Cavanagh Group has issued a profit warning, blaming the integration of Ernst & Young Financial Management and higher than expected trading costs. The IFA which specialises in advising the legal and accountancy professions says it expects to go into profit in the first half of 2005 rather than December 2004 as previously predicted. Shares fell 12 per cent to 88p on the announcement and are now almost half their value of 170p three months ago.
Bristol & West Mortgages
5.05% Five Year Fixed
The Mortgage Operation
Woolwich 4.99% Fixed Rate
Bank of Ireland Mortgages’ first start loan will be sold through sister company Bristol & West by the end of the first quarter of 2005.
It has been two years since the FSA doomed polarisation and now the industry finally knows just what what the future holds.
What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.
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