London pre-open: Greek deal worries spark lower start to the day

B.C. | ShareCast | 10 Feb, 2012 07:29 - Updated: 08:31 | | |

Fried Breakfast

Converns over possible shortfalls in the Greek bailout deal, unveiled yesterday, have prompted City sources to predict that the market will open as much as 27 points lower that its close of 5,895 on Thursday.

Profit before tax at UK lender Barclays fell 3% and short of expectations in 2011, while adjusted income fell by a further 8%, reflecting a fall in income at its investment bank, Barclays Capital. Profit before tax fell from £6,065m to £5,879m in the 12 months ended December 31st, mainly attributable to a £1,000m provision for the redress of Payment Protection Insurance (PPI) that wasn't recorded last year. The adjusted profit before tax figure, which excludes certain items such as the PPI figure, fell by a lesser 2%.

Cable and Wireless Communications is making better than expected progress with the restructuring of its Bahamas operations but things are still proving tough in Panama. The firm, which operates telecoms businesses in the Caribbean, Panama, Macau and Monaco, said the Bahamas, and also Macau, are both expected to exceed previous guidance for the full year. In Panama, however, the company is facing intensified competition in the mobile phone market, pressures on margins and is seeing slower progress on enterprise contracts.

Closed life fund consolidator Phoenix Group said it is no longer in bid talks with CVC Capital Partners. The company said the terms being offered by CVC did not reflect Phoenix management's view of the full value of the group. The talks have been in progress since late November 2011 after merger discussions with fellow life assurance group Resolution broke down.

More news

21:56 US close: Markets slide amid as consumers' confidence declines

US stocks fell on Tuesday, as small-cap and energy shares dropped after an unexpected decline in consumer confidence.

23:01 CDC confirms first case of Ebola in US

The first confirmed case of Ebola in the US was diagnosed late on Tuesday, the Centers for Disease Control and Prevention (CDC) confirmed.

21:00 Pimco executives insist the company is moving forward

Pimco executives looked to reassure the market and said the firm remains in an excellent position, despite the departure of co-founder Bill Gross.

19:47 Bonds: UK no longer one of the world's top debtor countries

These were the movements in some of the most widely followed sovereign bonds on Friday:

19:55 BoE should not be too specific in terms of interest rate guidance, says Miles.

David Miles, a member of the Monetary Policy Committee of the Bank of England (BoE) said the bank should not be too specific when it comes to providing guidance on the future path of interest rates.

18:56 Ello's founder defends ad-free model on the internet

Paul Budnitz, the founder of social network Ello, has dismissed criticism that the network’s ad-free service will render the product unappealing from a business point view in the long-term.

18:47 Miles (BoE): Still useful to say future rate rises will probably be gradual

18:03 Market overview: UK stocks track Wall Street and copper futures lower

1630:Close UK shares fell back again slightly on Tuesday, tracking the drift lower seen in US stocks. That came despite a sharp rise in European stocks as traders moved to price in the possibility of quantitative easing by the European Central Bank. That sent the European single currency lower by 0.54% to 1.2622. Three-month copper futures on the LME ended the day off by 1% at $6,676 per metric tonne on the heels of a downward revision to the HSBC Chinese manufacturing sector purchasing managers’ index for September. Associated British Foods led advancers after an upgrade out of Credit Suisse to ‘outperform’. Next and Prudential led on the downside on the top flight index. FTSE 100 down 24 to 6,622.7.

17:59 Fitch expects global growth to pick up over the next two years

Global growth will pick up in 2015 and 2016, according to Fitch Ratings’ latest global economic outlook (GEO).

17:38 Pizza Express owner Fulham Shore announces Kefi acquisition

Restaurant chain owners, Fullam Shore announced on Tuesday that the firm has made a conditional agreement deal to buy 99% of Kefi, owner of The Real Greek restaurant chain.



First strike by RAF jets against Isil targets in Iraq

The Ministry of Defence (MoD) has reported that Royal Air Force (RAF) jets have attacked Islamic State (Isil) targets in Iraq.


Jameel Ahmed, “The Fed won’t he in any hurry to raise rates, it may happen in the last part of 2015”