Russia heading back to recession as Ukraine turmoil hits business June 4, 2014 Russian private sector output has fallen at its fastest rate in five years, according to survey data released today, prompting some to suggest that the country is yet again facing recession. The HSBC purchasing managers' index, compiled by Markit, sees the Russian headline output index fall to a five year low of 47.1 in May. [...]
Tesco share price is falling after sales plummeted again June 4, 2014 Another set of falling sales figures from Tesco this morning. The UK supermarket giant has reported a 3.7 per cent drop in like-for-like sales – 3.8 per cent when including petrol. That does mark the store’s third drop in a row but is, however, better than the four per cent decline analysts were expecting. Revenues [...]
Tesco market share sinks to a 20-year low June 3, 2014 TESCO boss Philip Clarke is under renewed pressure after figures out yesterday showed that customers abandoning its stores have caused the chain to suffer its worst loss in market share in 20 years. Analysts lashed out as data from Kantar WorldPanel revealed that Tesco’s sales slipped by 3.1 per cent year-on-year in the 12 weeks [...]
Bottom Line: It’s crunch time for Clarke and Philips June 3, 2014 THE NUMBERS are dire. Despite splashing out more than £3bn over the past year, the UK’s three biggest listed firms – Tesco, Sainsbury and Morrisons – are all shedding market share, with the former showing its weakest growth in 11 years. Analysts are slashing the sector left, right and centre, and with Tesco expected to reveal another [...]
Surveys show rosier outlook for China firms June 3, 2014 THE CHINESE economy firmed up in May according to two separate surveys, soothing concerns that the country’s growth is continuing to slow down. HSBC’s measure of China’s dominant manufacturing base suggested a milder dip in output, with a purchasing managers’ index (PMI) score of 49.4. Though any number below 50 suggests contraction, May was the strongest [...]
Asian markets buoyant on Chinese PMI data June 3, 2014 Asian markets are up for the second day after data showed the Chinese services sector grew at its fastest pace in six months in May. The official non-manufacturing purchasing managers' index rose from April's 54.8 to 55.5 in May, according to the National Bureau of Statistics. New orders reached an eight-month high of 52.7, up [...]
Ex-Aviva chief Moss ventures back into City June 2, 2014 FORMER Aviva boss Andrew Moss has re-emerged in his first role since being deposed from the FTSE 100 insurer two years ago. Moss, who was ousted from the company in 2012 after a revolt from shareholders, will join risk consultancy Parker Fitzgerald as chairman of the advisory board, the company confirmed yesterday. “His market knowledge [...]
London Report: Chinese factory figures see FTSE shares edge up June 2, 2014 BRITAIN’S top share index inched higher yesterday as upbeat Chinese factory data lifted mining stocks and as homebuilders shrugged off worse-than-expected mortgage approval figures in the UK. The blue-chip FTSE 100 index closed up 0.3 per cent, or 19.59 points, at 6,864.10 points. Mining stocks across Europe, including London-listed Rio Tinto and BHP Billiton, rose [...]
West Hill adds firepower to its advisory skills June 2, 2014 WEST Hill, a corporate finance boutique set up by former HSBC banker Andrew Galloway alongside former James Capel analyst Alan Richards, has added a capital raising vehicle for small cap companies to its offering. Galloway says he has set up the new facility because it now gives him the opportunity to help management teams looking [...]
Man Group in talks to buy US fund boutique May 29, 2014 THE WORLD’S biggest listed hedge fund Man Group yesterday confirmed it was in talks to buy US-based group Numeric Investors, the first time in over two years the highly acquisitive group has hit the dealmaking trail. Man, which bought hedge fund GLG in 2010 and fund advisory FRM in 2012, has been talking to the [...]