EU agrees new regime to police rating agencies December 2, 2010 THE EUROPEAN Union has agreed to give a new EU watchdog powers to probe and fine credit rating agencies from January in the latest move to clamp down on the sector. The agreement was reached by representatives of EU states and the European Parliament late on Wednesday and is expected to be formally approved by [...]
Thomas Cook profits down after tough year December 1, 2010 UK HOLIDAY operator Thomas Cook reported full year results at the lower end of analysts’ expectations after a “demanding” year today. Profit before tax fell six per cent to £277m from £295m in 2009, while revenues were down four per cent to £8.89bn from £9.27bn the previous year. The firm will pay a final dividend [...]
UK manufacturing PMI rises to 16-yr high in November December 1, 2010 UK MANUFACTURING activity accelerated unexpectedly to a 16-year high in November and employment climbed at a record pace, a survey released today shows. The Markit/CIPS headline manufacturing Purchasing Managers’ Index (PMI) rose to 58.0 in November, its highest since September 1994, and well above October’s upwardly revised figure of 55.4. Economists had forecast a modest [...]
Eurozone manufacturing recovers but unevenly December 1, 2010 THE EUROZONE’S manufacturing sector expanded at its fastest pace in four months in November, although slightly slower than previously thought, as Germany and France continued to outshine smaller members, surveys today have revealed. The Markit Eurozone Manufacturing Purchasing Managers Index (PMI) rose to 55.3 in November, nudged down from an earlier estimate of 55.5 but [...]
Ireland’s manufacturing expands in November December 1, 2010 IRELAND’S manufacturing sector expanded for the second month in a row in November with the rate of growth picking up slightly as exports helped drive stronger output and new orders, a survey showed today. The NCB Purchasing Managers’ Index, which measures Irish manufacturing activity, rose to 51.2 from 50.9 in October, above the 50 mark [...]
German retail, manufacturing indicators improve sharply December 1, 2010 GERMANY’S retail and manufacturing sectors substantially improved in October and November, indicating a robust recovery in Europe’s biggest economy, figures showed today. German retail sales rose by 2.3 per cent in October, their biggest month-on-month gain in almost three years, according to official figures. The rise was the strongest monthly gain since January 2008 and [...]
Prudential aims to double Asian profits by 2013 December 1, 2010 THE UK’S largest insurer, Prudential, aims to double the value of its 2009 new business profits in Asia by 2013, taking advantage of the region’s low penetration rates, it announced today. It is also targeted a doubling of its 2009 life insurance and asset management pre-tax profit by 2013, Prudential said in a statement posted [...]
Flybe announces LSE listing November 30, 2010 REGIONAL UK airline Flybe has announced it is planning to list in London in December to raise about £60m. The initial public offering (IPO) on the London Stock Exchange would value the budget carrier, the largest regional airline in Europe, at about £240m. In a statement the company said the flotation proceeds would provide capital [...]
Aberdeen Asset Management posts strong full-year results November 30, 2010 ABERDEEN Asset Management’s full-year results today came in ahead of analyst forecasts as debt fell, profits rose and operating margins improved. Profit before tax soared 147 per cent to £210m in the year to 30 September, from £85.1m in 2009, while assets under management rose 22 per cent to £178.7bn from £146.2bn the previous year. [...]
Factory output slumps in Japan, S Korea November 30, 2010 FACTORIES in Japan and South Korea cut output in October, adding to evidence of an Asia-wide slowdown. Japanese companies cut production for the fifth month and by the biggest margin since February 2009, while South Korea’s industrial output fell for the third month in a row, disappointing markets which had bet on a rebound. In [...]