Travis Perkins hit by weak market conditions December 12, 2012 A DOWNWARD trend in like-for-like sales at British builders’ merchant Travis Perkins continued in November, as weak construction and consumer markets weighed on business. Like-for-like sales for the year-to-date slipped 1.8 per cent. Total sales, which includes the acquisition of Toolstation last January, fared better, rising 1.6 per cent for the 11 months to the [...]
Callebaut swallows cocoa firm December 12, 2012 Barry Callebaut, the Switzerland-based group that supplies chocolate and cocoa products to large suppliers, said yesterday it has agreed to buy Petra Foods’ cocoa ingredients business for $950m (£590m). The company said the acquisition would “help boost its presence in developing countries”. Barry Callebaut expects the cocoa market in the Asia-Pacific region to grow by [...]
Ophir reveals Tanzania find December 12, 2012 Africa focused oil company Ophir Energy yesterday said it had successfully completed appraisal drilling on three wells in a block offshore Tanzania, and found a “consistent, high-quality” reservoir at the Jodari field. As a result, it has reconfirmed the 3.4 trillion cubic feet recoverable resource estimate. Ophir Energy will now focus its efforts on appraising [...]
EastCoal eyes AIM listing December 12, 2012 EastCoal yesterday announced its application for admission on the junior stock market, expected before the end of December. The mineral development company has already raised £9.5m through a private placing and when admitted to AIM, it is expected to have a market cap of around £42m. For the past three years, EastCoal has been focused [...]
Scientist says bank bosses are acting ape December 12, 2012 BROWSING the pages of the January issue of Wired magazine, The Capitalist stumbled across a pen–chewing piece of research by stockmarket trader turned neuroscientist, John Coates. In the article, Cambridge-educated Coates asserts that testosterone skews financial markets, and poses the question – should more decisions be left to women? The former Goldman Sachs trader began [...]
Ten leaping lords, nine ladies dancing, eight maids and a cow December 12, 2012 DESPITE Jack Frost nipping at their heels, 200 leaping lords and dancing ladies donned costumes for a sponsored dash around Canary Wharf yesterday lunchtime. The fancy dress charity race was in aid of children’s charity Starlight. Competitors complied with the festive dress code by donning team costumes, inspired by the 12 Days of Christmas rhyme. The [...]
Mortgage loans jump back after September dip December 12, 2012 MORTGAGE lending bounced back strongly in October, according to industry figures released yesterday, yet analysts remain unconvinced that the government’s Funding for Lending Scheme (FLS) is delivering a sea change in the housing market. The total number of loans for house purchase climbed 13.8 per cent to 49,500, data from the Council of Mortgage Lenders [...]
Analysts fear watchdog is too optimistic on UK growth December 12, 2012 OFFICIAL growth and inflation forecasts are too optimistic, because the independent body responsible is afraid of spooking markets with a gloomy outlook, a top economist warned yesterday. The Office for Budget Responsibility (OBR) was set up to monitor the economy to judge how likely the chancellor is to hit his debt and deficit targets. It [...]
Top Bank of England economist warns over UK’s sticky inflation December 12, 2012 THE BANK of England’s chief economist, Spencer Dale, warned yesterday that inflation could continue to stick above target, tightening the squeeze on UK households’ budgets. Stubbornly high inflation has been prompted by unavoidable yet “painful adjustments” in the economy such as sterling’s depreciation and higher VAT, while tumbling productivity has also hit the economy, Dale [...]
L&G says fiscal cliff dilemma can be solved December 12, 2012 CONGRESS and President Obama will be able to reach agreement on the bulk of the fiscal cliff – the $600bn (£371.7bn) in automatic tax rises and spending cuts due in January – making the consolidation into more of a molehill, Legal & General analysts suggested yesterday. The Republican-held House of Representatives and the executive branch [...]
