Construction slumps to a four-month low August 3, 2010 CONSTRUCTION sector activity in Britain slowed in July to a four-month low as firms’ confidence about the future deteriorated due to concerns about public spending cuts, a survey of purchasing managers showed. The Markit/Chartered Institute of Purchasing and Supply construction PMI fell to 54.1 in July from 58.4 in June, suggesting that expansion in the [...]
JC Flowers to take 50pc stake in Kent Reliance August 3, 2010 BUYOUT firm JC Flowers has said it would take a £50m stake in Kent Reliance as part of a restructuring plan. Under the deal, Kent Reliance’s assets and liabilities would be transferred to a new bank, which would become a subsidiary of a new mutual organisation, the Kent Reliance Provident Society. JC Flowers would receive [...]
Xstrata to pump $5bn into new mines August 3, 2010 Mining group Xstrata said it would pump over $5bn (£3.14bn) into new mines and keep targeting organic growth rather than acquisitions, after more than doubling first-half earnings per share on higher metals prices. Xstrata – the world’s biggest exporter of coal used in power plants – said it had approved $4.2bn to build the Las [...]
Taylor Wimpey returns to profit August 3, 2010 Housebuilder Taylor Wimpey swung to a first-half profit and said trading is satisfactory. The company kicked off first-half results from British housebuilders by posting a pretax profit before exceptional items of £19.6m, compared with a loss of £68.9m in the same period last year. After exceptional items, its profit reduced for the six months to [...]
Northern Rock’s “bad bank” back in black August 3, 2010 Northern Rock Asset Management , the remnants of Britain’s first major victim of the credit crisis, said it had returned to profit in the first half of the year after heavy losses a year ago. Northern Rock’s so-called “bad bank” – one of the two legal entities into which the original company was split – [...]
ITV reports £97m profit as it moves into pay-TV August 3, 2010 ITV said it will move into pay-television through a deal with Sky to launch high definition versions of its some of its digital channels. The broadcaster unveiled the plans as it announced a half-year profit of £97m. ITV2 HD, ITV3 HD, and ITV4 HD will launch as part of Sky+HD’s subscription package of channels in [...]
Sterling surges on growth hopes August 2, 2010 STERLING surged to a six-month high of $1.59 against the dollar in London yesterday, a rise of 2.36 cents, as investors bet growth in the UK would outpace that in the US which many economists fear is only months from slipping back into recession. The pound, which also climbed to its strongest in nearly a [...]
Santander to snap up RBS outlets August 2, 2010 BANKING group Santander is poised to announce its purchase of over 300 branches from Royal Bank of Scotland today, allowing the Spanish giant to significantly boost its presence on the British high street. Santander is set to end months of speculation by confirming it will buy the 318 branches that RBS acquired under the Williams [...]
Ex-BP traders in court fight August 2, 2010 SIX former BP traders sued by the oil major for breach of contract in Singapore have applied to the court to set aside a search order that had allowed BP’s lawyers to seize their personal computers and mobile phones, according to court documents yesterday. BP has accused the six of engineering the mass departures of [...]
Let’s stop whining about tight credit August 2, 2010 How unfair. I have a great idea for a new website but my bank doesn’t want to lend me the £50m I need to start it up. It claims not to like my business plan but that can’t possibly be right. What can I do? Oh, I know, I’ll tell my MP. It’s perfect timing: [...]