UK public sector borrowing falls in October November 21, 2013 In October the UK public sector borrowed £8.1bn – £200m less than in October 2012. October's figure puts the public sector net debt pile at £1.207 trillion, equivalent to 75.4 per cent of GDP. The Office for National Statistics (ONS) reported that public sector net borrowing was £115bn in 2012/13, 3.5bn lower than in 2011/12. [...]
Mothercare returns to profit for first time since 2010/11 November 21, 2013 Mothercare has reported underlying profit before tax of £2m, putting the mother and baby specialist back in the black for the first time since 2010/11. UK sales were down 1.4 per cent – better than the 3.4 per cent decrease seen last year. The retailer said: "We continue to target a return to profit in [...]
Emission control technologies drive strong performance for Johnson Matthey November 21, 2013 Chemicals and precious metals company Johnson Matthey has posted strong results for the six months ended 30 September. Profit before tax rose by 12 per cent, from £180.1m in the same period last year to £202.1m. The company warned, however, that the expiration of its long standing arrangements with Anglo American Platinum Limited on 31 [...]
Network Rail ups investment by 33 per cent to £2.74bn November 21, 2013 Network Rail revealed this morning that it invested £2.74bn in the first half of 2013 – a 33 per cent increase on the same period last year, and 53 per cent more than just four years ago. Finance director Patrick Butcher said the railway is undergoing its "biggest sustained investment programme since Victorian times." Capital [...]
German finance minister warns against monetary policy as an EU fix – as manufacturing sector almost at 2.5 year high November 21, 2013 Germany's finance minister Wolfgang Schaeuble has said that monetary policy can not be the only way out of economic crisis, and that governments – not the European Central Bank – must solve the Eurozone's problems. Schaeuble says that the central bank's mandate must remain limited, and that it can't solve the crisis alone. Simultaneously, we've [...]
Emerging markets boost SABMiller profits November 21, 2013 Growing sales in Latin America and Africa have boosted net profits for SABMiller to 9 per cent, the company announced on Thursday. For the six months to 30 September, the world's second largest brewer saw volume growth of one per cent on an organic base but suffered declines in Europe and North America. Emerging markets [...]
The French private sector has started shrinking again November 21, 2013 November has seen one measure of French private sector activity – Markit's composite purchasing managers' index (PMI) – fall to reveal a contraction for the first time in three months. Coming in at 48.5, the PMI figure has dropped from 50.5. Any number below 50 implies a contraction. Things are bad in both services and [...]
Rolls Royce bags $138m Petrobras service contract November 21, 2013 Rolls Royce has been awarded a $138m (£85.78m), five-year services contract by Petrobras, the deep water oil and gas exploration and production company, to support its oil production activities off the coast of Brazil. The Long Term Service Agreement contract has a potential value of up to $220m (£136.77m) over the five-year renewal period. (Release) [...]
What you need to know before the open – 21/11 November 21, 2013 Europe is set to open lower this morning as speculation mounts over the US December taper. ETX Capital #morningcall: FTSE100 off 23 points, the DAX lower by 45 points and the CAC40 off by 20 points — ETX Capital (@ETXCapital) November 21, 2013 The Fed October meeting minutes, release last night, hinted that [...]
National Grid boss warns of tighter energy supplies as profits slip in first half November 21, 2013 Power transmission network National Grid has reported a seven per cent drop in first-half profit before tax, to £979m, reflecting "the temporary additional cost of pre-financing asset growth at attractive interest rates". The company says its on track for a good full year result, and that performance has been solid. (Release) Head of National Grid Steve Holliday [...]