UK profit warnings fall to seven-year low

Just 45 firms warned profits would be lower than expected from April to June, according to Ernst & Young, compared with 53 in the first quarter of the year - the BBC reports. It was the first time this number had fallen below 50 since 2003. However, E&Y says this figure is likely to rise due to the recently-announced public spending cuts. "UK plc could be in for another rough ride," Keith McGregor, restructuring partner at E&Y, says. "A number of companies have already cautioned that they expect much tougher times ahead when further fiscal tightening reins in public sector and cons...