Residential construction activity increases at fastest pace in nearly a decade October 2, 2013 The construction sector is expanding more slowly, but we're still seeing a strengthening of activity. Markit's purchasing manager's index (PMI) came in at 58.9 in September, from 59.1. But economists had forecast a rise to 59.5 this month. That's the five consecutive month of growth, and the latest figure is the second highest since September [...]
Markets look towards private labour market estimates as government shutdown hampers releases October 2, 2013 With the US government still in shutdown (well, more of a slimdown, around 80 per cent of federal employees are still at work), we're probably not going to see nonfarm payroll (NFP) estimates this Friday. Markets are so hungry for jobs data because Federal Reserve decision making over when to begin scaling back asset purchases [...]
Buy out of Peruvian assets for Hochschild Mining October 2, 2013 Precious metals company Hochschild Mining has announced its plan to raise up to $96m (£60m) to fund buying the remaining 40 per cent stake in its Peruvian assets. (Release) The full cost of the acquisition stands at about $280m. Latin American Hochschild has a 60 per cent interest in the Peruvian Pallancata mine and the [...]
Holcim CEO flies austerity style October 2, 2013 Bernard Fontana, chief executive of the worlds largest cement maker Holcim, is leading by example in terms of cost-cutting by flying economy class on short-hall flights. In an interview at Holcim headquarters in Zurich Fontana said: I respect the policy which we set, which is (a flight of) more than five hours is business, less [...]
Rosy results for Sainsbury’s with increased sales, stores and new mobile service October 2, 2013 Sainsbury's has reported strong sales which have delivered continued outperformance, with total sales for the second quarter up five per cent (4.6 per cent excluding fuel). (Release) Like-for-like sales for the same period were up 2.1 per cent (2.0 per cent excluding fuel), with total sales for the first half of 2013 coming in up [...]
Domino’s delivers stronger sales growth as mobile purchases increase October 2, 2013 Takeaway pizza company Domino's has seen like-for-like sales jump by four percent in its 669 mature stores in the 13 weeks to 29 September (release). That's an increase on the 3.9 per cent like-for-like sales growth it saw in the same period last year. That's despite what the company called "an extended period of unusually [...]
Tesco to swell presence in China but profits are sliding October 2, 2013 Tesco has announced it's to join forces with China Resources Enterprise (CRE) to create the leading multi-format retailer in China. (Release) The companies have entered into definitive agreements to combine their Chinese retail operations. The joint venture will see Tesco's 134 Chinese stores – as well as its Chinese shopping mall business – combine with [...]
What you need to know before the open – 02/10 October 2, 2013 Most analysts are seeing the rebound in the markets yesterday as a sign that most believe US politicians will come to their senses sooner rather than later, with the hope that the head bumping won't become entwined with debates over the debt ceiling. European markets will this morning, however, be muted by uncertainty emanating from [...]
Day two of shutdown October 1, 2013 ■ Almost 1m workers on leave as the deadlock enters a second day ■ US risks default on debts if a deal is not reached by 17 October ■ Dollar slumps but traders keep their cool to calm markets HUGE swathes of US government services were shut down yesterday after politicians failed to agree a [...]
New law sets out seven-year jail terms for bankers guilty of reckless misconduct October 1, 2013 TOP BANKERS could be jailed for up to seven years if they are found guilty of a new offence called “reckless misconduct in the management of a bank”, changes to the Banking Reform Bill published yesterday revealed. The crime would cover staff in the new Senior Managers Regime who made decisions that led to a [...]