Just one per cent of UK businesses are foreign-owned but account for a quarter of output October 24, 2013 Only one per cent of registered businesses in the UK business economy in 2011 were foreign-owned but these businesses contributed 28 per cent of gross value added, says a report from the Office for National Statistics (ONS). One reason for this is that foreign-owned businesses are more likely to be bigger in terms of employment [...]
UK and US growth pushes WPP profit October 24, 2013 WPP has said this morning that it saw third quarter revenues up 7.4 per cent at £2.680bn, with like-for-like revenue growth accelerating to 5.0 per cent. Shares leapt on the news. (Release) The global advertiser saw strong growth in the UK, North America and Latin America was complemented by growth in advertising and media investment [...]
Eurozone output set to rise for fourth month running October 24, 2013 Eurozone growth is slowing, according to the latest purchasing managers' index (PMI) data from Markit. These flash estimates suggest that the area's exit from recession may nonetheless be more than temporary – they signal growth for a fourth consecutive month. All sector growth has dropped to a two month low, down from 52.2 to 51.5, [...]
Mercedes-Benz swells Daimler profit October 24, 2013 Daimler has reported another improved quarter, as the Mercedez-Benz maker sees profit up 53 per cent, unit sales increase 13 per cent to 595,000 vehicles and revenue at €30.1bn in the third quarter. Shares jumped on the results this morning. (Release) Net profit for the period was €1,897m (£1615.17m) (€1,238m (£1054.08m) like-for-like). Chairman Dr Dieter Zetsche said [...]
Emerging markets prop up Unilever’s modest growth October 24, 2013 Unilever has announced steady progress in its third quarter results, despite slower markets. (Release) During the quarter, underlying sales grew 3.2 per cent, with emerging markets up 5.9 per cent. Chief executive officer Paul Polman commented that emerging markets continue to be the company's main growth driver, despite the current slowdown. He said that the [...]
What you need to know before the open – 24/10 October 24, 2013 European markets were down for the first day in two weeks yesterday, slowed by the prospect of the ECB's stress test plans for Eurozone banks, due to start next month. But this morning, markets are expected to return to good health after Chinese HSBC manufacturing PMI came in at a seven month high – 50.9. [...]
Barclays set to fight bonus cap October 23, 2013 TOP BANKERS could receive a different pay packet every month under a new scheme that Barclays is considering to side-step Europe’s bonus cap, it emerged yesterday. Sources at Barclays think they have found a way around the rule, topping up salaries with a monthly cash payment based on performance. They hope it may avoid the [...]
Cameron risks coalition split on green taxes October 23, 2013 THE RIFT in the Coalition widened yesterday, after Conservative Prime Minister David Cameron pledged to “roll back” the green energy levies strongly supported by the Liberal Democrats. His coalition partners dismissed the announcement as a panicky policy that had been “made up on the hoof…by a party getting cold feet on the environment”. According to [...]
Prince George is christened at St James’s Palace Chapel Royal October 23, 2013 PRINCE George was christened yesterday in a service attended by just 21 guests at St James’s Palace. Prince William and his wife Catherine, the Duchess of Cambridge, invited only very close family and godparents to the ceremony, which gave the public the first glimpse of the baby – third-in-line to the throne – since his [...]
Bullish Bank minutes raise chance of earlier rate hike October 23, 2013 THE BANK of England’s interest rate-setting panel said yesterday that slack in the labour market is eroding faster than expected, with the UK economy continuing to improve. Minutes from the latest meeting of the Bank’s monetary policy committee (MPC) raise the prospect of rates being lifted sooner than late 2016 – the point at which its forecasts [...]