Service sector activity falls for first time in two years January 4, 2013 The UK service sector shrank for the first time in two years in December, data showed this morning. The Markit/CIPS services Purchasing Managers’ Index (PMI) fell to 48.9 in December from 50.2 in November, marking its lowest reading since April 2009. The 50 level separates growth from contraction. A fall in new business was the [...]
FTSE 100 slips as miners lead index down January 4, 2013 The blue chip index was broadly flat in early deals, as it failed to replicate its landmark day of trading on Wednesday. The FTSE 100 edged down by around 0.15 per cent this morning. Miners led the way down as worries that the US Fed might halt its monetary easing programme and concerns over US [...]
Costain on track for year ahead January 4, 2013 Engineering solutions firm Costain said this morning it had secured £700m of work for this year, adding that its full-year results would be in line with expectations. It tops last year’s figure of £650m. Costain, which won several contracts in the second half of last year including a £288m project by Magnox to decommission the [...]
Swiss bank Wegelin to close following guilty plea January 4, 2013 Swiss private bank Wegelin & Co is to close permanently following its guilty plea to helping Americans evade taxes through secret accounts. Wegelin, the oldest Swiss private bank, will pay $57.8m (£36m) to the US authorities in penalties after it admitted to charges of conspiracy in helping wealthy Americans evade taxes on at least $1.2bn [...]
Anglo American divests stake in Amapá January 4, 2013 Anglo American said this morning it is to sell its stake in a Brazilian iron ore operation to fellow miner Zamin Ferrous. The terms of the sale – of its 70 per cent interest in the Amapá deposit – are confidential. “Anglo American has always maintained that it does not envisage holding its interest in [...]
UK construction output falls to six-month low January 3, 2013 The UK construction sector shrank at the steepest pace in six months in December, driven by a fall in house building, according to a survey out today. The Markit/CIPS Purchasing Managers’ Index dropped to 48.7 in December, from 49.3 the month previously, marking its lowest level since last June. The 50 level separates growth from [...]
FTSE 100 flat after landmark day yesterday January 3, 2013 Following a stellar day yesterday for the FTSE 100 in which it tipped over the 6,000 mark, the leading share index was broadly flat in early deals today, although it still clung to the 6,000 level. Financial shares were strong risers on the blue chip index, with Aberdeen Asset Management, Legal & General and Hargreaves [...]
Chinese service sector growth buoys hope of recovery January 3, 2013 China’s service sector expanded at its fastest pace in four months in December, raising hopes of an economic revival in the world’s second-largest economy. The official purchasing managers’ index for the non-manufacturing sector rose to 65.1 in December from 55.6 in November, according to the National Bureau of Statistics. A reading above 50 indicates growth, [...]
House prices fall 1 per cent in 2012 January 3, 2013 UK house prices fell by 1 per cent on average in 2012, with London bucking the trend and recording the strongest annual price change. According to the Nationwide house price index out this morning, house prices slid 0.1 per cent in December, with the average house price sitting at £162,262. According to its quarterly data, [...]
Next lifts profit guidance on strong sales January 3, 2013 Clothing retailer Next this morning upped its profit forecast on the back of strong pre-Christmas sales. It now expects profit to come in at between £611m and £625m, up from previous guidance of between £590m and £620m. Next cited better-than-expected cost control measures, markdowns and gross margins for the hike. Strong pre-Christmas sales boosted Next, [...]
