Productivity is 16 percentage points below G7 average – the widest gap since 1993 September 18, 2013 Compared with the other major industrialised economies, UK output per hour was 16 percentage points below average in 2012. Output per worker basis came in at 19 percentage points lower than the average for the rest of G7 for 2012, according to latest figures from the Office of National Statistics (ONS). Both output per hour [...]
Weale stops turning: Bank of England committee votes unanimously against rate hikes September 18, 2013 Bank of England Monetary Police Committee (MPC) members unanimously against interest rates and increases to asset purchases this month. No MPC member thought that policy tightening was needed at present, but warned that continued rapid house price increases would be a concern. The 4% increase in the sterling price of oil would be likely to [...]
JD sports sees profit more than double September 18, 2013 Sports retailer JD sports has reported profit before tax up 111 per cent for the 26 week period to 3 August, at £6.087m from 2.879m in the same period of 2012. (Release) Like for like sales in the UK and Ireland were up 7.5 per cent. Basic earnings per ordinary share were at 10.19p – [...]
MC Saatchi reports positive results for first half of 2013 September 18, 2013 Advertising agency M&C Saatchi announced strong results for the year up to June with a profit rise of 6 per cent to £9.3m. (Release) Revenue was up 5 per cent at £87.1m with UK revenue up 8 per cent and like-for-like European revenues up 21 per cent. The interim dividend increased by 10 per cent [...]
Engineer Smiths Group continues to move away from government clients to commercial customers September 18, 2013 Engineering company Smiths Group has seen profits flatten in the year ended 31 July from the same period last year. Pre-tax profits are up just slightly from £497m To £498m (release). Revenue growth is also weak at the company, up just two per cent to £3,109m. The company has taken a knock from lower margins [...]
Iron pellet producer Ferrexpo takes £50m stake in Ferrous Resources September 18, 2013 FTSE 250 listed iron ore pellet producer Ferrexpo has announced that it's taken a 14.4 per cent stake in Ferrous Resources (release). Total consideration for the stake, which was acquired between January and September 2013, was approximately US$80 million. Ferrous is an iron ore company, based in the iron ore quadrangle of the Minas Gerais [...]
More houses for developer Redrow September 18, 2013 British house builder Redrow has announced plans to reinstate a dividend following successful results for the first half of 2013. (Release) In the year to June, pretax profit was up 63 per cent to £70m with group revenue increasing 26 per cent to £604.8m. As a result of improved figures, Redrow's board has proposed reinstating [...]
Before the open: Markets await Fed decision on tapering September 18, 2013 The Nikkei closed up as today's Federal Open Markets Committee keeps markets waiting this morning. Fed officials have stressed that some form of tapering could happen by the end of the year if data from the third quarter supports it. Market consensus seems to be in the region of $10bn to $15bn taper of [...]
Mortgage rates could be on the rise September 17, 2013 With rising costs and house price highs spooking homebuyers, shop around for a good deal NEWS that house prices in England have hit record highs – now 0.9 per cent higher than their previous peak in January 2008 – has heightened fears that the government’s Help to Buy subsidised mortgage scheme is fuelling a housing [...]
How to invest in a new dawn for UK privatisation September 17, 2013 But Lloyds and Royal Mail may not match past successes, writes Liam Ward-Proud AN AUTUMN of privatisation is underway. This week, the government sold a 6 per cent stake in Lloyds to institutional investors, with plans to extend the sale to the public currently under consideration. At a price of 75p a share, the sale [...]