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News Tag: shares

September 20, 2011

S&P downgrade Italy’s sovereign debt

by Kay Mitchell
”S&P
Credit ratings agency Standard & Poor’s (S&P) has today downgraded Italy’s sovereign debt by one notch to A from A+, and kept it on a negative outlook. The agency cited weak economic growth prospects, which may impact on the country’s ability to reduce its deficit. The Italian Senate recently passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the ...




September 12, 2011

ICB final report recommends ring-fencing

by Kay Mitchell
”ICB
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would "make it easier and less costly to resolve banks that get into trouble". The ICB, which was established in June 2010 to explore how taxpayers ...




September 2, 2011

Obama administration downgrade US economic growth prospects

by Kay Mitchell
”Obama
There have been fears of late that the US economy could fall back into recession this year but the Obama administration does not envisage this and is predicting growth of 1.7% this year – albeit 1% less than its forecast earlier this year. Official data from the Commerce Department show the economy grew by just 0.4% in the first ...




August 1, 2011

US reach agreement on raising US debt ceiling

by Kay Mitchell
”US
US President Barack Obama has announced Republican and Democratic leaders have come to an agreement on raising the Government debt ceiling to avoid defaulting on its debt. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a ...




July 22, 2011

Euro zone summit approves fresh Greek bailout

by Kay Mitchell
”Euro
Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece. A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme. Stock markets have risen today following the news with the Japan’s Nikkei closing up 1.2% and European shares up ...




July 21, 2011

Morgan Stanley shares rise after strong Q2 results

by Kay Mitchell
”Morgan
Wall Street banking giant Morgan Stanley has today reported a rise in quarter two revenues – beating forecasts. The US bank reported a 17% rise in revenues for the three months to the end of June totalling $9.3 billion (£5.7 billion) - up from $8 billion in the same period a year ago. However, the bank made a net loss of ...




July 13, 2011

IMF: Italy must introduce spending cuts

by Kay Mitchell
”IMF:
The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, the Government is now pressing ahead with a ...




July 11, 2011

European stocks and euro down on contagion fears

by Kay Mitchell
”European
Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt crisis in the euro zone after ...




EU officials in meeting to discuss euro zone contagion fears

by Kay Mitchell
”EU
European stocks were lower today after it emerged that top EU officials are meeting in Brussels to discuss the ongoing debt crisis in the euro zone. Germany’s DAX 30 lost 0.68% to 7,352.73, while France’s CAC 40 was down 0.89% to 3,878.60. London’s FTSE was 0.2% lower at 5,977.31. The meeting has been arranged as fears for Italy increase. ...




June 28, 2011

Thorntons announces store closures

by Kay Mitchell
”Thorntons
Chocolate retailer Thorntons has today announced plans to close 120 stores over the next three years. The firm also said, as part of a strategic review of the business, a further 60 shops could close as it blamed challenging trading conditions for the latest measures. The announcement comes just one day after it was revealed fashion retailer Jane Norman had entered administration. Furthermore, furniture chain Habitat ...




June 20, 2011

European stocks down on Greece loan decision

by Kay Mitchell
”European
Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. A statement issued by the ministers ...




June 9, 2011

Argos reports sharp fall in sales

by Kay Mitchell
”Argos
There is further evidence of consumers reining in their spending after Home Retail Group (HRG), the biggest household goods retailer, said sales fell 9.6% in the 13 weeks to the end of May. Shares in HRG sank 11% after the announcement – a 2½ year low – after it said trading conditions were challenging and consumers were opting not to purchase big-ticket ...




June 7, 2011

Struggling HMV secures future with refinancing agreement

by Kay Mitchell
”Struggling
Shares in troubled music, books and games retailer HMV have risen today after it emerged that it has secured a new refinancing deal with its lenders. The deal, worth £220 million, will see the taxpayer taking a stake in the company. The group’s main lenders are taxpayer-backed Royal Bank of Scotland and Lloyds Banking Group. Meanwhile, the announcement comes just a month ...




June 2, 2011

Weak US data sends Asian shares falling

by Kay Mitchell
”Weak
Asian shares fell today after the world’s largest economy raised fears of a slowdown. Figures issued in the US yesterday revealed manufacturing activity slowed to its lowest level since September 2009 and was weaker than economists had expected. Furthermore, payroll processing firm ADP said private employers created a less than expected 38,000 jobs last month and suggests tomorrow’s US unemployment data will ...




May 10, 2011

S&P cuts Greek credit rating by two notches

by Kay Mitchell
S&P cuts Greek credit rating by two notches
Rating agency Standard & Poor's (S&P) has today downgraded Greece's credit rating by two levels from BB- to B – the fourth cut by S&P since April 2010. The yield on Greek 10-year bonds surged to 15.7% - more than double the level of a year ago when the country was forced to accept an international bailout. The downgrade comes ...




April 6, 2011

M&S reports better than expected sales

by Kay Mitchell
”M&S
British retailing giant Marks and Spencer (M&S) has today reported like-for-like sales, which strip out new store openings, grew 0.1% in the 13 week period to 2 April. The figures were marginally better than expected and sent shares up 13.3p today to 353.5p. The 127-year-old retailer which sells clothes, food and homewares said general merchandise fell 3.9% but this was offset by a ...




April 5, 2011

HMV Group issues further profits warning

by Kay Mitchell
”HMV
Music, books, DVD and games retailer, HMV, has issued its third profits warning in as many months. It expects full-year pre-tax profits to be around £30 million - lower than the £38 million it estimated a month ago. The 90-year old retailer, which also owns Waterstone’s bookshops, in January said it was struggling to meet the terms of its lending agreements. At the ...




March 18, 2011

G7 nations agree to stabilise Japanese yen

by Kay Mitchell
G7 nations agree to stabilise Japanese yen
Finance ministers of the group of seven nations have agreed to intervene to stabilise the Japanese yen - which has reached record highs this week. Earlier this week, the yen reached a post-war record high against the US dollar following last Friday’s earthquake and tsunami. The disasters also sent global shares into freefall earlier this week but the worry for the world’s ...




March 17, 2011

Japanese yen hits record high

by Kay Mitchell
Japanese yen hits record high
The Japanese yen reached a post-war record high against the US dollar following last Friday's earthquake and tsunami. The disasters have sent global shares into freefall but the worry for the world’s third largest economy is a strong yen, which continues to weaken demand for exports. Today, Japan’s Nikkei 225 index fell a further 1.4% over fears about the impact a strong yen will ...




March 14, 2011

Japanese economy will recover from disasters say analysts

by Kay Mitchell
”Japanese
Last week’s earthquake and tsunami which hit Japan are set to cause “considerable” economic impact as the country faces a massive clean-up operation, a potential nuclear meltdown and power shortages. However, analysts have today said the world’s third largest economy will recover later this year. Over the weekend, the Japanese Government spoke of the 8.9 magnitude earthquake and the 13-foot tsunami ...