A 32-month high for Eurozone economic growth March 5, 2014 Manufacturing and services activity in the Eurozone hit a 32-month high in February, with Markit’s composite purchase managers’ index hitting 53.3. Analysts had expected a reading of 52.7. The Eurozone service sector improved in the month, also beating estimates at 52.6 (expected 51.7, just above January’s reading). The readings, says IHS Global Insight's Howard Archer, [...]
Cuadrilla geologist ups shale gas estimate by 50 per cent March 5, 2014 Estimates of shale gas reserves in parts of the North West of England have been raised by 50 per cent. A geologist with shale gas explorer Cuadrilla, said there could be as much as 330 trillion cubic feet (tcf) of shale gas in the company's licensed area, according to the BBC. Using data from fracking [...]
StanChart shares jump despite ugly results March 5, 2014 Emerging markets bank Standard Chartered has posted a full-year profit go $6.9bn (£4.1bn) for last year, down seven per cent on 2012, saying it didn’t have “a great year”. Statutory profit before tax fell 11 per cent to $6.1bn. Lower levels of transaction banking income in wholesale banking, and higher levels of impariment in its [...]
Calmer markets come off sharp gains March 5, 2014 European bourses edged slightly lower at the open, as tensions over Ukraine ease but investors remain cautious. Ukrainian prime minister Arseniy Yatsenyuk has just said that Russian “aggression” is having an extremely negative effect on the country’s struggling economy. The US has demanded Russian forces are pulled back from Crimea. Russia’s Micex index fell 1.8 [...]
“Year of the baked potato” sees Admiral profits rise March 5, 2014 FTSE 100 car insurer Admiral has reported a rise in profit before tax of seven per cent to £370m, according to the company's preliminary results for the year ended 31 December 2013. Earnings per share were up 10 per cent at 104.6p and group vehicle count was also rose four per cent. 7,000 staff are [...]
What you need to know before the open March 5, 2014 European stocks futures have been steadying further this morning after the extreme volatility seen at the beginning of the week. Equities are expected to open slightly lower, following a record finish in the US yesterday. US secretary of state John Kerry is set to sit down in talks with Sergei Lavrov, the Russian foreign minister, [...]
Melrose Industries shares take a hit after limited strategy success March 5, 2014 Melrose Industries reported profit before tax of £226.1m in 2013 – up 48 per cent from a year earlier. Its strategy of “buy, improve, sell” has seen operating margins improve markedly, said the firm. Shares slid on the news, down over six per cent by mid-morning. Operating profit rose 20 per cent to £274.9m. Revenue [...]
Legal & General profits jump as it eyes infrastructure projects March 5, 2014 British multinational financial services company Legal & General has reported a jump of 10 per cent in profit before tax to £1.1bn, according to the company's preliminary results for 2013. The UK's largest institutional investor has managed to triple net cash since the financial crisis, growing from £320m in 2008 to £1bn in 2013. Legal [...]
Any Other Business – 05/03 March 5, 2014 SOME of the City’s bankers are jetting off to sunny Madrid today for the launch of the European Diversity Awards. London’s finest could be collecting gongs for Company of the Year, Employee Network Group of the Year or Marketing Campaign of the Year, to name a few. “It is great that so many business leaders, [...]
Asian markets see gains as threat of war recedes March 5, 2014 Asian shares are rising modestly after remarks by President Putin eased fears of an imminent military strike, saying force would be used as a last resort, adding: “It will be legitimate, fully corresponding to the norms of international law.” As the threat of war in Ukraine receded, credit risk dipped to the lowest point this [...]