UK mortgage approvals see shock fall in October November 25, 2013 Mortgage approvals have fallen by around 1,400 in October, despite economists forecasting that they would rise by 2,200 in the month. BBA data shows approvals down from 43,000 to 42,800 (45,200 expected). In the year to date, mortgage approvals have climbed by 33.4 per cent. Adrian Anderson, director of mortgage broker Anderson Harris, says that [...]
Petrofac and Daelim awarded $2.1bn refinery contract November 25, 2013 Gas and Petroleum companies Petrofac and Daelim have been awarded a $2.1bn (£1.3bn) contract by Oman Oil Refineries and Petroleum Industries Company (ORPIC). The deal is a 50/50 joint venture between the companies. The contract is for engineering, procurement, construction and start-up commissioning services at the Sohar refinery, located 230km north west of Muscat. The [...]
Chemring shares rocket as trading remains in line with expectations November 25, 2013 UK defence group Chemring has seen shares soar over 14 per cent this morning after trading in its final quarter remained in line with the guidance issued on 11 October. The group reported a 24 per cent drop in revenue in its final quarter to £185m. For the year to 31 October, revenue was around £625m from [...]
Less than two months ago regulators warned against a payday loan cap November 25, 2013 It's not been two months since the Financial Conduct Authority (FCA) released its consultation on payday lending – and recommended against a cap – and now politicians are attempting to bring one in. The FCA called such a proposal a "very intrusive proposition". In October the FCA's "Detailed proposals for the FCA regime for consumer [...]
Osborne denies departure from free markets in capping payday loans November 25, 2013 The UK will introduce a cap on payday loans, the chancellor announced this morning. The level of the cap will be determined by the Financial Conduct Authority and will be included in the banking reform bill. Asked on Radio 4's Today programme whether the he had departed from a free market world view, the chancellor [...]
Government confirms student loan sell-off November 25, 2013 The UK government has confirmed the sale of large part of its student loans portfolio to Erudio Student Loans. The sale relates to students who took out fixed term loans between 1990 and 1998. Such loans are the last of their kind still in public ownership. The move is step towards selling all of the [...]
Essar suffers $44m loss as refining margins fall to 2011 low November 25, 2013 Essar Energy has reported loss before tax of $44.4m (£27.4m) in the six months ended 30 September, compared to $52.7m (£32.5m) profit in the same period of 2012, reflecting the "tough global refining market environment" and "weak economic conditions in Europe and emerging markets". Group revenue was up five per cent like-for-like to $13.4bn and earnings [...]
Higher pig prices fail to dampen Cranswick profits November 25, 2013 Food producer Cranswick has reported a solid performance for the six months ended 30 September. Cranswick's profit before tax jumped 16 per cent, reaching £26.1m, while reported revenue rose by 15 per cent to £483.5m. Growth in sales and a newly commissioned pastry facility, as well as pig breeding and rearing activities, were cited as [...]
What you need to know before the open – 25/11 November 25, 2013 European markets are expected to rise this morning after gains in Asia and another record finish in the US. Sentiment has also received a boost from the deal with Iran regarding its nuclear programme. Brent crude prices started the week down 2.5 per cent. Morning all. There's a bit going on early doors. Could [...]
Rolls-Royce lands $215m contract for jet fighter LiftSystems November 25, 2013 Rolls-Royce has been awarded a $215m (£133m) contract to produce and support its LiftSystems technology for the F-35 Lightning II program. The technology gives F-35B aircraft the ability to perform short take-offs and vertical landings and is currently being used by the US Marine Corps in Yuma Arizona. Rolls-Royce LiftSystem Program director said: The innovative Rolls-Royce [...]