FTSE falls on grim manufacturing data December 1, 2011 Investors’ sentiment dampened in London in early trading as negative factory figures from China put the brakes on yesterday’s market rises. The gains were fuelled by central banks moving to stimulate credit. China’s factory sector shrank in November for the first time in three years in the face of weakening demand both at home and [...]
UK manufacturing shrinks at fastest rate for two years December 1, 2011 Britain’s manufacturing sector shrank for a second successive month in November and at its fastest pace since June 2009 as output and orders fell on weak global demand, a survey showed on Thursday, raising the risk the UK economy could be heading for another recession. The decline in activity amid a worsening debt crisis in [...]
Greene King toasts profits rise December 1, 2011 British pubs and brewery group Greene King reported a higher first-half pre-tax profits, benefiting from an upturn in trading as consumers struggling to cope with economic pressures sought solace in their local pub. The 212-year-old Suffolk based firm, which has 2,410 pubs, said the consumer environment remained challenging with cost inflation rising ahead of wage [...]
BAT challenges plain pack cigarette laws December 1, 2011 British American Tobacco has become the second tobacco giant to launch legal action against Australian laws forcing tobacco products to be sold in plain packaging from next year, following the lead of Philip Morris. The laws, cleared by parliament, are being watched closely by governments considering similar moves in Europe, Canada and New Zealand. They [...]
Kingfisher beats forecasts December 1, 2011 Kingfisher beat forecasts with a 14 per cent rise in third-quarter earnings as market share gains and a drive to improve margins offset weak sales in Britain and slowing growth in France. The group, which runs British market leader B&Q as well as Castorama and Brico Depot in France and elsewhere, said on Thursday it [...]
Carillion warns over 4,500 jobs after solar subsidy cut December 1, 2011 British support services and construction group Carillion has warned 4,500 staff in Britain that they could lose their jobs due to the government’s decision to halve state subsidies for solar panel schemes, the Financial Times reported on Thursday. “We expect the government’s plans for much larger and earlier than expected cuts to feed-in tariffs (Fits) [...]
China factory sector shrinks on weaker demand December 1, 2011 China’s factory sector shrank in November in the face of weakening demand both at home and abroad, two surveys showed on Thursday, underlining the central bank’s move to cut bank reserve requirements to shore up the economy. The official and HSBC purchasing managers’ indexes are likely to feed worries that the global economy is on [...]
China cuts capital requirements November 30, 2011 China’s central bank has cut the reserve requirement ratio for its commercial lenders for the first time in nearly three years to ease credit strains and shore up an economy running at its weakest pace since 2009. The move comes amid increasing concern among policymakers worldwide that the global economy is on a slippery slope [...]
Banks hit by S&P downgrade November 30, 2011 The FTSE was dragged down this morning as Standard and Poor’s downgraded 15 banks including Barclays and HSBC while miners were hit by lower copper prices. The S&P cut, on banks mostly in Europe and the United States, hit the sector which has already taken a battering from the Eurozone debt crisis. Meanwhile Eurozone ministers [...]
Glencore pulls out of $475m Peru mine deal November 30, 2011 Commodity trader and miner Glencore has pulled out of its planned $475m (£305m) acquisition of the owner of Peru’s Mina Justa copper project, citing the seller’s failure to satisfy necessary conditions. Glencore, the world’s largest diversified commodity trader, had announced in July it planned to buy a 70 per cent interest in Marcobre – owner [...]
