Concern over Chinese growth and US manufacturing data continue to weigh on shares. With the US markets set to open lower continuing heavy falls yesterday the FTSE100 has been trading lower all morning and this is likely to continue into the afternoon, other European indices are also heavily in the red. There are no other major US figures to be released today.
Royal Mail (RMG.L) has reported a 2% increase in like-for-like revenues for the first 9 months of this financial year, driven mainly by better parcel revenue growth however this still slowed in the run up to christmas and the share price is currently trading downwards. Parcels now account for 51% of group total revenues. They also account for 41% of the revenues of its UK Parcels, International and Letters unit, up from 38% in the first nine months of its last financial year.
The company said in a statement “”We saw good growth in account parcel volumes, despite some customer reaction to possible industrial action, and Parcelforce Worldwide grew strongly. However, there were declines in consumer volumes, including large uneconomic items that exited the core network following the introduction of size-based pricing,”.
Elsewhere, Cairn Energy Plc (CNE.L) became the latest company on the hitlist for Indian tax authority. They confirmed today they had been contacted about their 2007 taxes. The Indian tax authorities have recently been increasing attempts to collect back taxes from international companies as it tries to balance the books and bring down its budget deficit. Other companies targeted include Vodafone, IBM and Royal Dutch Shell.
Concern over Chinese growth and US manufacturing data continue to weigh on shares. With the US markets set to open lower continuing heavy falls yesterday the FTSE100 has been trading lower all morning and this is likely to continue into the afternoon, other European indices are also heavily in the red. There are no other major US figures to be released today.
Royal Mail (RMG.L) has reported a 2% increase in like-for-like revenues for the first 9 months of this financial year, driven mainly by better parcel revenue growth however this still slowed in the run up to christmas and the share price is currently trading downwards. Parcels now account for 51% of group total revenues. They also account for 41% of the revenues of its UK Parcels, International and Letters unit, up from 38% in the first nine months of its last financial year.
The company said in a statement “”We saw good growth in account parcel volumes, despite some customer reaction to possible industrial action, and Parcelforce Worldwide grew strongly. However, there were declines in consumer volumes, including large uneconomic items that exited the core network following the introduction of size-based pricing,”.
Elsewhere, Cairn Energy Plc (CNE.L) became the latest company on the hitlist for Indian tax authority. They confirmed today they had been contacted about their 2007 taxes. The Indian tax authorities have recently been increasing attempts to collect back taxes from international companies as it tries to balance the books and bring down its budget deficit. Other companies targeted include Vodafone, IBM and Royal Dutch Shell.