US durable goods orders beat expectations bolstered by aircraft October 25, 2013 US durable goods orders climbed 3.7 per cent in September, exceeding expectations of a 2.0 per cent rise and following August's marginal 0.1 per cent rise. Excluding transportation, though, orders saw a 0.1 per cent fall, missing expectations of a 0.5 per cent rise. Paul Ashworth, chief US economist at Capital Economics points out that the [...]
Serco boss quits following scandal over government contracts October 25, 2013 Serco Group has today announced its chief executive Christopher Hyman has resigned, in a bid to restore the company's reputation, following an overcharging scandal. Back in July, the government services firm was shaken by allegations of fraud, after justice secretary Chris Grayling accused it of overcharging on contracts to tag criminals. The company reports [...]
Government launches franchising process of East Coast Mainline October 25, 2013 On Friday the government launched the franchising process for the East Coast Main Line. Financial information about the line has now been released and the criteria for interested parties, as well as risks associated with the line, which was nationalised in 2009 due to financial problems. It will be returned to the private sector by [...]
Grangemouth will reopen but jobs are not guaranteed says Ineos October 25, 2013 Ineos has confirmed a deal to reopen the Grangemouth plant after £300m required to keep it open is secured. Calum MacLean, the chairman of Grangemouth Petrochemicals has said that both the petrochemicals plant and refinery will reopen, after a last minute deal was reached with the Unite union. The news, MacLean says, comes as [...]
Britons are bigger health tourists than EU migrants says university study October 25, 2013 More UK patients travel to EU countries to receive medical treatment than foreign patients come to use the NHS, according to a study from the School of Hygiene & Tropical Medicine and the University of York. The study found that foreign patients are also a vital revenue stream and potential growth area for the NHS. [...]
GDP grows at fastest pace in three years, but is it sustainable? October 25, 2013 Despite latest GDP estimates showing the fastest pace of growth in over three years, analysts are questioning whether such a pace can be sustained.The UK saw GDP rise 0.8 per cent this morning, but this is still 2.5 per cent behind its pre-crisis peak, and means we have some catching up to do with the [...]
Union climbdown saves Grangemouth refinery October 25, 2013 Sources have told Sky that the Grangemouth refinery will be saved in a last-minute deal. The Unite union confirmed that it has accepted the survival plan proposed by Ineos in a dramatic U-turn. On Friday Unite offered a two-year no-strike deal in an attempt to prevent the closure of the Grangemouth refinery, MP Michael [...]
Accelerating GDP confirmed in third quarter with growth in all four sectors October 25, 2013 Encouraging results this morning as the preliminary estimate for third quarter GDP saw a rise of 0.8 per cent, the strongest pace of growth in over three years, and in line with expectations, following the second quarter's 0.7 per cent increase. The economy is, though, still 2.5 per cent smaller than pre-crisis peak. All four [...]
German business conditions less rosy in October as they miss expectations October 25, 2013 German IFO numbers have painted a slightly depressed picture for business conditions with IFO business climate for October at 107.4 – the first monthly fall since April, and missing expectations of 108.0 and down marginally on September's 107.7. Current assessment came in at 111.3 – down from 111.4 and versus expectations of an increase to 111.6. [...]
Carlsberg overhauls charter and proposes hike in dividend October 25, 2013 The Carlsberg Foundation is set to remove an obligation in its charter, that it must own at least 51 per cent of the voting rights and more then 25 per cent of the share capital in Carlsberg Group. In a press release on Friday the Carlsberg Foundation confirmed it had submitted an application to amend [...]