FTSE 100 punches through 6,000 mark January 2, 2013 The FTSE 100 smashed through the 6,000 barrier in trading today, as investors were heartened by the US fiscal cliff deal. The UK’s leading share index closed up 2.2 per cent today at 6,027, driven primarily by large rises in mining and financial shares, and mirroring sharp gains on global markets. US Congress backed the [...]
FTSE 100 rallies on US fiscal cliff deal January 2, 2013 Investors welcomed in the first trading day of the new year with a sharply higher blue chip index this morning, as the FTSE 100 rose around 90 points in early trading as US policymakers approved a deal to prevent the so-called fiscal cliff. Miners led the rally, with Eurasian Natural Resources, Rio Tinto, Anglo American [...]
US Congress backs fiscal cliff deal January 2, 2013 US Congress backed the fiscal cliff deal late last night – ending days of drama just before financial markets opened for the new year – handing a victory to President Obama. Following a tense few days, the House of Representatives last night passed the bill by 257 votes to 167, preventing huge tax hikes and [...]
UK manufacturing hits 15-month high in December January 2, 2013 UK manufacturing activity rose to a 15-month high in December, a survey showed this morning. The Markit/CIPS Manufacturing Purchasing Managers’ Index edged up to 51.4 in December, up from 49.2 in November. A reading above 50 indicates growth. Manufacturing makes up just 10 per cent of British output, so construction and services PMIs due later [...]
Babcock snaps up LGE Process for £23m January 2, 2013 Engineer Babcock has acquired a liquid gas services company from the Weir Group for £23m, it said this morning. LGE Process, which designs and builds plants for processing, storage and handling of liquid gases, will be combined with Babcock’s design services business unit. In the year to December LGE posted gross revenue of £26.3m, Babcock [...]
BP kicks off production at Skarv field January 2, 2013 Oil major BP this morning said it had started production at the Skarv field in the Norwegian Sea. Skarv, which is offshore the west coast of Norway, has an estimated recovery of around 100m barrels of oil and more than 1.5 trillion cubic feet of gas. The field, which will ramp up output in the [...]
ArcelorMittal sells $1.1bn stake in its Canadian mining unit January 2, 2013 Steelmaker ArcelorMittal said today it would sell a 15 per cent stake in a Canadian mine operator to an Asian consortium led by POSCO and China Steel in a deal worth $1.1bn (£674m). The consortium, alongside ArcelorMittal Mines Canada, will own the steelmaker’s Labrador Trough iron ore mining and infrastructure assets. “This joint venture incorporating [...]
Irish manufacturing slows in December January 2, 2013 Ireland’s manufacturing sector expanded at a slower pace in December, a survey showed this morning. The NCB Manufacturing Purchasing Managers’ index showed that the rate of expansion fell to 51.4 in December, from 52.4 the month previously, hurt by weak domestic demand and higher energy costs. However, it marks a 10th consecutive month of expansion, [...]
Statoil to develop North Sea oil field for £4.3bn December 21, 2012 Norway’s Statoil is to develop a $7bn (£4.3bn) North Sea oil field, the largest offshore development in the UK in more than 10 years. Statoil will start work on the Mariner project, 150km southeast of the Shetland islands, in 2017. Average production is expected to average 55,000 barrels of oil a day. The project will [...]
ArcelorMittal takes £2.6bn write down on European business December 21, 2012 Steelmaker ArcelorMittal said today it would write down the value of its European business by about $4.3bn (£2.6bn), as a weak European market hurt demand. The world’s largest steelmaker said that steel demand in Europe had fallen by around eight per cent so far this year, marking a 29 per cent drop since 2007. “This [...]
