EDF wins 10-year power supply deal with Network Rail January 11, 2013 EDF Energy has snapped up a 10-year contract with Network Rail to supply electricity to the growing electrified rail network. Under the contract, EDF Energy will supply around 3.2 terawatt-hours (TWh) of electricity a year to the network, which carries around 3m passengers a year. At present only 40 per cent of the rail network [...]
Slow industrial production figures disappoint in November January 11, 2013 Sluggish industrial and construction figures out today have increased concerns that the UK economy contracted in the fourth quarter of 2012. According to official figures from the Office for National Statistics, industrial production grew by a less-than-expected 0.3 per cent in November, despite a rebound in oil and gas production that had been expected to [...]
Banks keep FTSE 100 above 6,100 level January 11, 2013 The blue chip index nudged up in early trading this morning – staying above the 6,100 level – as it consolidated overnight gains from the US, where the S&P 500 hit a five-year high. Financial stocks were bouncing about at the top of the FTSE 100 in early deals, with Barclays and RBS adding 1.8 [...]
Honda to cut 800 jobs from Swindon plant January 11, 2013 Car manufacturer Honda is to cut 800 jobs at its plant near Swindon by the spring, it said this morning. Ongoing subdued demand from Europe is behind the reduction in the workforce. “Honda remains fully committed for the long-term to its UK and European manufacturing operations. However, these conditions of sustained low industry demand require [...]
Japan reveals £72bn spending package January 11, 2013 The Japanese government has unveiled a 10.3 trillion yen (£72bn) spending package in an attempt to revive its economy. Japan’s economy has been hit by lower exports as global demand slows. The package, unveiled by Japanese Prime Minister Shinzo Abe, will include public works spending, incentives for business investment and financial aid for small firms. [...]
Tullow on track for busy drilling year January 11, 2013 Tullow Oil is on track for a “very successful” 2013, its chief executive Aidan Heavey said this morning, as it ramps up activity at its Jubilee field. Current production from its Jubilee field, offshore Ghana in Africa, is around 110,000 barrels of oil a day, although the oil giant said it is targeting 120,000 barrels [...]
Bank of England leaves quantitative easing on hold January 10, 2013 The Bank of England’s Monetary Policy Committee voted as expected today, and left the asset purchase programme unchanged at £375bn. The nine-member committee also voted to keep the main interest rate at 0.5 per cent. Worries about Britain’s stubborn inflation are likely to have dissuaded policymakers from taking further action this month, while they await [...]
FTSE 100 edges up as retailers in spotlight January 10, 2013 After hitting a four-year high during trading yesterday, the FTSE 100 continued its momentum this morning and was trading modestly up, with supermarket giant Tesco an early leader. This morning the supermarket posted its strongest UK growth over three years, as it said like for like UK sales were up by 1.8 per cent over [...]
Chinese exports rebound in December January 10, 2013 Chinese export growth rebounded in December to a seven-month high, adding to optimism that the world’s second-largest economy is heading for a recovery. Data this morning showed that the value of China’s exports rose by 14.1 per cent last month compared with the previous month, which was way beyond analysts’ expectations. Imports grew by six [...]
Rolls-Royce appoints lawyer to lead ethics review January 10, 2013 Rolls-Royce has appointed Lord Gold to lead a review of its compliance procedures, following allegations of corruption in its overseas operations. Lord Gold, a solicitor at law firm Herbert Smith for 37 years, will report to the ethics committee of the board. “He is one of the UK’s most senior litigators and has extensive experience [...]
