Profit down but Tristel is upbeat October 24, 2011 TRISTEL, which specialises in infection and contamination control, said yesterday its full year pre-tax profits had fallen, but that trading in the three months to September were ahead of expectations. Profit at the group fell to £508,000 from £1.7m in 2010, but turnover rose six per cent to £9.29m. Tristel, which raised equity of £3.9m [...]
Pipeline design business latest to go as ailing Mouchel continues asset firesale October 24, 2011 MOUCHEL, the struggling infrastructure group, has continued to offload unwanted assets by selling its pipeline design business to Mott MacDonald for up to £3.4m. Mott MacDonald, a management, engineering and development consultancy, will pay an initial £2.55m for Mouchel Energy, a new business set up for the disposal, which has revenues of £4.7m. Working capital [...]
McBride sees pressure on pricing ease as costs drop October 24, 2011 MCBRIDE, the UK’s biggest maker of own-brand cleaning and personal hygiene products, has said the cost of its raw materials has come down, leading to hopes that price pressures could be easing. McBride said yesterday its policy to use price rises to recover input costs was coming to an end, as the cost of raw [...]
Factory boom averts hard landing fears October 24, 2011 THE FIRST growth since June was registered in yesterday’s HSBC purchasing managers’ index (PMI) for China, estimating industrial activity. At 51.1, the index registered its strongest growth in five months. September’s reading came in at 49.9. Any result above 50 indicates expansion in the sector. The positive reading is expected to alleviate fears of a [...]
ECONOMISTS’ VIEWS: HAS CHINA’S ECONOMY AVOIDED A HARD LANDING? October 24, 2011 QINWEI WANG | CAPITAL ECONOMICS At 51.1, this month’s PMI estimate is very strong. There are risks ahead, however – Eurozone figures are very disappointing. Furthermore, China’s PMI may reflect output rising simply to replenish and increase inventories, which have been very low recently, rather than signaling strong demand growth. CHRIS SCICLUNA | DAIWA CAPITAL [...]
Haldane says more capital just the start October 24, 2011 FORCING banks to hold more capital will help make the financial system safer but deeper changes are needed to give bankers the right incentives, one of the Bank of England’s top officials said yesterday. Andrew Haldane, executive director for financial stability at the Bank of England, said there is a “governance fault-line” whereby ownership and [...]
Japanese finance minister sounds intervention alarm on strong yen October 24, 2011 JAPAN’S finance minister put traders on alert for possible currency intervention yesterday as the yen’s rise to a record high against the dollar threatened to further squeeze exporters’ profits and hold back economic recovery. Japan’s export growth showed signs of resilience, slowing less than expected in September, finance ministry data showed, but economists warn that [...]
Chicago Fed index up in September October 24, 2011 THE FEDERAL Reserve Bank of Chicago said yesterday that the National Activity Index, which gauges the health of the US economy, rebounded from last month, yet continues to show the economy growing at a below average pace. The headline index compiled by the bank rose to -0.22 in September after being revised down to -0.59 [...]
CITY MOVES | WHO’S SWITCHING JOBS October 24, 2011 Genzyme David Meeker has been appointed as chief executive of Genzyme, part of the wider Sanofi healthcare group, effective from 1 November. He will also join the group management committee. Meeker joined Genzyme in 1994 as medical director to work on the cystic fibrosis gene therapy programme. Rising to the position of president of the [...]
BEST OF THE BROKERS October 24, 2011 VIVENDI Nomura rates the French entertainment and media group as “neutral” with a target price of €20.60, after revising its estimates for tax changes and lowering its forecast for dividend per share. The broker says management is likely to err on the side of caution when setting dividends, and says changes to French tax rules [...]
