German manufacturing and services sectors both see growth in September September 23, 2013 Analysts had been expecting an improvement in German data across both the manufacturing and service sectors, and we didn't get it. The service sector purchasing managers' index rose from 52.8 to 54.4, economists had estimated a jump to 53.1. But in manufacturing, we've seen a purchasing managers' index number of 51.3, from 51.8. That's against [...]
Irn-bru manufacturer profits dented as aborted merger costs AG Barr £4.9m September 23, 2013 With Britvic walking away from merger talks with fellow soft-drinks manufacturer in July, the Scottish firm AG Barr has had to deal with legal costs of some £4.9m relating to the failed deal (release). During the year to 26 January 2013, A.G. BARR p.l.c. and Britvic plc worked together on a proposed all-share merger which [...]
Centrica project terminations cost company £240m September 23, 2013 Utilities company Centrica has announced its decision not to proceed with two gas storage projects in Yorkshire and the North sea, costing the company £240m. (Release) Its new-build gas storage project at Baird in the UK Southern North Sea has been terminated, whilst its £1.4bn project at Caythorpe in East Yorkshire has been put on [...]
French service sector returns to growth in September September 23, 2013 Some mixed data for the French economy this morning, as the situation improves in the services sector while the pace of contraction in manufacturing increases. According to preliminary data from Markit, the service sector purchasing managers' index grew from 48.9 to 50.7 in September. That exceeds predictions of a rise to 49.3, and the break-even [...]
Before the open: Markets mixed following German elections and Bullard on taper September 23, 2013 Despite Angela Merkel's win in the German elections, European markets look set to open mixed this morning, following James Bullard's Friday comments on the Fed's decision not to taper. Share markets seen drifting, mainly lower, as #Merkel works to form new German government. Financial bookies: FTSE 100 -15, DAX +7, CAC40 -8 — Peter Hoskins [...]
We must help poor kids – not subsidise middle class parents September 23, 2013 SOMETIMES I despair at this government’s inconsistencies, internal contradictions and intellectual incoherence. It keeps telling us that it wants to save money to reduce the deficit, and then splashes out £600m on a new entitlement in the form of free school meals for all under-8s. Poor children are already eligible for free school meals, which [...]
Tories can match Clegg’s income tax coup without punishing middle classes September 23, 2013 FORGET business secretary Vince Cable’s guttersnipe speech at this week’s Liberal Democrat conference – throwing childish insults at his coalition partners, to look clever in front of party activists. They may get written up by the media, but Cable’s political stock has plunged. Under fire from his own side for disloyalty – and the lousy [...]
Osborne in denial over housing bubble September 22, 2013 London house prices are up 10pc in a year. So why does the chancellor say there’s no bubble? CHANCELLOR George Osborne has rejected suggestions that his policies are creating a housing bubble, even as new evidence emerges that prices are soaring in London. In an interview yesterday, Osborne said: “I don’t see the evidence of [...]
Sorry, investors, but Ben Bernanke has got it totally wrong September 21, 2013 FOR the junkies in the markets, the shock news that the Fed’s monetary methadone will continue to flow freely was greeted with jubilation last night. Never mind that QE will only continue at this rate for another few months, and that the delay to tapering was caused by worsening economic growth forecasts, combined with fiscal [...]
Dubai is opening a massive new airport. So why can’t we? September 20, 2013 BRITAIN’S inability to expand our airport capacity is inevitably met with complete bafflement in other, more ambitious parts of the world. In the nineteenth century, the naval trade allowed London to grow into a great, global metropolis; in the 21st century, planes have replaced boats as an essential driver of business travel, tourism and growth. [...]