Rise in orders gives a boost to UK industry April 26, 2011 FACTORY output in the UK is increasing and fewer firms are working below capacity, new manufacturing data showed yesterday. Output volumes and total new orders rose in the three months to April and are expected to continue increasing, the Confederation of British Industry’s Quarterly Industrial Trends survey found. But the soaring cost of raw materials [...]
High oil prices a concern for head of Saudi oil firm April 26, 2011 OIL prices dipped yesterday after the head of Saudi Arabia’s state-owned oil company expressed concern that the high price level could damage the global economy. Khalid al-Falih, chief executive of Aramco, said Saudi Arabia was not comfortable with the level of the oil price, echoing comments from Saudi oil minister Ali al-Naimi last week. “We [...]
China denies raising banks’ capital ratios April 26, 2011 CHINA’S bank regulator yesterday denied that it told the country’s five biggest banks to raise the amount of capital they hold relative to risky loans and assets. The China Banking Regulatory Commission issued the denial after Bloomberg reported that the Industrial and Commercial Bank of China and three of its rivals were told to raise [...]
Maths skills secret to rise in FTSE ranks April 26, 2011 A BACKGROUND in finance is becoming the best route to landing a chief executive’s job at a blue chip firm, according to findings from this year’s Robert Half study of FTSE 100 chief executives. Nearly half (49 per cent) of serving chief executives in the current FTSE 100 Index have financial backgrounds – such as [...]
Virgin flexes muscles with Esporta deal April 26, 2011 VIRGIN Active yesterday announced that it had snapped up rival Esporta’s 55 gyms for £77.6m, making it the UK’s biggest gym chain. The acquisition will see 159,000 Esporta members transferring to Virgin Active. That takes its total UK membership to around 479,000 – ahead of David Lloyd Leisure Operations with 426, 692. The company, which [...]
Barclays faces protests over food speculation April 26, 2011 BARCLAYS could see its annual meeting today disrupted by a group of protestors complaining about it speculating on food prices. The World Development Movement says it will protest against Barclays “pushing up the price of staple food”. Barclays Capital told City A.M. it acts “as an intermediary for our clients.” Protesters say banks are “profiting [...]
Speedy Hire to sell loss-making unit April 26, 2011 TOOL rental company Speedy Hire plans to sell its loss-making temporary accommodation hiring business to rival Elliott, the UK arm of North American modular building supplier Algeco Scotsman, in a cash deal for £34.9m, in an effort to reduce its debt pile. The company, which had net debt of about £80m on 31 March, said [...]
London hoteliers boosted by room price increases April 26, 2011 HOTELS in the capital have seen takings go up so far this year thanks to room price increases, a survey has shown. Rooms were on average £128.31 a night in February, compared with £120.28 in the same month last year. The data from PKF Hotel Consultancy Services showed that occupancy was down by 4.7 per [...]
Uniq narrows its losses but wary on future April 26, 2011 UNIQ’S full-year pre-tax loss narrowed, helped by an improvement in its desserts business following a restructuring, but its said raw material prices and increasing competition were taking their toll. The company, which sells desserts, sandwiches and salads to retailers, including Marks & Spencer and Costa, reported a pre-tax loss of £11.2m last year against £18.5m [...]
Heritage Oil in buyback worth $100m April 26, 2011 UK OIL explorer Heritage Oil is planning a share buyback worth $100m (£60m), following a difficult few months for the company, which has seen its share price plummet and rival Tullow Oil launch a £313m lawsuit. Explorers rarely engage in buybacks because their business model usually involves spending their cash on finding new fields. “The [...]
