Construction decline easing January 5, 2010 CONSTRUCTION activity in the UK economy contracted for a 22nd consecutive month in December, though the pace of decline eased and firms were upbeat about the future, a survey showed yesterday. The CIPS/Markit construction purchasing managers’ index (PMI) rose slightly to 47.1 in December from 47.0 the previous month, on a measure where any figure [...]
PwC fights to get cash for FlyGlobespan January 5, 2010 ADMINISTRATORS of collapsed Scottish airline FlyGlobespan are taking legal action against a firm responsible for the carrier’s online ticket sales. PriceWaterhouseCoopers (PwC) is pressing ahead with a High Court petition filed around the time when the airline entered administration last month to force E-Clear to reveal whether it holds £35m withheld from the carrier. A [...]
Eurozone inflation spikes on energy price effects January 5, 2010 EUROZONE inflation rose to 0.9 per cent in December, its highest level since February, driven by energy price effects, data showed yesterday. The region’s inflation rate was up from 0.5 per cent in November and a five-month period of deflation in the middle of last year, but remains well below the European Central Bank’s (ECB) [...]
Aviva buys US equities house January 5, 2010 AVIVA Investors has bolted on a US equities operation through the takeover of River Road, a Kentucky-based boutique asset manager, for an undisclosed sum. The British insurer’s funds arm said the acquisition would complement its existing fixed income presence in the US and help it win more institutional mandates in North America. River Road has [...]
Boiler scrappage scheme to help 125,000 families January 5, 2010 THOUSANDS of households will be able to apply for a voucher worth £400 towards the cost of a new energy-efficient boiler under the government’s scrappage scheme. From 18 January, up to 125,000 families will be eligible for a discount under the £50m taxpayer-funded project. The government hopes to cut CO2 emissions by encouraging people to [...]
CRH hit after profit slump sparks fears January 5, 2010 SHARES in Irish building materials group CRH dipped yesterday after a warning of a steeper than expected slide in profits. The Dublin-based company said the outlook for construction markets was still murky, despite cheerier forecasts from its rivals. CRH, now Ireland’s biggest company by market value, said the fall in profits slowed in the last [...]
City office rents expected to surge by end of 2010 January 5, 2010 PROPERTY consultancy King Sturge Prime has forecast a 10.5 per cent rise in City office rents by the end of 2010. The West End, which suffered the sharpest decline in rental last year, ranks top in the Consultancy group’s list of prime office space location. Rents in the area are predicted to rise to £70 [...]
Moore Capital recruits Brevan Howard founder for a senior global macro role January 5, 2010 MOORE Capital Management, the $14bn (£8.7bn) New York hedge fund run by Louis Moore Bacon, has hired former Brevan Howard man Jean-Philippe Blochet. Blochet will start in the middle of January and will take charge of a global macro strategy, trading stocks, bonds and commodities based on broad economic trends. Global macro strategies roam between [...]
Geronimo boosted by Christmas January 5, 2010 Festive Londoners helped pub operator Geronimo Inns sparkle over Christmas, with like-for-like sales up six per cent in the last four weeks of the year. Despite many publicans suffering badly during the recession, the privately owned firm said it achieved the increase without any discounting or promotions. Geronimo said its 28 pubs in and around [...]
Speedy Hire secures new deal January 5, 2010 Tool hire company Speedy Hire saw its shares accelerate yesterday after it signed a five-year deal to supply equipment to Carillion and Al-Futtaim’s joint venture in the Middle East and North Africa. The firm’s stock closed 6.3 per cent up at 29.8p following the announcement, which will see it provide light plant and equipment, asset [...]
