Increasing cash flows at Premier November 15, 2012 Oil and gas explorer Premier Oil yesterday said it anticipated “sharply increasing” cash flows for both this year and next, driven by rising production and stronger oil prices. Average output at the firm for the year to October was 57,300 barrels of oil equivalent a day, up from 40,400 over the same period last year. [...]
BBA Aviation hits headwinds November 15, 2012 BBA Aviation’s shares fell three per cent yesterday after the plane support services firm said trading since July has been tough. BBA said group revenues have fallen three per cent on a year ago, knocked by flight disruption from Hurricane Sandy as well as broader weakness in the market. However, the group thinks the rate [...]
Record London rents keep up investor profits November 15, 2012 LONDON rents hit another record high in October as landlords celebrate solid returns on investment, according to the LSL buy-to-let index published today. Average monthly rents in the capital jumped 0.9 per cent to £1,102, breaking the £1,100 mark for the first time. That represents a seven per cent hike on the year, and holds [...]
A tough-minded strategy gives 3i fresh hope of growth November 15, 2012 SIMON Borrows took a distinguished City pedigree to private equity house 3i in May, and his stewardship has bought the group some time to put its turnaround plans, announced in June, into place. Even activist shareholder Laxey Partners seems to have made peace with the arrangements. Yesterday’s half-year results gave further grounds for holding fire. [...]
UK car manufacturers bounce back after slump in September November 15, 2012 CARMAKERS bounced back in October, with the number of vehicles rolling off production lines rising by 6.4 per cent during the month. Britain produced 148,927 cars and commercial vehicles last month, a strong rise to help reverse a blip in September when output fell seven per cent, according to figures from the Society of Motor [...]
Should quotas be imposed to appoint women to boards? November 15, 2012 JULIAN TAVORA CGD No, I don’t believe they should be. As a matter of principle I think board members should be decided based on their merit and skill. SIMONE SKEATES FIDELITY WORLDWIDE INVESTMENTS It’s a tricky question. You want to see women all the way at the top but ideally they need to earn the [...]
Sandy hurts both employment and manufacturing in the US November 15, 2012 SUPERSTORM Sandy drove a surge in new claims for US jobless benefits last week and hit factory activity in November, providing early signs of how heavily the storm could hit the world’s largest economy in the fourth quarter. Initial claims for state unemployment benefits rose 78,000 to a seasonally adjusted 439,000, the highest level since [...]
Retailers slam tax on crockery from China November 15, 2012 AN EU tax on imports of Chinese crockery has been condemned by retailers as pointless and harmful to the poor. The European Commission yesterday announced the tax in response to claims by an anonymous EU manufacturer that Chinese producers are pushing their products onto the European market at artificially low prices. The taxes will add [...]
John Cridland wants to get UK building again November 15, 2012 JOHN Cridland is one of the few people who could get excited by the prospect of working next to a building site for six years. The view from his office window in London’s Centrepoint building is currently a mess of cement mixers, trucks and cranes as the Crossrail construction crews set about transforming Tottenham Court [...]
World gold demand slides on slowdown in Chinese economy November 15, 2012 GLOBAL gold demand dropped 11 per cent in the three months to September from record levels seen in the same period last year, dampened mainly by fading Chinese fervour as its economy slowed, with stronger Indian demand stemming a larger fall, the World Gold Council said yesterday. Chinese gold consumption fell eight per cent in [...]