City morning headlines: Greece moves closer to bailout as High Street spending seen up

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Here’s a look at those stories and other news grabbing attention this morning:

These stories are breaking and may develop throughout the day. Keep checking the Standard’s business pages for the latest.

High Street spending

At 09.30am the latest figures on High Street spending will be released and economists are expecting them to show growth of 0.4% month-on-month.

Such a result would fuel expectations for stronger GDP growth – a reading of which is scheduled for publication next week.

South Korean growth hits skids

South Korea’s quarterly growth registered at its lowest in more than two years as a severe drought hit agriculture and an outbreak of Middle East respiratory syndrome hit tourism and consumption.

Credit Suisse results

Credit Suisse’s profits have beaten forecasts in the three months before former Prudential boss Tidjane Thiam took charge on in July.

Thiam says a new strategy will be unveiled before end of year, stoking speculation that could mean a shrinking investment bank and more Asian wealth management.

ISA switching rules

The Financial Conduct Authority brings in easier rules for cash savings, including seven-day ISA switching.

Companies news highlights:

SAB Miller revenues are up 3% thanks to Latin America and Africa, but European beverage volumes are down 6% in the last three months.

RBS sells a loss-making loan portfolio to Deutsche Bank for £400 million.

Aberdeen Asset Management sees £9.9 billion in outflows as investors dump Far East and emerging market equities. Assets under management are down around £23 billion at £307 billion. It also changes auditor after 32 years, appointing PwC.

Unilever’s first half revenues rise 12% and underlying growth is up 2.9%. Food stays flat, but personal care and homecare are stronger.

B&Q owner Kingfisher reports like-for-like sales up 3.5% in last ten weeks, improving on its first quarter.

Alliance Trust welcomes new Elliott nominated directors.

Britvic buys a Brazilian soft drink firm for £120 million and reports third quarter revenues up 1% but down in UK. It also announces a share placing.

Mothercare’s first quarter sales are down 5.2% on volatile international sales.

Premier Foods’ first quarter sales fall 1.6% ‘due to the early Easter’.

TSB, now a subsidiary of Spanish bank Sabadell, saw a 44% fall in profits due to a higher FSCS charge and lower lending.

Daily Mail and General Trust says its third quarter revenue is down 1% on weakness in newspapers and media.

Bloomsbury reports trading in line with guidance and flags that it is about to publish a Harry Potter picture book.

Fuller Smith & Tuner’s last 16 weeks saw like-for-like sales up 5.7%.

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July 23, 2015 |
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