Service sector growth remains weak July 5, 2011 Britain’s service sector performed better than expected in June but growth was still not strong enough to generate jobs, a purchasing managers’ survey showed. The Markit/CIPS headline services PMI index nudged up to 53.9 last month from a three-month low of 53.8 in May. That was above the 53.5 that economists had forecast but below [...]
BoE demands banks join payment system July 5, 2011 The Bank of England wants more banks to join the inter-bank payment system to increase financial stability and may take action if not enough lenders sign up, a top Bank official said on Tuesday. Britain’s payment structure has proved resilient so far but the financial crisis has highlighted the risks if banks are not direct [...]
Bombardier to cut 1,400 jobs July 5, 2011 Train maker Bombardier is cutting more than 1,400 jobs at its plant in Derby after losing out to German group Siemens for the Thameslink cross-London rail upgrade contract. The Canadian company, which also makes aircraft, said it would cut 446 permanent jobs and 983 temporary jobs from its 3,000 strong Derby workforce as a result [...]
Persimmon sees volumes dip July 5, 2011 HOUSEBUILDER Persimmon said completions and turnover dipped in the first half year-on-year against a backdrop of a stabilising market, while it expects an increase in volumes for the remainder of the year. The York-based builder said it completed 4,439 homes in the six months to end June, against 4,657 in the same period last year. [...]
N Brown sales rise in first half July 5, 2011 N Brown, the home shopping clothing group that targets older and larger consumers, posted a rise in first-half sales, underlining the resilient nature of the business in tough times. The company, based in Manchester, said total revenue increased 5.1 per cent in the 18 weeks to 2 July and was up 1.6 percent on a [...]
Ireland’s service sector picks up July 5, 2011 Ireland’s services sector grew at its fastest pace in four months in June on rising export orders, but employment fell and companies had to slash prices amid weak domestic demand, a survey showed. Ireland, which was forced to seek an international bailout late last year, is struggling to secure sustained growth in its services sector [...]
Banks hit by S&P Greece default blow July 4, 2011 Banking shares took a hit in early trading after ratings agency S&P issued a fresh warning over the Greek debt crisis. S&P said Greece would be likely to default if it follows a debt rollover plan in which French banks would allow the country to pay back its debt to them over decades. Investors were [...]
Elementis to get back £21m as EU revokes fines July 4, 2011 Chemicals maker Elementis said the European Commission dismissed fines levied on the company related to price fixing, and it would get back the full amount of 23.4 million euros (£21m) plus interest. Shares of the company rose more than three per cent in morning trade. Elementis said the commission revoked its decision after the company [...]
Britons invest £5.8bn in housing equity July 4, 2011 Britons injected £5.832bn of equity into their homes in the first three months of this year, the smallest injection in a year, Bank of England data showed on Monday. That compared with an equity injection of £7.136bn in the last three months of 2010, which had been the highest since records began in 1970. The [...]
Construction industry sees dip in June July 4, 2011 Britain’s construction industry lost some steam in June and firms were less optimistic about the outlook, a monthly survey among purchasing managers showed on Monday. The Markit/CIPS construction PMI index eased to 53.6 points from 54.0 points in May, broadly in line with analysts’ forecasts of a dip to 53.7 points. “June data rounds off [...]
