EC approval for Aegean’s purchase of rival Olympic Air October 9, 2013 The European Commission (EC) has given its approval for Greek Aegean Airlines to buy loss-making rival Olympic Air. (Release) The approval comes after an EC investigation found Olympic would go out of business "very soon" if the deal was blocked, leaving Aegean as a sole provider in the market with no competitor. The EC said [...]
Owen Paterson: “The badgers haved moved the goalposts” October 9, 2013 Environmental secretary Owen Paterson has told BBC Spotlight that the controversial badger cull has been a success, but that "the badgers have moved the goalposts." No, we're not sure either (but hopefully it's not a reference to this infamous viral video). Turns out Paterson was talking about how badgers could be affected by various factors [...]
Surprise growth in August for Germany’s manufacturing sector October 9, 2013 Germany's manufacturing sector did better than expected in August, with industrial production up 1.4 per cent, following expections at 1.0 per cent, and rising from -1.1 per cent (revised from -1.7 per cent) for July. Ben May, European economist at Capital Economics, comments: Despite the sharp rise in production in August, the German industrial sector [...]
Slower UK growth a result of other shocks, not austerity says Treasury October 9, 2013 The UK's government spending watching – the Office for Budget Responsibility (OBR) – has released its forecast evaluation report (release). An HM Treasury spokesman says that the evaluation shows that the "likely explanation for slower than forecast growth is the impact of higher global commodity prices, the euro area crisis and the ongoing impact of [...]
Nestle looks to sell Jenny Craig after announcing brands overhaul October 9, 2013 According to sources, Nestle is looking to sell Jenny Craig – its celebrity-endorsed weight loss company – and is speaking to a small number of potential buyers, reports Reuters. The sources, said Reuters, disclosed yesterday that Nestle was working with Goldman Sachs on the sale process. Last week, Nestle hinted at the closeness of a [...]
Profitability of UK manufacturing companies hits 2003 low October 9, 2013 (Office for National Statistics) The ONS has released its report on the profitability of UK companies for the second quarter of 2013. The figures mostly fall into line with the results from the same time last year. However manufacturing companies' net rate of return was at the lowest since the first quarter of 2003. Private [...]
Yellen expected to bring continuity to top job in monetary policy October 9, 2013 News that Janet Yellen will be nominated as successor to Ben Bernanke as chairman of the US Federal Reserve has been welcomed by market watchers, with Yellen expected to bring a wealth of experience to the role. Joshua Raymond of City Index says that while "there is no real surprise here" after Larry Summer's withdrawal [...]
Disappointment for UK manufacturing as figures decline in August October 9, 2013 Figures for the UK manufacturing sector are disappointing after industrial production declined in August, coming in at -1.1 per cent – the biggest fall in almost a year – missing expectations that it would be up 0.4 per cent after a 0.1 per cent increase in July (revised from flat). Manufacturing production also fell 1.2 [...]
Alcatel shares drop as French PM demands union negotiations over job cuts October 9, 2013 French prime minister Jean-Marc Ayrault, speaking on Euro1 radio, has said that telecoms equipment maker Alcatel-Lucent must reach an agreement with the unions if the planned restructuring of the company is to go ahead. The French prime minister said: We want a negotiation that saves as many jobs as possible, as many sites as possible. [...]
Ladbrokes appoints Arriva boss as non-exec October 9, 2013 (Yahoo Finance) Betting specialists Ladbrokes is today announcing the appointment of Arriva's chief executive David Martin as a non-executive director. (Release) Martin, who'll be starting with Ladbrokes at the end of October, joins the company following John Jarvis' decision earlier this year to retire from the board. He has been chief executive of Arriva since [...]