US factory activity rebounds improving hopes over economy November 21, 2012 US MANUFACTURING surprised onlookers with its strength in November, as data out yesterday suggested the pace of its recovery was rebounding. Other data out yesterday showed new unemployment insurance claims were retreating back towards the levels seen before superstorm Sandy. The US yesterday hit 52.4 on Markit’s purchasing managers’ index (PMI), a prominent business survey, [...]
MPs: Slow down benefit reform to help jobless learn to budget November 21, 2012 THE GOVERNMENT is pushing ahead with its benefit reforms too quickly to properly assess the costs and benefits, according to a new report out today from the Work and Pensions Select Committee. The universal benefits system is designed to simplify the current array of six different out of work benefits, link benefits more closely with [...]
Taxman missing out on billions because of avoidance schemes November 21, 2012 A CRACKDOWN on tax avoidance schemes raked in an additional £200m for the government in the last year, according to estimates published yesterday by the National Audit Office (NAO). But HM Revenue and Customs is still missing out on £5bn from continued tax avoidance – that is, “using the tax law to get a tax [...]
Service price inflation slides November 21, 2012 Price rises on services remained slow in the third quarter, according to official data out yesterday, reaching their slowest pace of increase since the end of 2009. Services cost 1.1 per cent more in the third quarter of 2012 than in the same period of 2011, according to the service producer prices index from the [...]
Finances still tight as slump ends November 21, 2012 Millions of households are still struggling with their finances, a survey out yesterday suggested, despite an official end to recession. Some 2.5m homes said they were unable to pay all their bills, according to estimates from Legal & General, stable compared to a year ago, but some 300,000 more than seen in 2010, before the [...]
Japan exports drop for fifth time November 21, 2012 Japan’s exports fell in annual terms for a fifth month in October, hurt by the fallout from a diplomatic row with China and feeble global demand, a further sign the economy may be slipping into recession and adding weight to calls for policy easing. Shipments to China, Japan’s top export market, dropped an annual 11.6 [...]
Platinum prices affect Johnson Matthey’s sales November 21, 2012 REVENUE at speciality chemicals company Johnson Matthey sank 17 per cent over the half year to September, as it was hurt by falling platinum prices. Operating profit for the precious metals division was down 33 per cent to £71.8m, while sales were down five per cent over the half year, hurt by lower average precious [...]
Compass beefs up buyback in spite of its European troubles November 21, 2012 COMPASS Group, the world’s biggest caterer, posted a nine per cent rise in full-year profit yesterday, and pledged to return a further £400m to shareholders. The group, which serves 4bn meals a year in 50 countries, said it will add to its buyback scheme next year, in addition to its £500m scheme expected to end [...]
Compass heads in the right direction thanks to Cousins November 21, 2012 CHIEF executives take a lot of criticism, but some firms demonstrate what a difference the right boss can make. Six years ago, Richard Cousins stepped into the top role at Compass, following a series of profit warnings by the global contract catering firm. Compass’ latest results are more solid than stellar, but Cousins’ presence still [...]
Mothercare hires Argos finance boss to help with turnaround November 21, 2012 MOTHERCARE has hired the finance director of Argos to help the struggling retailer with its transformation plans. Matt Smith, a former KPMG director who has spent 10 years at Argos parent firm Home Retail Group, will join the firm at a date yet to be announced. Mothercare has stepped up its fight to halt declining [...]
