UK construction surge continues in October as sector growth hits six year high November 4, 2013 The UK's construction sector continues to expand at a tremendous pace, according to the latest purchasing managers' index (PMI) data. In October construction PMI stood at 59.4, from 58.9. Economists had forecast that the PMI for the sector would come in flat at 58.9. World First's Jeremy Cook says that "it is the residential side [...]
Samsung extends patent agreement with Nokia for five years November 4, 2013 Mobile giant Nokia has reached an agreement with Samsung to extend a patent license agreement for five years. The deal which was due to expire at the end of 2013, will see Samsung pay further compensation to Nokia from 1 January 2014. The total amount of compensation will be agreed in a binding arbitration agreement, [...]
HSBC’s 30 per cent profit rise pushes shares up as bank cooperates with forex probe November 4, 2013 HSBC have announced a 30 per cent increase in profit before tax, at $4.5bn (£2.8bn) in the third quarter of 2013, compared with $3.4bn in the same period of 2012. The boost, said the lender, was from strong growth in the UK and Hong Kong. Shares climbed on the news this morning. (Release) In the [...]
Eurozone manufacturing orders gain momentum in October November 4, 2013 Expansion in Eurozone manufacturing orders has picked up in October, according to new purchasing managers' index (PMI) data from Markit. The headline manufacturing PMI figure rose from 51.1 to 51.3, in-line with analyst predictions of an increase to 51.3. Any number above 50 implies expansion, so manufacturing orders appear to be gaining at a faster [...]
Ryanair shares tumble after second profit warning November 4, 2013 Ryanair has suffered an 11 per cent fall in its share price after posting its second profit warning in two months, meaning the company's profits will likely fall for the first time in five years. Weak economic conditions in the Eurozone and intense competition from rival low cost airlines have played a large part in [...]
Co-op Bank to close 15 per cent of branches with hundreds of jobs on the line November 4, 2013 The Co-operative Group is to axe 15 per cent of its floundering bank's 324 branches by the end of next year, as part of a radical restructuring plan unveiled today. Sky News' Mark Kleinman reported on Saturday that the bank is to cut more than 1,000 jobs as part of the restructure, which will see [...]
What you need to know before the open – 04/11 November 4, 2013 The euro's poorer performance last week has been put down to the anticipation of rates cuts by the ECB either this week or in December. At the moment, expectations are that Draghi will suggest this week that action will be in December. * BNP Paribas: we are not expecting an ECB rate cut at its [...]
Anglo American seals deal on Amapa sale to Zamin November 4, 2013 Anglo American has announced the completion of the sale of its Amapa iron ore operation to fellow mining company Zamin Ferrous for an initial cash consideration of $134m (£84.09m). (Release) The Brazilian mine suffered a landslide in March of this year, which killed six people. Anglo American has previously agreed to sell its 70 per [...]
Labour makes new push for higher wages November 4, 2013 LABOUR leader Ed Miliband has pledged to offer tax breaks of up to £1,000 per worker for companies that move low-paid staff onto the living wage. Miliband said the scheme would cut poverty while saving money on benefit payments – but the Conservatives and some business groups said the plan was impractical. More than 400 [...]
Merlin set to close books early after strong demand November 4, 2013 MERLIN Entertainment is planning to close the books on its £3bn stock market flotation ahead of schedule thanks to the strength of demand from institutional investors. The operator of Legoland, Alton Towers and Madame Tussauds is now expected to close the book on its initial public offering (IPO) later this week, instead of 11 November [...]