London pre-open: Yesterday's losses set to continue
Wed 07 Mar 2012
LONDON (SHARECAST) - City sources predict the FTSE 100 will open down four points from yesterday's close of 5,766, continuing the pattern of the previous session which saw the index plunge two percent, or 109.2 points, on concerns over Greek debt and a worsening global economic outlook.
Banking titan HSBC's sale of peripheral parts of its operations has continued with the sale of its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico. The businesses, jointly owned with Hang Seng Bank, have been sold to French insurance giant AXA and Australian firm QBE Insurance Group, with the former taking the general insurance portfolios from Hong Kong, Singapore and Mexico, while QBE is scooping up the rest.
Power systems giant Rolls-Royce has announced that it will soon begin flight tests of an engine upgrade for the US Air Force's T56 turboprop engine, which is expected to deliver 'significant benefits' to the fleet of C-130H transport aircraft.
RPS Group, the acquisitive development, environmental and energy resources consultancy, is keen to carry on its international diversification. The group noted that almost two-thirds of its underlying profit is now earned outside Europe, as it unveiled full year profits before tax and amortisation for 2011 of £50.8m, up from £48.0m the year before, and marginally ahead of market expectations of £50.6m.