Italian manufacturing sector starts to expand for first time in two years August 1, 2013 The Italian manufacturing sector is back to expansion for the first time in two years, according to Markit's purchasing manager's index (PMI). PMI rose from 49.1 to 50.4, edging into expansionary territory (any number above 50 implies expansion). Analysts had expected a rise to 49.8.
Spanish prime minister says that corruption claims jeopardise recovery August 1, 2013 Spanish prime minister Mariano Rajoy has said that Spain is about to exit recession, and that those making corruption claims jeopardise recovery. Rajoy has said that those talking about corruption are damaging Spain and its reputation, not those who are alleged to be corrupt. After the Barcenas scandal, Rajoy said that he "made a mistake [...]
BAE profits fall on delayed Saudi jet deal and US defence cuts August 1, 2013 BAE Systems has said it hopes to made double-digit growth in full year underlying earnings on the conclusion of a Saudi jet deal after delays in price negotiations pushed its first half pre-tax profits down eight per cent to £529m (release). Basic earnings per share fell to 12.6p from 12.8p in the same period the [...]
Spanish manufacturing slips back into decline August 1, 2013 Spanish manufacturing has slipped back into decline in July, as Markit's purchasing manager's index (PMI) drops from 50 to 49.8. Any number below 50 would imply that the sector is contracting. Analysts had expected the sector to expand in July, forecasting a PMI of 50.6.
Lloyds share price passes break even point for taxpayer as bank reports swing to profit August 1, 2013 Share prices in Lloyds Banking Group have surpassed what the City regards as the "real" break even point for the taxpayer as the group reports a swing to profit in the first half of the year. This morning, the Lloyds share price passed the 73.6p "real" break-even point, which represents the average price at which [...]
Shell boss pledges focus on financial performance after weak Aussie dollar and Nigerian troubles drag down earnings August 1, 2013 Royal Dutch Shell has reported an annual fall in second quarter earnings amid a weakened Australian dollar and disruption to operations in Nigeria. Earnings in the second quarter of the year fell to $2.4bn (£1.48bn) after net charges of $2.2bn after tax – mainly due to impairments in upstream earnings. Excluding an accounting adjustment, second [...]
Before the open – 01/08 August 1, 2013 Asian shares were up last night on the back of unexpected good manufacturing data from July. The NBS purchasing managers’ index came in at 50.3 – up from 50.1 the month before and above expectations of 49.8 (above 50 indicates growth, below contraction). HSBC’s measure of manufacturing PMI, however, said the industry shrank, coming in [...]
SocGen surprises with a more than doubling in profits amid cost-cutting August 1, 2013 French bank Societe Generale has reported a second quarter net income more than double what it was a year ago following growth in fixed income and equities and a return to growth in foreign retail operations. SocGen saids its quarterly net income grew to €955m (£838m) from €436m in the same period one year ago. [...]
Obama gives “full-throated defense” of Fed candidate Summers July 31, 2013 President Barack Obama has given a full defense of Lawrence Summers, according to House Democrats. Summers is tipped as a hot candidate to replace Ben Bernanke as chairman of the Federal Reserve when he departs. Representatives Gerry Connolly and Brad Sherman have said that Obama believed that Summers has been "unfairly criticised". While Obama is [...]
Cameron under pressure to apologise to former treasurer wrongly accused in “cash for access” scandal July 31, 2013 Former Conservative co-treasurer Peter Cruddas has won £180,000 in libel damages over allegations in the Sunday Times that he charged for secret meetings with prime minister David Cameron. The High Court in London also said the newspaper would have to pay £500,000 in costs. It said that it was “dismayed” with the outcome and planned [...]