UK manufacturing inches up in January February 1, 2013 Britain’s manufacturing sector expanded slightly last month, raising hopes that the economy can avoid sliding into a triple-dip recession. Factory output grew at its fastest pace since September 2011, according to official data out today. The Markit/CIPS Manufacturing Purchasing Managers’ Index edged down to 50.8 in January, from a downwardly-revised 51.2 in December. It came [...]
US added 157,000 jobs last month February 1, 2013 US employment ticked up in January, as it showed signs that the economy’s muted recovery was on track. The world’s largest economy added 157,000 jobs in January, according to official data from the Labour Department out today. The data also showed 127,000 more jobs were created in November and December than previously thought. However, the [...]
Barclays chief to waive bonus February 1, 2013 Barclays chief executive Antony Jenkins is to waive his bonus for last year, following a “difficult” year for the bank. Jenkins, who was appointed chief executive in August, said he was aware of “considerable speculation” about whether he would be awarded a bonus. He decided today that he did not want to be considered for [...]
BT tops FTSE 100 February 1, 2013 The benchmark index rose back through the 6,300 barrier this morning, boosted by strong gains from telecoms firm BT. BT rose almost 3.8 per cent in early deals, on the back of a seven per cent jump in pre-tax profit over the three months to December thanks to strong demand for its fibre optic broadband. [...]
London black cab maker bought by China’s Geely February 1, 2013 Black cab manufacturer Manganese Bronze has been bought by China’s Geely Automobile Holdings, its administrator said this morning, in a deal thought to be worth around £11m. PricewaterhouseCoopers said the deal will safeguard the production of the iconic taxis in the UK. Chinese Geely, which owns 20 per cent of the firm, said this morning [...]
China manufacturing indicates muted recovery February 1, 2013 China’s giant manufacturing sector continued its modest recovery in January, according to official data out this morning, although growth slowed over the month. China’s official purchasing managers’ survey (PMI) released this morning showed that factory output at the world’s second-largest economy rose in January, but at a slower pace than the month previously. The index [...]
Strong broadband demand boosts BT February 1, 2013 Strong demand for broadband boosted BT’s pre-tax profits in the three months to December, it said this morning. Pre-tax profit jumped seven per cent to £675m in the third quarter, compared to forecasts of £632m. Over the nine months to December, profits soared eight per cent to £1.8bn. BT said it was adding around 100,000 [...]
Deloitte axes 190 HMV jobs January 31, 2013 HMV administrator Deloitte has axed 190 jobs from the business, it announced this afternoon. The redundancies have been made in HMV’s head office and distribution network. No retail jobs have been cut and the stores remain open, Deloitte said today. Giving an update on the potential sale of the business, joint administrator Nick Harding said: [...]
FTSE 100 hurt by AstraZeneca and banking shares January 31, 2013 The leading share index fell back this morning beneath the 6,300 level that it hit yesterday, as AstraZeneca and banking shares weighed on the FTSE 100. The pharmaceutical firm dropped more than four per cent in early deals, as it posted a drop in fourth quarter profit. “As largely expected, investors will have to wait [...]
Banks to review sale of interest rate swaps to small businesses January 31, 2013 The big four banks will start a review into the sale of complex interest rate hedging products that might have been mis-sold to small businesses. The Financial Services Authority, which last said it had found serious failings in the sale of interest rate hedging products (IRHPs), said Barclays, Lloyds, HSBC and RBS would review individual [...]
