UK construction activity inches higher in October November 2, 2012 UK construction edged up in October, but firms remained cautious about future business, a survey showed this morning. The Markit/CIPS Construction Purchasing Managers’ Index rose to 50.9 from 49.5 in September, just above the 50 line that indicates growth. It marks the highest reading since July. However new orders fell for the fifth consecutive month, [...]
FTSE 100 down as investors await US jobs report November 2, 2012 The leading share index was trading down in early trading, as investors were cautious ahead of October’s US jobs report. The key US data is forecast to show non-farm payrolls rose 125,000 last month following a 114,000 increase in September. Insurer Admiral Group was the biggest blue chip loser this morning, shedding more than five [...]
Energy business boosts Meggitt November 2, 2012 Defence equipment maker Meggitt this morning said it expects “mid single digit” growth in 2013, following strong growth in its energy business. Meggitt, which makes componenents for the aerospace, defence and energy markets, said the strong orders in its energy business had offset the “continued softness” in civil aerospace revenues. The FTSE 100 company, which [...]
RBS ups PPI provision as profits slump November 2, 2012 Royal Bank of Scotland has upped its provision for payment protection insurance (PPI) by £400m, as it reported a pre-tax loss for the third quarter. The high street bank has now put aside £1.7bn in total for PPI redress. Over the three months to September, RBS reported a pre-tax loss of £1.26bn, down from £2bn [...]
Direct Line halfway towards £100m cost cutting target November 2, 2012 Insurer Direct Line said this morning it was halfway towards its target of £100m in cost savings, as it reported a drop in quarterly profit. The insurer, spun off by RBS in early October, said it achieved around 50 per cent of its 2014 cost target. Direct Line announced plans to shed about seven per [...]
FTSE 100 up on earnings boost November 1, 2012 The leading share index was higher in early deals this morning, buoyed by upmarket manufacturing data from China and blue chip earnings. Lloyds Banking Group, Royal Dutch Shell, BT Group, BSkyB and Legal & General all flattered the FTSE 100 in early trading. On the FTSE All-Share, credit card insurer CPP Group continued its rise [...]
UK manufacturing contraction deepens in October November 1, 2012 The downturn in British manufacturing worsened last month, as companies received fewer orders and costs rose at a faster pace, a survey showed this morning. The CIPS/Markit Purchasing Managers’ Index (PMI) for the manufacturing sector fell to 47.5 from a downwardly revised 48.1 in September, falling further below the 50 mark which indicates growth. Manufacturers [...]
Shell reports falling profits November 1, 2012 Oil major Shell shouldered a 15 per cent fall in current cost of supply (CCS) profits in the third quarter, it announced this morning. The impact of lower crude prices, a fall in output and special charges outweighed stronger margins in refining. It reported CCS profits of $6.1bn (£3.8bn), compared with $7.2bn over the same [...]
House prices rise in October November 1, 2012 UK house prices rose 0.6 per cent in October, lender Nationwide said this morning, although values are still 0.9 per cent lower year on year. The lender puts the price of a typical home at £164,153, a slight uptick from last month. Robert Gardner, chief economist at Nationwide, said this morning that the annual pace [...]
Increased PPI bill drags Lloyds to a quarterly loss November 1, 2012 Lloyds Banking Group this morning reported a pre-tax loss of £144m, as it ramped up its provision for missold payment protection insurance (PPI). Over the three months to September, losses came in at £144m, narrowing from £607m over the same period last year. The UK’s biggest retail bank took another £1bn hit for compensation for [...]
