Manufacturers’ costs soar October 8, 2010 Manufacturers’ raw materials costs rose almost twice as fast as expected last month propelled by higher wheat prices, taking the annual rate well above expectations, official data showed. The Office for National Statistics said producer input prices rose 0.7 per cent on the month in September, taking the annual rate up to 9.5 per cent [...]
Barclays dips as Abu Dhabi investor sells shares October 8, 2010 One of the Middle East investors who pumped billions of pounds into Barclays has effectively sold a chunk of shares in the bank, sending its shares lower. Abu Dhabi’s exercised £131.6m warrants in the bank, equivalent to a 1.1 per cent stake, and simultaneously entered into a complex hedging arrangement with Nomura, it said in [...]
BP to shake up trading arm after profits tumble October 8, 2010 Oil major BP is restructuring its trading unit into a leaner and nimbler outfit in the face of eroding profits, the head of the unit says in an internal document obtained by Reuters, The document from Paul Reed, chief executive of the trading arm, said the company sees a decline in its traditional business but [...]
Speedy Hire hit by Connaught collapse October 8, 2010 Speedy Hire said it was on track to meet its full-year profit expectations despite a first-half operating loss because it traditionally picks up in the second half. The firm, which provides tool hire services, said it would take a £1.7m charge related to the demise of social housing firm Connaught. That charge does not include [...]
Asian IPOs receive mixed reception October 8, 2010 Investors lapped up Singapore Global Logistic Properties’ IPO but shunned the non-precious metals unit of London-listed gold miner Petropavlovsk Plc in a seesion of mixed fortunes for Asian share offerings. Asia has led the world in initial public offerings so far this year, raising $89.9bn (£56.6bn) in the first nine months of the year as [...]
Thomas Cook and Co-op in holiday business merger October 8, 2010 Thomas Cook Group and The Co-operative Group have agreed a merger of their high street travel and foreign exchange businesses. The deal will create the UK’s biggest high street travel operation with 1,200 shops. It is estimated that the pair can save a total of £35m in costs through the agreement. Under the merger, Thomas [...]
Factory output in fastest rise since 16 years October 7, 2010 Manufacturing output rose for a sixth consecutive month in August, growing faster than expected to lift the annual rate to its highest in over 15 years, official data showed. The figures, which come hours before the Bank of England announces its October monetary policy decision, may help ease fears that the recovery is faltering. The [...]
Interest rates frozen again October 7, 2010 The Bank of England has frozen UK interest rates at a record low of 0.5 per cent for the 19th consecutive month. The Monetary Policy Committee’s (MPC) decision had been expected, despite calls from one member to raise rates to combat high inflation. Andrew Sentence is the only MPC member to call for a raising [...]
Factory output in fastest rise for 16 years October 7, 2010 Manufacturing output rose for a sixth consecutive month in August, growing faster than expected to lift the annual rate to its highest in over 15 years, official data showed. The figures, which come hours before the Bank of England announces its October monetary policy decision, may help ease fears that the recovery is faltering. The [...]
BP seals Azerbaijan oil deal for Caspian Sea October 7, 2010 BP has signed a deal with the State Oil Company of the Republic of Azerbaijan (Socar) to develop a deepwater gas field in the Caspian Sea. BP’s new chief executive Bob Dudley travelled to Baku for the signing of the new production sharing agreement (PSA) on the Shafag-Asiman structure in the Azerbaijan sector of the [...]
