Building slump rolls on for euro area economies December 18, 2013 CONSTRUCTION in the Eurozone bucked the region’s modest growth trend in October, with production contracting 1.2 per cent from the previous month. The troubled sector is not following the Eurozone economies’ return to feeble expansion, and has now declined 2.4 per cent since the same month last year. Construction production is still below levels seen [...]
India’s central bank holds rate December 18, 2013 INDIA’S central bank unexpectedly kept its policy interest rate on hold yesterday, yet maintained its tough rhetoric against surging inflation, warning it would act any time needed even if the economy continues to struggle. The Reserve Bank of India’s decision to keep the repo rate at 7.75 per cent surprised investors. “I want to emphasise that [...]
Spanish banking system posts record proportion of bad debt December 18, 2013 THE TROUBLED Spanish banking system recorded an increase in its proportion of bad loans during October, rising 0.3 percentage points to 13 per cent. The proportion of non-performing loans in the financial system has now reached another record high, raising further questions about the health of the country’s banks. During October, total aggregate lending in [...]
Tui’s German parent restores its dividend as cost cutting pays off December 18, 2013 GERMAN travel group Tui AG, which owns a majority stake in Tui Travel, yesterday vowed to pay its first dividend since 2007 after posting a surprise profit. The firm said it made a €4.3m (£3.6m) profit in the year to the end of September, beating forecasts of a small loss, while underlying earnings rose two [...]
Westminster attacks Scotland’s independence finance claims December 18, 2013 THE SCOTTISH government’s plan for independence includes a £1.3bn hole, the Treasury claimed yesterday, ramping up London’s campaign for a no vote in next year’s referendum. A plan published last month by Holyrood argues an independent Scotland would have a lower national debt and lower budget deficit as a proportion of GDP than the remainder of [...]
Catastrophe bill halves in 2013 December 18, 2013 THE COST to insurers of catastrophes almost halved to about $44bn (£27bn) this year, despite a doubling in deaths caused by events such as Typhoon Haiyan, Swiss Re said yesterday. Haiyan was the event causing the highest loss of life this year, resulting in the death of more than 7,000 from some of the strongest [...]
Essar Energy rises as it reaffirms positive outlook for business December 18, 2013 INDIA-FOCUSED energy company Essar Energy yesterday reiterated its positive outlook for the business, after a recent fall in the share price. The FTSE 250-listed firm’s shares went up four per cent yesterday morning in response to the news. “Energy demand in India will continue to be strong for many years to come and I believe [...]
Shares in Bwin.Party jump 8pc after bullish growth forecast December 18, 2013 BWIN.PARTY yesterday reported a positive outlook for 2014 with growth expected in the US. The gambling company also said that trading in the 11 weeks since the end of September 2013 was in-line with its expectations. Its share price rose 8.4 per cent to 125.4p on the news. In 2014 Bwin expects the FIFA World [...]
Tullow to plug and abandon well December 18, 2013 FTSE 100-listed energy explorer Tullow Oil yesterday said it plans to plug and abandon a Cote d’Ivoire well after hitting water below the oil accumulation discovered at a nearby well, reducing the size of the find. “The…well has efficiently identified the likely depth of the oil water contact and we are reviewing the resource range [...]
Pallet maker RM2 to float on Aim December 18, 2013 Pallet manufacturer RM2 yesterday said it plans to launch an initial public offering on Aim, which will raise £137.2m to finance the expansion of its production capacity. The company expects to start trading on 6 January 2014 with an initial market capitalisation of £278.3m and is the largest float on Aim in a year. RM2 [...]
