Construction sector still expanding but rate slows February 2, 2012 THE WEAK UK housing market and cuts to government building budgets have slowed growth in construction activity, Markit’s purchasing managers’ index (PMI) showed yesterday. The headline index fell from 53.2 in December to 51.4 in January, while the employment index fell to 50 – the no-change mark. Construction output has now increased for 13 consecutive [...]
CHRIS HUHNE TO LEARN FATE OF SPEEDING CASE TODAY February 2, 2012 Energy secretary Chris Huhne will learn this morning whether he is to be prosecuted over claims he lied to avoid a speeding ban, in a decision that could derail his political career and force a cabinet reshuffle. The Liberal Democrat minister has denied any wrongdoing over allegations he asked his estranged wife Vicky Pryce to [...]
GOLDMAN’S OUTSPOKEN PRESS AIDE SIGNS OFF February 2, 2012 LUCAS VAN Praag was well-known for firing cerebral, elegantly worded scorn on anyone who crossed paths with Goldman Sachs. So the PR man’s exit from the bank, as confirmed yesterday, was similarly well-phrased. “C’est la vie,” emailed Goldman’s chief spokesman, the logical conclusion to the leak earlier this week that Jake Siewart, former aide to [...]
Shell targets growth after profits miss February 2, 2012 ROYAL Dutch Shell yesterday announced an expansion plan aimed at ramping up oil production. Unveiling a profits rise of 50 per cent to $28.6bn (£18.1bn) for 2011, the company said it would pump $30bn into new oil and gas projects this year. The profits, which fell short of analyst estimates, compare with $24bn in 2011, [...]
Coryton attracts 40 suitors February 2, 2012 UK REFINERY Coryton has attracted more than 40 interested parties following the insolvency of its owner, Swiss refining group Petroplus and some of them are “very credible,” its administrator said yesterday. “There have been over 40 expressions of interest from the speculative to the highly credible,” said Katherine Howbrook, a spokeswoman for PwC. “There have [...]
QinetiQ to hit forecasts despite defence cutbacks February 2, 2012 DEFENCE technology company QinetiQ said yesterday it expects to meet full-year profit forecasts despite uncertainty on future levels of military spending in Britain and the United States. Late last year the company said it would beat its own earnings expectations for the year by 20 per cent after restructuring and cost cuts drove a 45 [...]
IS SHELL’S STRATEgY A WINNER IN VOLATILE MARKETS? February 2, 2012 TONY SHEPARD | CHARLES STANLEY The share price has been weak ahead of these results and understandably, the share price has initially fallen on publication of the results but longer term, Shell has set out a strong set of new growth priorities. Our recommendation remains Accumulate. RICHARD HUNTER | HARGREAVES LANSDOWN The initial disappointment of [...]
Gulfsands halts Syria exploration as political pressures force it to retreat February 2, 2012 OIL company Gulfsands Petroleum yesterday said it would try to build a business outside of crisis-ridden Syria as it decided to stop exploring for oil in Syria, six weeks after ceasing production there. The company also said that chief financial officer Andrew Rose would resign from the company in April. Gulfsands said it was “actively [...]
Smith & Nephew results fuelled by cost cutting February 2, 2012 SMITH & NEPHEW, Europe’s biggest artificial knee and hip maker, trimmed costs to shore up profit in the last three months of 2011, putting it back on track for what it expects to be a tough 2012 after a disappointing third quarter. The group’s trading margin bounced back to 25.2 per cent, from 19.8 percent [...]
FOCUS ON: TUNBRIDGE WELLS February 2, 2012 DOWN HOUSE Price: £1.1m A five bedroom Georgian house, situated in the edge of a village setting, with off-road parking, garden and extensive grounds. Contact Knight Frank on 020 7629 8171 or knightfrank.co.uk FERNCLYFFE Price: £3.6m Gigantic home featuring entrance hall, four reception rooms, conservatory, kitchen, games room, utility room, eight bedrooms, dressing room, and [...]
