Google shares took a massive plunge after the web giant accidentally released the details of their quarterly performance to the public early.
The mistake is thought to have cost Google £13.7bn, and has confirmed suspicions that the company is suffering the results of decreased revenue from web advertisers.
Bellway, one of the U.K.'s leading housebuilders, has today announced profits of £44.4 million for the year ended July 2010 compared to a £29.8 million loss last year. However, shares in the company are down 5% in early trading amid concerns that after the traditional summer lull the housing market has yet to see a marked pickup in business levels.
Troubled UK retailer Blacks Leisure is today in takeover talks with "a number of interested parties" although no formal offer has yet been received. This is a company which has been very much in the headlines over the last few years due to reduced trade, financial difficulties and management changes. So could the final chapter of the Blacks Leisure story be one the way?
The sale of 300 Royal Bank of Scotland branches has this weekend been given the approval of the European Commission with Spanish giant Santander acquiring the assets in question. This is the final piece of the jigsaw in relation to the UK government's recent bailout of Royal Bank of Scotland and fulfils the requirements of a European Commission order to reduce the company's share of the UK banking arena.
Even before we saw actual signs of a downturn in the UK economy, with quarterly growth expected to fall from 1.2% to around 0.5%, there was talk in the press of a slowdown which did impact upon sentiment within the UK. But why is sentiment so important to investment markets?
Equitable Life, the former highflying financial giant of the UK, is back in the news today with confirmation that the UK government will this week announce a £1.5 billion compensation package which is significantly better than the initial £400 million package recommended by a review of the near collapse. While this does not come close to the estimated £5 billion losses as a result of the collapse of various policies administered by Equitable Life it is a distinct improvement on the initial offer.
The ongoing court case regarding former Polly Peck Chief Executive Asil Nadir has reached a very interesting stage today with news that many of the papers relating to the alleged fraudulent activity within the company back in 1991 have been infected. It is believed that investigators from the Serious Fraud Office are being forced to wear masks and gloves when handling the paperwork which has been stored for many years ago and now appears to be suffering from microbial infection. Will this affect the court case?
Vince Cable, the business secretary, has today confirmed that the UK government will look to push through a sale of Royal Mail before the next election. It is believed that the government will try to sweeten the deal with a promise that employees and local communities will be able to apply for discounted shares in the flotation although this is unlikely to pacify unions who are steadfastly against the sale of Royal Mail.
Standard Chartered, the UK-based banking operation with major exposure to the Far East, has today announced a £3.3 billion rights issue which will boost the company's core tier 1 capital ratio. This is the measure of financial strength in the worldwide banking sector and the additional funding is required to comply with forthcoming Basel III rule changes on capital adequacy. This comes despite the fact that banks officially have until 2019 to comply with the new regulations.
There are signs that a whole host of commodity prices around the world, such as gold and copper, are set to push further ahead amid speculation that US authorities are on the verge of announcing a number of fiscal stimulus programs. It is believed that the weakness in the US economy could see the US Federal reserve announce plans to buy more government debt in the short to medium term to support the economy.
