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Tesco has reported an increase in profits for the first six months of this year despite a decrease in underlying sales for the UK. For the first half of the year though August 27, pre-tax profit was £1.9 billion, a 12.1% increase from the year before. Group sales increased 8.8% to a total of £35.5 billion. However without VAT or petrol, UK sales fell by 0.5%.
European shares rose yesterday after it was announced that the eurozone leaders were working closely with the International Monetary Fund (IMF) to negotiate a solution once and for all to the sovereign debt crisis. The hopes came after discussions occurred at G20 and at IMF meetings over the weekend.
Global mining giant Rio Tinto warned of the commodities markets slowing due to the health of the world’s leading economies after the company saw customers request for shipment delays of physical metals. Analysts believe this is a clear sign that the financial turmoil is beginning to affect the commodities sector. The warning represents a shift [...]
According to the CBI, after the rise in UK manufacturing orders in August, they fell again for the month of September. The CBI’s Industrial Trends Survey of around 470 manufacturing companies revealed that the number of orders was at their lowest since last October. Despite this, manufacturers are optimistic that orders would increase over the next three months.
In order to help stimulate the US economy, which is currently struggling, the Federal Reserve has set out a scheme called “Operation Twist”. Both US and Asian shares fell after this news.
Jaguar Land Rover has confirmed that it is creating a new car plant and creating up to 750 jobs at its new factory near Wolverhampton. The luxury car manufacturer is owned by Indian firm Tata and is investing £355 million in order to build low-emission engines. The site near the M54 is in a business [...]
According to business secretary Vince Cable, shareholders should be given more say on executive pay, in order to make sure executives do not have “rewards for failure”. While he maintained he did not want to control pay via the government but wanted shareholders to have more control, including a veto. Shareholder Control in the Face [...]
The finance director of Lloyds Banking Group, Tim Tookey, is set to leave the bank in February in order to join the insurance provider Friends Life. He makes the latest senior management official to leave the group since the arrival of new chief executive Antionio Horta-Osorio from Santander’s UK operations earlier in the year. Following [...]
Due to the UBS “rogue trader”, the bank has raised its estimation of loss to $2.3 billion (£1.5 billion). It had previously been $2 billion. In addition, Kweku Adoboli’s trading was uncovered after inquiries from UBS. Unauthorized Trading Mr. Adoboli admitted to the unauthorized trading on Wednesday and appeared in court on Friday, with charges [...]
Philip Dixon, director of the Association of Teachers and Lecturers Cymru, has issued a statement saying that a mass walkout of teachers would be “almost inevitable” if the Westminster Government “refused to negotiate” over the proposed plans to their pensions.
A federal auditor stated that while more and more companies are investing pensions into hedge funds, many pension fund trustees and administrators do not fully understand the nature of hedge funds or the true risk involved.
A new study by Baring Asset Management reports that 1 in 10 people – double from last year – say that they will have to retire between the ages of 66 to 70 to be able to make ends meet.
A recent survey shows that citizens of the UK are among the most pessimistic in the world when asked about their country’s economy.
ISA and pension lending has been found to force down the value of your shares without your knowledge.
Google and Motorola announced the merger between themselves on 15 August, after intense negotiations that saw Google paying a 63% premium over the actual costs of Motorola shares in the market. Google Seeks Technology Boost On 1 August, Google announced its intentions to offer $30 for every Motorola Mobility Holdings, Inc share. The internet giant [...]
As the uncertainty over the financial condition of the world grows it comes as no surprise that investors are choosing to put their money into safe options such as gold and treasury bonds. Gold could hit the $2,000 mark There are suggestion from City analysts that Gold could hit the $2,000 mark before the year [...]
