Italian business confidence beats estimates in July July 29, 2013 Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8. The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased [...]
Apple supplier in China accused of 86 labour rights violations July 29, 2013 A New York-based rights group has reported three factories making Apple products in Shanghai and Suzhou enforce unpaid overtime and employ minors among other violations of Chinese regulations (release). China Labor Watch says Pegatron, which assembles iPads and iPhones at factories in China, were found to be “violating a great number of international and Chinese [...]
US drugmaker Perrigo agrees deal to buy Elan for $8.6bn ($16.50 per share) July 29, 2013 US drugmaker Perrigo has agreed to buy Elan for $8.6bn (£5.5bn) ending a long battle in which Elan rejected three hostile bids by US investment firm Royalty Pharma before putting itself up for sale last month. The deal will give Perrigo significant tax savings from being domiciled in Ireland, which has a 12.5 per cent [...]
Ryanair profits fall by over 20 per cent in first quarter but still expects to hit targets July 29, 2013 The low-cost airline Ryanair has announced that its post-tax profits fell by 21 per cent in the first quarter to €78m (£67m) (release). Passenger numbers grew by three per cent to 23.2m in the same period with revenue up five per cent to €1,342m (£1158m). Ryanair's CEO, Michael O'Leary, said: As ever, our outlook remains [...]
Clients pull billions of pounds more than expected from Aberdeen Asset Management funds in third quarter July 29, 2013 Aberdeen Asset Management has reported net outflows of £3.4bn in the three months to 30 June 2013, down from net inflows of £300m in 2012 and lower than analyst expectations of a £1.3bn outflow. The company attributed £300m of its new business outflows to assets under management acquired from Artio. Net new business inflows were [...]
National grids expect higher US costs to be offset by strong business performance July 29, 2013 National Grid has reported a “solid operational and financial performance” for the period 1 April 2013 to 28 July 2013, with continued progress to developing its UK business and all outstanding rate plan settlements approved in the US. The company expects to invest between £3.6bn and £3.9bn in 2013/14 and to grow its regulated assets [...]
Before the open – 29/07 – Asian stocks down, FTSE seen opening higher July 29, 2013 Asian stocks traded lower last night as weak Chinese manufacturing data heightened fears of a hard landing and investors showed caution ahead of the US Federal Open Market Committee (FOMC) policy statement later this week. The Nikkei fell below the 14,000 mark for the first time in nearly a month as the yen strengthened against [...]
The news from this weekend – 29/07 July 29, 2013 Two of the world's biggest multinational advertising companies, French owned Publicis and US owned Omnicom, have announced merger plans worth around $35m (£23bn). Ross McEwan, RBS’s retail banking head, is thought to be the most likely candidate for the next chief executive of the state-backed bank, insider sources told the Sunday Telegraph. He could be [...]
Boris losing battle over London rail | Morning Wire July 28, 2013 BORIS Johnson has failed to convince Whitehall that he should be given control over suburban rail services in London, with civil servants in the Department for Transport fighting a rearguard action to block his bid for control of routes into Liverpool Street, Cannon Street, and London Bridge. Morning Wire understands that the Mayor’s ambitious proposal [...]
Evidence-based policy is the most meaningless phrase in politics today July 27, 2013 PLENTY of meaningless phrases dominate our public discourse. Think of “the global race” or “a fair share”. The former is a good soundbite, but who exactly are we racing and what does winning entail? History has shown us that prosperity is not a zero-sum game, so the idea our economic progress is someone else’s loss [...]