UK manufacturing falls as trade deficit widens October 9, 2012 British factory output dropped in August as the trade deficit widened, data showed today. Manufacturing output fell 1.1 per cent in August, following a bounce of 3.1 per cent in July, the Office for National Statistics said this morning. Meanwhile, Britain’s goods trade deficit widened to £9.8bn, as exports fell and oil imports rose. The [...]
IMF slashes Britain’s growth forecast October 9, 2012 The International Monetary Fund (IMF) this morning slashed Britain’s growth forecast to -0.4 per cent for 2012, as it said the global economic recovery is weakening. The IMF said the economy would expand at a modest rate of 1.1 per cent next year, from its previous forecast of 1.4 per cent. It downgraded global growth [...]
Julius Baer to cut jobs after takeover October 9, 2012 Swiss private bank Julius Baer said this morning it will cut jobs as a result of its purchase of part of Bank of America Merrill Lynch’s wealth management business. Baer said this morning it will set out “targeted profitability improvement measures”, including a “significant reduction of former Bank of America corporate overhead”. The Swiss bank [...]
Rio Tinto warns on volatile short-term outlook for copper October 9, 2012 Australian copper giant Rio Tinto this morning warned that the short-term outlook for copper remained volatile, but that it expected production of the base metal to increase. The miner said in a statement that copper production will increase from 2013 thanks to improving grades at existing mines, and the start of production at the Oyu [...]
Barclays to acquire ING Direct October 9, 2012 Barclays this morning announced it is buying the deposits, mortgages and business assets from Dutch bank ING Direct as it looks to expand its retail banking operations. ING Direct, which wants to exit the UK retail banking market, said the move was part of a review of its strategic options for its UK business. Barclays [...]
FTSE 100 lower on weak corporate news October 8, 2012 The blue chip index was firmly lower in early trade, as worries over the health of the global economy pulled stocks down. Weaker resources prices and concerns ahead of a meeting of EU finance ministers to launch the latest bailout fund weighed on sentiment. Materials firm Cookson Group and recruiter Michael Page led the index [...]
Recruiter Michael Page issues profit warning October 8, 2012 Recruiter Michael Page this morning warned that full-year profit would be below expectations, as challenging economic conditions and market confidence weighed on results. In an interim management statement, the global agency said third quarter profit for the group was 8.3 per cent below the second quarter, and 11.3 per cent down year on year. Profits [...]
BAE shareholder Invesco opposes merger October 8, 2012 BAE’s largest shareholder Invesco has issued a long list of objections to the £30bn tie-up with EADS. Invesco, which owns 13.3 per cent of BAE, has a number of reservations regarding the merger, including concerns about state involvement, merger terms and its strategic rationale. Invesco said this morning that it doesn’t “understand the strategic logic [...]
Cookson Group warns on profits October 8, 2012 Materials company Cookson Group this morning warned that a weak performance in one of it divisions would cause it to miss forecasts for the year. Third-quarter performance for its engineered ceramics division, which makes products for the global steel industry, was weaker than previous expectations thanks to a downturn in production of the metal. Its [...]
Aquarius Platinum chief executive stands down October 8, 2012 The chief executive of Aquarius Platinum has resigned with immediate effect, giving no reason for his departure. Stuart Murray has terminated his directorships with other companies in the group. A replacement is being sought. In the interim, Jean Nel will take the role of chief operating officer and Zwelakhe Mankazana has been appointed interim non-executive [...]
