had no plans to quit the retail business his father founded and planned to lead the enlarged supermarket into the post-Safeway era. “My present intention is to stay around for another two to three years,” he said The conversion of former Safeway stores into Morrisons outlets will be [...]