Diageo bullish as profits rise August 29, 2008 With two world wars and a few revolutions under its belt, alcoholic drinks giant Diageo is well placed to weather the economic downturn, its chief executive Paul Walsh said yesterday when announcing the group’s results – despite warning of slowing growth ahead. The maker of Guinness and Smirnoff posted a 2 per cent increase in [...]
Savills sales plunge fails to dampen mood August 29, 2008 Property group Savills was buoyant yesterday, despite a 41 per cent slump in first-half underlying pre-tax profit to £19.2m, owing to ailing commercial and residential property markets. The company saw its shares soar 17 per cent to 283.75p yesterday, as an 88 per cent fall in profits to £2.5m at its residential and commercial sales [...]
ITV faces exit from FTSE 100 August 29, 2008 Mobile phone retailer Carphone Warehouse and broadcaster ITV are in danger of being ousted from the blue chip FTSE 100 at its next quarterly review. The two will join pub chain Enterprise Inns and Ukrainian iron ore producer Ferrexpo, which have both fallen below 111th position in the FTSE ranking, based on their market capitalisation, [...]
Rate cut calls grow August 29, 2008 Bank of England monetary policy committee (MPC) member David “Danny” Blanchflower warned two million Britons could be out of work by Christmas as he urged the central bank to cut interest rates. Blanchflower, who has voted for a rate cut at the past eight monthly MPC meetings, said yesterday that a cut of more than [...]
House price fall takes UK to the brink August 29, 2008 Economy on the verge of crisis as house prices fall at their sharpest rate for 18 years Fresh evidence that Britain’s economy is on the brink of crisis continues to emerge after August house prices fell at their sharpest annual rate in 18 years and retail sales slumped. House prices fell 1.9 per cent during [...]
Hargreaves: UK economy to shrink for 18 months August 28, 2008 The recession in the UK could last up to 18 months, chief executive of Bristol-based fund manager Hargreaves Lansdown warned yesterday. Peter Hargreaves, the cofounder of the firm, said that he expects the FTSE 100 index to fall below the 5,000 mark and that there could be up to six quarters of negative growth, worse [...]
Paddy Power cuts forecasts August 28, 2008 Bookmaker Paddy Power yesterday slashed its annual earnings forecasts, prompting a slump in its stock market value as investors dumped shares in the Dublin-based company. Winnings in favour of customers backing Irish golfer Padraig Hamilton at both the British Open and the US PGA championship as well as in almost two thirds of matches played [...]
Taylor Wimpey profits hit by £1.5bn writedown August 28, 2008 Housebuilder Taylor Wimpey’s first half profits fell sharply after writing down a massive £1.5bn loss on the value of its property assets. The new homes specialist, which earlier in the year warned it would breach its banking covenant over the full year, said yesterday that it was still in talks with its bankers about revising [...]
Darling under fire as City exodus looms August 27, 2008 Two more leading financial services firms warn that they may quit Britain over tax Brit Insurance CEO Dane Douetil, a leading figure in the Lloyd’s of London market, has reignited fears of a mass exodus of big business from British shores, by confirming that his firm is seriously considering leaving the UK for another tax [...]
FDIC predicts more trouble for US banks August 27, 2008 The US banking sector saw its profits nosedive by 86 per cent in the second quarter as the number of banks in crisis reached new heights, the Federal Deposit Insurance Corporation said yesterday. Ongoing deterioration in the housing and credit markets saw federally-insured banks earn just $5bn (£2.5bn) in the second quarter, compared with $36.8bn [...]