State spending hit by info lack October 18, 2012 The government is hampered in its spending decisions by a lack of information, a report from finance watchdog the National Audit Office said yesterday. Departments are failing to properly integrate their budgets with their corporate plans – one result of which is a wide gulf in the efficiency of capital project spending. In 2010’s spending [...]
Rents slip back in Greater London October 18, 2012 Rents in Greater London slid in the third quarter, data from Move With Us claimed yesterday, but they remained more expensive than the same period a year earlier. By the end of the third quarter, rents in greater London were 4.9 per cent down on the previous quarter at £2,273, but this left them 3.3 [...]
Insurer delay doubles readiness October 18, 2012 Delaying Solvency II regulations for insurers by one year would more than double the number of firms ready for it, research from Ernst & Young suggested yesterday. In a poll of 160 large insurance companies across Europe, 43 per cent indicated they would not be ready for regulations in 2014 but 90 per cent said [...]
Russia’s Evraz hurt by lower steel output October 18, 2012 RUSSIAN steelmaker Evraz yesterday posted a three per cent drop in steel production year on year over the three months to September. The FTSE 250 firm cited lower production at the Vitkovice steel operations in the Czech Republic and Highveld in South Africa for the drop in output. Evraz this month temporarily shut down production [...]
AkzoNobel swings to a €2.4bn net loss as Dulux dogs the firm October 18, 2012 DUTCH paintmaker AkzoNobel yesterday plunged to a quarterly net loss of €2.4bn (£1.95bn) after taking a €2.5bn writedown on its 2008 purchase of Dulux paint maker ICI. The world’s biggest paint manufacturer is also looking for more cost cuts on top of the €500m of savings announced last year to cope with weak consumer and [...]
Sales growth eases at Nestle as demand cools in Asian markets October 18, 2012 NESTLE’S sales growth slowed more than expected in the first nine months of the year as demand cooled in the emerging markets driving the world’s biggest food company. Underlying sales growth at the maker of KitKat chocolate bars and Maggi soup slowed to 6.1 per cent from 6.6 per cent in the first half. Growth [...]
Gold Fields could fire 11,000 miners if they refuse to work October 18, 2012 UP TO 11,000 Gold Fields workers could be dismissed this morning if they refuse to return to work to end a five-week strike at the South African miner’s KDC West operation. The five-week strike, which has cost Gold Fields around ZAR1.3bn (£93m) in revenue, has lost the precious metal miner around 65,000 ounces of gold. [...]
Cairn hails portfolio progress as it confirms Morocco drilling October 18, 2012 CAIRN Energy yesterday said that it was continuing to rebalance the business to deliver growth as it eyed exploration opportunities. The explorer has just acquired two frontier exploration blocks in Morocco, with the first well targeted in the fourth quarter of next year, it said in an interim management statement. The FTSE 100 oil and [...]
BlackRock rides out fundraising storm to float US income trust October 18, 2012 BLACKROCK, the world’s biggest fund manager, yesterday overcame tough market conditions to close a £65m initial public offering (IPO) for a US equity income trust set to list in London. The fund manager said the BlackRock North American Income Trust, which will invest in American equities, would list on the main market of the London [...]
Chinese sales lift Renishaw October 18, 2012 British engineer Renishaw more than doubled its first quarter profit after strong demand in its core Chinese market. The group, which supplies products used in industries from manufacturing to dentistry, reported pre-tax profit of £28.3m for the three months to the end of September, up 108 per cent on the same period last year. UK [...]
