UK manufacturing activity slumps June 1, 2012 British manufacturing activity shrank at its fastest pace in three years in May as a broad-based global economic slowdown hit demand for British goods, The latest Markit/CIPS Manufacturing Purchasing Managers’ Index suggests the sector continued to drag on the economy which is mired in its second recession in two years, and may add to expectations [...]
China slowdown gets worse June 1, 2012 China’s slowdown worsened in May as its factories saw a further deterioration in demand at home and abroad, dealing a new blow to a global economy struggling with a sharp downturn in Europe and a faltering recovery in the United States. The darkening outlook was underlined by data showing the fourth monthly decline this year [...]
BP eyes sale of TNK-BP stake June 1, 2012 BP said it was considering a sale of its half-share of Russia’s third-largest oil producer TNK-BP after receiving bid approaches, possibly heralding the end of one of the UK oil major’s most lucrative, audacious and troublesome ventures. The oil company said in a statement on Friday that it had received “unsolicited approaches” and had notified [...]
Charity tax U-turn May 31, 2012 PLANS to cap tax relief for people giving money to charities have been ditched by the government in another budget U-turn. The proposal to limit tax relief to £50,000 was condemned by charities who said it would hit their coffers. Earlier this week chancellor George Osborne reversed plans to slap VAT on pasties.
US GDP growth slower than expected May 31, 2012 The US economy grew at a 1.9 per cent in the first three months of 2012 below the 2.2 per cent first estimated. Weaker consumer spending and more imports hit the figures. The second official estimate of gross domestic product (GDP) from the Commerce Department also showed that after-tax corporate profits fell for the first [...]
CGI agrees to buy Logica for £1.7bn May 31, 2012 Canada’s CGI Group said it had agreed to buy Anglo-Dutch IT services company Logica for £1.7bn in a deal to secure more business with blue-chip clients globally. CGI said Logica shareholders would get 105 pence in cash for each share, a 60 per cent premium to Wednesday’s closing share price. Logica said global consolidation in [...]
Kingfisher sales hit by rain May 31, 2012 Kingfisher has blamed wet weather in April for a fall in sales at its B&Q chain. Sales dipped by 12 per cent at B&Q in the UK and Republic of Ireland in the 13 weeks to 28 April, compared with the same period last year. The DIY specialist’s like-for-like sales across all of its global [...]
House prices edge up in May May 31, 2012 House prices rose slightly more than expected this month to leave prices broadly unchanged on a year ago against a backdrop of generally subdued demand, according to figures from mortgage lender Nationwide. House prices rose 0.3 per cent in May after a 0.3 per cent drop the month before – a marginally bigger rise than [...]
Halfords profit dented by sluggish sales May 31, 2012 Halfords said sales over the last two months had been “very disappointing”, as it reported a steep decline in profit for the year to end-March, in line with estimates. Full-year underlying profit at the bicycle and car parts chain for the year to end-March fell 27 per cent to £92.2m ($143.2m), in line with estimates. [...]
Prudential to buy Swiss Re unit in $621m deal May 31, 2012 Insurer Prudential said it is buying Swiss Re’s US-based life insurance business for $621m (£401m) in cash. The purchase of SRLC America Holding Corp will be made through Prudential’s U.S. subsidiary Jackson National Life and is expected to close in the third quarter of 2012. Prudential said the transaction is expected to contribute 100 million [...]
