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Economics
Quantitative easing: The amount of credit made available to corporate
borrowers has increased during the past three months, the Bank of England
reported. The news will raise hopes that the Bank’s £175 billion asset
purchase scheme — known as quantitative easing — is starting to work and
that the flow of funds through the economy is improving. In its quarterly
Credit Conditions Survey, the Bank said that the availability of funds to
banks had improved, making it easier for them to lend to businesses.
The economy: Britain’s emergence from recession in 2010 will be
stronger than previously thought, according to the latest figures from the
International Monetary Fund, which now forecast that the economy will expand
by 0.9 per cent next year, compared with an earlier estimate of 0.2 per cent
in July.
Manufacturing sector: The purchasing managers' index showed that the
manufacturig sector continued to contract in September after employers cut
jobs for the 17th consecutive month. The headline reading fell to 49.5, from
49.7 in August, below the consensus analysts’ forecast of 50.3.
Eurozone unemployment: Official figures showed that eurozone
unemployment rose by 9.6 per cent in August, its highest level since March
1999, as the number of people without work increased by 165,000 to 15.17
million.
Eurozone manufacturing: The headline purchasing managers’ index for the
eurozone’s manufacturing sector rose to a 16-month high of 49.3 in
September, compared with 48.2 in August.
German manufacturing sector: The headline purchasing managers’ index
for German manufacturing rose to 49.6 in September, from 49.2 in August, its
highest level since August 2008.
French manufacturing: The headline purchasing managers’ index for
French manufacturing remained the strongest performer in the eurozone as the
index jumped to 53 in September, from 50.8 in August. Any figure above 50
indicates expansion.
US Federal Reserve: Ben Bernanke, Chairman of the central bank, told US
Congress that it was “well suited” to manage large financial companies but
did not comment on the move to strip the Fed of some of its consumer
protection duties, which he had formerly fought to preserve.
Banking
&
finance
London Metal Exchange: Tin traders have warned of a “disorderly” market
in the metal with a single fund believed to have taken control of almost the
entire stock of metal in warehouses owned by the London Metal Exchange.
HM Revenue & Customs: As a result of HSBC, the banking group,
winning a test case in the European Court, HM Revenue & Customs will
have to refund about £1 billion in taxes charged illegally to UK companies
on cross-border acquisitions.
Aviva: About 195,000 of the insurance group’s with-profits
policyholders will miss out on their share of a planned £500 million cash
windfall because they opposed the payout or failed to vote. Aviva will pay
805,000 policyholders on average between £214 and £1,230 after receiving
court approval to share out the surplus in its with-profits funds, or
inherited estate.
Business rates: With the announcement of new business rates, set to
come in from next year, some companies have discovered that their rates will
increase by up to 25 per cent over the next five years. London-based
businesses will be hit particularly hard because the property market boom of
the past few years has pushed up property valuations.
Icap: The inter-dealer broker said that first-half profits would be
lower than last year after it invested in long-term growth opportunities and
shifted back into voice-broking. It added that full-year profits would be in
line with analysts’ forecasts of £309 million to £354 million, in part
thanks to an increase in revenues of 6 per cent for the six months to the
end of September.
Bank of America: The finance group was considering a number of
candidates in its scramble to find a new chief executive after Ken Lewis
said that he would step down this year.
London Stock Exchange: The bourse is in exclusive talks to buy
Turquoise, the rival trading platform set up three years ago by a consortium
of investment banks. The platform has yet to turn a profit or achieve a
significant market share, despite an estimated £30 million invested in it,
and it is known to be up for sale, having hired UBS to assess options for
the business.
Brewin Dolphin: The London-listed broker has admitted that it
overstated its profits for 2008 by £4.2 million, meaning its pre-tax profit
for that year was £32 million, rather than the £36.2 million that it had
reported.
Mergers and acquisitions: The value of announced European mergers and
acquisitions deals hit $72.4 billion (£45.3 billion) in the third quarter,
up by just over 10 per cent on last time, according to mergermarket, the
data provider. It said the value of M&A in Britain had risen by 28 per
cent to $15.49 billion.
Construction
&
property
Chesterton: The property company, which operates in the Gulf region out
of Abu Dhabi, said that Dubai’s hard-hit market was forecast to grow at a
rate of 4-6 per cent a year until 2015, despite the economic challenges
facing the emirate.
Quintain: The London-listed property company said that it saw signs of
an upturn in market conditions and aimed to attract more outside investors
to a new property fund. It added that rental collection, with three tenants
in administration, was at 96.5 per cent prior to September 29, the
collection day for the third quarter, down from 99.5 per cent a year ago.
Consumer
goods
Pasta: Sales in Britain of pasta, rice and noodles have shot up by 41
per cent in the past five years, according to research by Mintel.
Diageo: The drinks group has withdrawn legal proceedings against J
Sainsbury after the supermarket chain agreed to modify the label on its
Pitchers drinks brand, which Diageo had claimed was a rip-off of its own
Pimm’s brand. Terms of the “amicable settlement” have not been disclosed.
Zetar: The AIM-listed maker of confectionery and snack foods announced
that it had appointed Roger Matthews as a non-executive director, Mr
Matthews is the chairman of Mitie, the outsourcing company, and former group
finance director of J Sainsbury, the supermarket chain.
Engineering
BAE Systems: The Serious Fraud Office said that it will seek consent
from Baroness Scotland, the Attorney-General, to prosecute the defence
contractor for “offences relating to overseas corruption”.
Airbus: British engineers have completed engine trials on the Airbus
A400M military transport plane, clearing the way for its long-delayed maiden
flight, according to reports. The news will be welcomed by EADS, the parent
company of Airbus.
Health
Sanofi-Aventis: The French drugs maker has bought Fovea, the French eye
disease specialist, for up to €370 million (£336.9 million). It has also
made an exclusive $60 million (£37.5 million) cancer drug deal with
Merrimack Pharmaceuticals, the American company.
GlaxoSmithKline: The US Food and Drug Administration said that
pazopanib, the London-listed GSK’s experimental treatment for kidney cancer,
causes side effects.
Leisure
Licensing: Businesses and voluntary organisations that want to sell
alcohol, put on live music or sell hot food and drink late at night will be
able to apply for licences online, saving up to £1.5 million, under measures
proposed by the Department for Culture, Media and Sport.
Domino’s Pizza UK & Ireland: The pizza delivery operator said
that it was on track to beat full-year profit forecasts after achieving
third-quarter like-for-like sales growth of 10.8 per cent.
Tourism: Domestic holiday trips in the UK were almost unchanged in
June, while spend rose by 3 per cent, although trips within England rose by
2 per cent, with spend up by 5 per cent, according to the UK Tourism Survey
2009.
Von Essen Hotels: The luxury hotel operator has bought the Forbury
Hotel in Reading from administrators. The 23-room hotel went bankrupt in
March, two years after a £6 million renovation.
Media
Global adverising: The fall in 2009 global advertising spend will be
almost twice as much as forecast, with the United States and Russia hit
hard, Carat. the media agency said, although it saw a return to slight
growth in 2010. Carat, owned by Aegis, has revised its forecast to a fall of
9.8 per cent, from an earlier prediction of a 5.8 per cent drop, because of
“significant reductions” in spend across nearly all regions.
Virgin Media: The cable television and telecoms group has completed its
secondary listing in London, a move that gives UK shareholders the
opportunity to invest in the company which operates only in the UK.
ITV: Shareholders in the commercial broadcaster showed signs of lining
up behind Sir Michael Bishop as their preferred candidate as chairman in a
move that could put them at odds with the company’s board. Sir Michael, the
former chairman and controlling shareholder in bmi, the airline, is one of
the candidates vying with Sir Crispin Davis, the favourite, to replace
Michael Grade who announced last week that he would be stepping aside when a
replacement is appointed.
Natural
resources
BHP Billiton: The Anglo-Australian mining group is to ask the Chilean
Government to mediate to prevent a strike at its Spence copper mine. Workers
at the world’s largest copper producer voted to strike after rejecting a
collective contract offer.
Wood Group: The London-listed oil and gas engineering company, based in
Aberdeen, said that it has bought the energy services business of Michael
Baker, the American group, for £23.7 million.
Anglo American: The mining group has applied to the Takeover Panel for
a “put up or shut up” order that could block a bid from Xstrata, its Swiss
rival, for at least six months.
Retailing
Amazon: The American online retailer has launched Javari.co.uk, a
British version of its Endless.com website, which sells footwear and
handbags in the United States.
Flying Brands: The London- listed flower delivery company said that it
would no longer fly fresh flowers from Jersey to Britain, adding that it
would outsource its postal service to Top Flora, the Peterborough group.
Wine Cellar: The off-licence chain has fallen into administration for
the second time in seven years. Administrators from Deloitte have sold 109
of the group’s 170 Booze Buster, Simply Drinks and Simply Food &
Drinks stores to EFB Retail, a Halifax-based rival, securing 700 jobs. The
remaining 61 stores have closed with the loss of 320 staff.
Marks & Spencer: The attempt by the high street retailer to find a
replacement for Sir Stuart Rose, its executive chairman, was dealt a blow
when Andy Bond, chief executive of Asda and one of the favourites for the
position, ruled himself out of the running.
Support
services
VT: The London-listed services and engineering group, based in
Southampton, said that it has won £400 million in new contracts since March,
leaving orders “broadly in line” with the £4.5 billion seen at the end of
the last year.
White Young Green: The London-listed environmental consultant said that
it had made “significant progress” in talks with lenders over a financial
restructuring but added that the deal was likely to result in a “material
dilution” for existing shareholders.
Technology
Cisco: The American technology group has boosted its presence in video
conferencing after acquiring Tandberg, its Norwegian rival, for $3 billion
(£1.8 billion) as it attempts to dominate the market for virtual business
meetings. The video meeting market has received a boost from the recession
as companies have cut their corporate travel budgets.
Telecoms
Vectone: The mobile telecoms operator, which has one million customers
across Europe, is set to launch in the UK after signing a network capacity
deal with T-Mobile.
Mobile roaming rates: The mobile phone industry’s attempts to block
European regulatory caps on roaming rates have been dealt a blow after a key
legal adviser told the European Court of Justice that the price caps were
valid. Britain’s four largest mobile phone companies — Vodafone, Orange,
T-Mobile and O2 — have been fighting to overturn plans by the European
Commission to regulate the price they can charge customers to use a mobile
phone while abroad.
Transport
Ryanair: Passengers were having to pay £5 to check in online for
flights with the budget airline as it removed its check-in desks from
airports and moved to an internet-only service.
Bmi: Lufthansa, the German airline, has agreed to pay about £19 million
to SAS, the Swedish carrier, to buy the remaining 20 per cent of bmi that it
did not already own, fuelling speculation that it may be seeking to offload
the loss-making British carrier.
Utilities
National Grid: The utility said that half of the gas used by British
families to heat their homes this winter will be imported from overseas, the
highest level on record, as production from the North Sea continues its
decline.
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