Q and A: What are these fines for? December 4, 2013 Q Why have these banks had to pay €1.7bn to the European Commission? A The banks’ traders were found to have colluded to fiddle interest rates. They would contact other traders in other banks and decide where to push benchmark interest rates. They have paid up to settle the EC’s antitrust claims against them. Q [...]
Tesco says £1bn plan on track as troubles mount December 4, 2013 TESCO boss Philip Clarke insisted yesterday that his £1bn investment plan to turn the retailer around was “firmly on track” despite posting a slump in trading across all of its markets. UK like-for-like sales fell 1.5 per cent in the third quarter to 23 November compared with flat sales in the second quarter and in [...]
India factories growing again December 4, 2013 A NEW report says that Indian manufacturing returned to growth last month, after a tough summer. HSBC’s emerging markets index, released today, also suggests that November saw the fastest growth in developing economies since March. The index reached 52.1, indicating an expansion.
Tesco sees UK sales drop 1.5 per cent in third quarter December 4, 2013 Tesco has announced a 1.5 per cent fall in like-for-like sales in the three months to 23 November, which it says is down to a weaker UK grocery market. Underlying sales fell in every country in which it operates. The sobering news is in line with predictions from Citi analysts. It doesn't bode well for [...]
Europe hands out hefty fines to global banks December 3, 2013 THE EUROPEAN Commission is set to impose heavy fines on a number of global banks including Citigroup, Deutsche Bank and RBS later this morning, over allegations that they rigged key interest rate benchmarks. The fines could break European antitrust enforcement records and run to several hundred million euros each, based on the level of involvement [...]
Britons in top three for leaving big inheritances to their children December 3, 2013 BRITAIN’S pensioners plan to leave more to their children than any others in the western world, an HSBC study showed yesterday. Two-thirds expect to leave something to their families, with an average value of £182,144 – well above next ranked country France where the figure stands at £143,379. Only two countries in the world expect [...]
London Report: Steepest fall for the FTSE since mid-November December 3, 2013 MINERS and oil companies led Britain’s FTSE 100 lower yesterday as strong economic data prompted investors to bet that equity-friendly monetary stimulus would soon be reduced. The FTSE 100 closed down 62.90 points, or one per cent, at 6,532.43 points, its sharpest one-day fall since mid-November. The blue-chip index has fallen roughly two per cent [...]
Investors dump Tesco as analysts slash price December 2, 2013 TESCO shares continued their downward slump yesterday, dropping a further two per cent after HSBC downgraded its stock to “underweight” and urged the supermarket to cut profit margins to win back customers. Analysts at the bank slashed the retailer’s target price from 400p to 340p and added their voice to the swathe of brokers who [...]
Bottom Line: A shift at Tesco could change the whole market December 2, 2013 TESCO wasn’t the only supermarket moving downwards yesterday. As shares in the UK’s biggest grocer continued their downward trend, fellow retailers Sainsbury’s and Morrisons dipped in sympathy – despite the former recently topping profit forecasts and outshining its competitors. So why all the discontent in the aisles? HSBC’s note on Tesco yesterday, in which it [...]
London Report: Miners and Tesco drag on the FTSE December 2, 2013 WEAK miners dented top UK shares yesterday, tracking copper prices lower as traders bet on more falls for the broader market, while Tesco dropped on analyst downgrades ahead of a trading update this week. Miners shed two per cent, hit by a lower copper price as concerns over swelling supplies overshadowed improved manufacturing data from [...]