US data confirms steady recovery April 22, 2010 The number of US workers filing new claims for jobless aid fell last week as the labour market gradually heals and producer price data showed inflation remained muted, despite a surge in food costs last month. Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 456,000, the Labor Department said yesterday, resuming [...]
Factory orders steady in April April 22, 2010 Factory orders remained weak in April, but firms were their most optimistic in two years about raising output in the coming months, the CBI’s monthly Industrial Trends survey showed yesterday. The CBI survey’s total order book balance improved only slightly this month to -36 from -37 in March, below expectations for a reading of -34. [...]
FTSE 100 hits one-month low as Greek deficit fears weigh April 22, 2010 The London Report FTSE 100 hits one-month low as Greek deficit fears weigh BRITAIN’S top shares fell to a one-month closing low yesterday after news that Greece’s deficit widened more than expected hit investor sentiment, sending commodity and bank stocks into reverse. A downgrade of Greece’s debt rating from Moody’s Investors Service added to investor [...]
Solid results boost Wall Street stocks April 22, 2010 US stocks staged a late-day comeback yesterday as strong quarterly profits from consumer bellwethers like Starbucks outweighed worries about Greece’s shaky finances. First quarter earnings are on track to set a record for the percentage of companies beating estimates. Eighty-five per cent of the 98 S&P 500 companies that have reported so far have beaten [...]
Nokia results show its lack of an iPhone April 22, 2010 NOKIA unveiled worse-than-expected first quarter results yesterday pouring cold water on hopes of a revival at the firm. The world’s biggest mobile manufacturer lacks firepower at the high end of the mobile phone market, with no rival to Apple’s industry-changing iPhone. Apple’s tub-thumping results on Tuesday will have added insult to injury for Nokia, as [...]
Marwyn makes Tarmac offer April 22, 2010 ACQUISITIONS vehicle Marwyn Materials has approached mining giant Anglo American with an offer to buy Tarmac and spin it off in a listing. The miner has wanted to sell off the building materials company for years, but waited for the economic recovery to get a good price. “As we have said, we will divest of [...]
Balfour Beatty subsidiary wins Hong Kong contract April 22, 2010 GAMMON Construction, subsidiary of Balfour Beatty, has won a £35m air cargo terminal contract in Hong Kong. The contractor was awarded the HK$4.2bn (£353m) contract by Cathay Pacific and its joint venture partner Hip Hing Construction. The new terminal, which is approximately 280,000 square metres, is scheduled for completion in 2013. Balfour Beatty chief executive, [...]
Dragon Oil reports production increase and plans 10 per cent growth by 2012 April 22, 2010 DRAGON Oil yesterday reported a nine per cent increase in daily output for the first quarter of this year. The oil and gas explorer increased daily production to 47,654 barrels and said it was “satisfied that there is sufficient capacity in existing marketing routes to satisfy current production”. Dragon said that another three development wells [...]
BEST OF THE BROKERS April 22, 2010 PUBLICIS Execution Noble reaffirms its “buy” rating on Publicis after the advertising group reported organic revenue growth of 3.1 per cent for the first quarter, a strong improvement from the 5.4 per cent decline in the last quarter of 2009. It expects modest margin expansion, after adjusting for charges due to the acquisition of Razorfish. [...]
CITY MOVES | WHO’S SWITCHING JOBS April 22, 2010 Deloitte Timothy Mahapatra has taken up a new role at the business advisory firm as managing director of the corporate finance practice. A member of the firm’s executive, Mahapatra has over 15 years of corporate finance experience and was previously leader of Deloitte’s mergers and acquisitions programme. He succeeds Aidan Birkett, who was appointed as [...]
