Service sector growth slows March 5, 2012 Britain’s dominant services sector grew less than expected in February, but still indicated the economy is picking up after a slump late last year, a survey showed. The Markit/CIPS Purchasing Managers’ Index (PMI) for services fell to 53.8 from 56.0 in January, which had been a 10-month peak. The latest reading was below forecasts for [...]
China cuts growth target March 5, 2012 Chinese Premier Wen Jiabao cut his nation’s 2012 growth target to an eight-year low of 7.5 per cent and made boosting consumer demand the year’s first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital. He lowered the target from a longstanding annual goal of eight per [...]
Ocado forecasts faster sales growth March 5, 2012 Online grocer Ocado posted a double-digit rise in first-quarter sales and forecast an acceleration in sales growth as the year progresses, service initiatives kick in and distribution capacity increases. The company, which mostly sells the products of upmarket grocer Waitrose via a fleet of brightly coloured vans, said on Monday gross sales increased 10.9 per [...]
Amlin slumps to loss as claims surge March 5, 2012 British insurer Amlin said it expected to return to profit this year after more than £500m in catastrophe claims pushed it deep into the red in 2011. Amlin, the biggest insurer operating in the Lloyd’s of London market, made a pre-tax loss of £193.8m last year, compared with a profit of £259.2m in 2010, it [...]
Glencore says Xstrata deal fair as its profits rise March 5, 2012 Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said the deal was “fair” for all shareholders at current levels, brushing aside hopes of a hint the offer could be sweetened. It made the comments as it said in its 2011 preliminary results that revenue during its first year as a [...]
Putin triumphs in Russia vote March 4, 2012 But elections are marred by claims of widespread fraud VLADIMIR Putin laid claim to a dramatic victory in Russia’s presidential elections last night despite allegations of vote rigging by his opponents. With counting mostly complete, Putin was on course to claim between 58 per cent and 65 per cent of the vote last night and [...]
Coalition hits out on Heathrow March 4, 2012 THE GOVERNMENT said yesterday it will not reconsider a third runway at Heathrow, batting away fresh claims from businesses and interest groups that more air capacity is desperately needed to support economic growth. “The government does not support the development of a third runway at Heathrow because of the unacceptable environmental consequences it would bring,” [...]
Creditors mull Greece deal March 4, 2012 GREECE’S fate will be decided by a small group of its private creditors this week as they mull the terms and conditions of a deal that aims to cut €107bn (£89bn) from Athens’ €340bn debt burden. Greek investors will have to decide in the next couple of days whether to accept a 75 per cent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 4, 2012 FINANCIAL TIMES EU TO PUSH QUOTA FOR WOMEN DIRECTORS The EU’s executive is to press ahead with plans for quotas to increase the proportion of women on corporate boards, triggering a protracted fight between Brussels and national governments. Viviane Reding, justice commissioner, will announce the first step towards European-level legislation, a year after she threatened [...]
Millions set to pay higher mortgage rate March 4, 2012 MORTGAGE repayments are set to rise across the board, with millions of borrowers expected to pay more each month. Over one million Halifax and NatWest customers have already been hit with rate rises, while some new customers to Santander will also see repayments go up. Those banks have blamed higher funding costs on wholesale and [...]