…but UK services growth continues to slow down August 4, 2010 GROWTH in Britain’s services sector slowed sharply last month, confirming analysts’ forecasts that economic activity will have cooled during the third quarter of the year. The leading Markit/CIPS purchasing managers’ index (PMI) fell to 53.1 from 54.4 in June, a slightly greater drop than economists had expected and the fourth fall in five months. The [...]
US services see small bounce… August 4, 2010 A SMALL bounce in the US ISM non-manufacturing index to 54.3 in July from 53.8 in June indicated that the world’s largest economy is not spiralling into the abyss after all. Encouragingly, the gain was driven by a rebound in new orders to 56.7 from 54.4. Employment also grew last month after a slight cut [...]
Shire boosts outlook after revenue soars August 4, 2010 SHIRE, the acquisitive drugmaker buying Belgium’s Movetis, beat second-quarter expectations as its rare disease franchise capitalised on production woes at US rival Genzyme. The strong performance prompted the UK company to increase its full-year forecast and chief executive Angus Russell said he now expected underlying 2010 earnings to grow 15 percent from 2009. Shire’s drugs [...]
British Airways sees its July passenger traffic fall August 4, 2010 British Airways (BA) carried 2.6 per cent fewer passengers in July compared with the year before and said it expected summer traffic volumes to be lower than last year. BA carried 3.19m passengers last month, down from the 3.21m in July 2009, while its load factor — a measure of how well it fills its [...]
Arbuthnot isoptimistic as profits rise August 4, 2010 ARBUTHNOT Banking Group saw its profits more than triple over the first half of the year as all of its divisions moved back into the black amid improving economic conditions. Pre-tax profit at the group rose to £2.3m, up from £0.7m in the first six months of 2009. The result came despite a weakening at [...]
Competition probe hits Sky Movies August 4, 2010 SKY will face an investigation by the Competition Commission into the dominance of its pay-TV movie service. Ofcom has requested the probe after raising concerns over the prices Sky is able to charge for new releases and the lack of consumer choice. The Competition Commission will have a maximum of two years to investigate the [...]
Bankruptcies fall 21pc but overstretched borrowers find other ways to go bust August 4, 2010 PERSONAL bankruptcies fell to pre-recession levels in the second quarter, but the headline drop masked a rush by troubled consumers for alternative ways to resolve their woes. Despite a 21 per cent year-on-year decline in bankruptcies, 380 people entered into insolvency every day during the three months, according to accountancy firm RSM Tenon. Debt relief [...]
Intel avoids fine as settles case over stifling rivals August 4, 2010 INTEL has agreed to stop using threats and unfair discounts to block its rivals, resolving a costly, high-profile legal battle over accusations it illegally smothered competition for over a decade. The world’s largest chip maker – which managed to settle the US Federal Trade Commission (FTC) complaint without paying a cent – also pledged to [...]
CITY VIEWS: GIVEN BANKRUPTCIES ARE DOWN, DO YOU THINK PEOPLE’S FINANCES ARE STARTING TO RECOVER? August 4, 2010 KEITH VALENTINE | AXCO INSURANCE INFORMATION SERVICES “People are beginning to find things a little easier, and are feeling a bit more confident. I have noticed some small price increases, which might make it hard for some, but I think people are generally feeling better in themselves. But if people are struggling, I don’t think [...]
BEST OF THE BROKERS August 4, 2010 XSTRATA Xstrata’s interim results came in a little ahead of Evolution Securities’ expectations, and it maintains its “add” rating on the mining group. It notes that the company’s focus was on its change of strategy and $14bn growth pipeline. Evo expects the key areas of growth to be in copper and nickel, although the company [...]
