Need to know: Rolls Royce 400m orders

Tag : Plastic Pressure Regulator

Economics
Public finances figures for June, due today, will confirm an increasingly severe toll oftax revenues that is set to force Alistair Darling to borrow farmore this year and next than he forecast in his March Budget.
US housing starts and building permits rose unexpectedly in June, althoughofficials said the surprise increase was because of a recent changeto New York City’s building code. Housing starts rose by 9.1per cent to 1.066 million, while building permits rose by 11.6 percent, the largest increase seen since January 1990.
US business activity A key indicator of business activity in the United States wasnegative for the eighth month in a row during July. ThePhiladelphia Federal Reserve Bank said that its business activityindex was minus 16.3 in July. Economists had forecast a reading ofminus 15. Any reading below zero indicates contraction.
The global economy is “in a tough spot” but has weathered the downturnbetter than expected, the International Monetary Fund said. Itraised its growth forecasts for Britain and the United States as itpredicted that the global economy would grow by 4.1 per cent in2008, up from its forecast for 3.7 per cent in April’squarterly World Economic Outlook report.
Banking & finance
UBS , the Swiss bank, caved in to pressure from the US Government as itannounced plans to close the Swiss bank accounts of all itsAmerican customers and prepared to lift the veil of secrecy thathas protected its clients for centuries. UBS has been pressed tohand over details of about 19,000 US clients with $17.9 billion(£8.9 billion) in undeclared Swiss bank accounts.
Merrill Lynch , the US brokerage, reported that a further $9.75 billion hit fromthe credit crunch had driven it to a larger than expected $4.6billion group loss in its second quarter.
Dawnay, Day , the troubled banking conglomerate, has placed two of its propertycompanies into administration as its directors sold more shares inDawnay, Day Treveria, the listed property fund. It has also emergedthat the group is in discussions to sell a 51 per cent stake in itsDawnay, Day Investment Banking arm to a Portuguese bank afterreceiving 13 expressions of interest in the business.
Davenham Group , the asset-backed lender, said it expects its full-year results tobe in line with expectations and added that it is well placed tocope with more challenging market conditions and to take advantageof better quality new business.
Karachi stock exchange Investors ransacked stock exchanges in Karachi, Lahore andIslamabad after a 35 per cent fall in the value of the benchmarkKarachi index in the past three months because of concerns aboutthe stability of Pakistan’s fragile coalition Government.
Winterflood Securities The Financial Services Authority, the City regulator, hasprovisionally fined Winterflood Securities £4 million, thebiggest penalty for market abuse on a regulated company.Winterflood, which is owned by Close Brothers, the investment bank,was fined over share dealings in an AIM-listed company calledFundamental E Investments that took place in 2004. Winterflood hasdenied the allegations.
JPMorgan Chase , the Wall Street investment bank, announced a $4.6 billion hitfrom the credit crunch that dragged its second-quarter profits downby 52 per cent.
Construction & property
Warner Estate Holdings , the real estate investment trust, said that it is continuing toliaise with Birmingham City Council and other members of theGateway Consortium about proposals for extensive changes to thecity’s Pallasades shopping centre and New Street station.
Consumer goods
Dairy Crest , the cheese and milk producer, said it was continuing to pass onhigher milk costs to its customers as inflationary pressure showedno signs of abating. The group said sales in its dairies divisionrose by 5 per cent during the three months to June 30.
Real Good Food Company said that first-half sales at its sugar division had fallen by 10per cent because of the loss of trading volume in one account andlower prices in the market following the European Union reformprogramme, which has resulted in surplus stocks in the EU.
Asian Citrus Holdings , China’s largest operator of orange plantations, which islisted in London, said that its full-year revenues were up by 9.9per cent at about 527 million yuan (£38.5 million), thanks toan improved summer crop and increased average sales prices.
Engineering
Rolls-Royce , the engine maker, said that it has won orders worth nearly $400million (£199.4 million) from AWAS and LCAL, the leasingcompanies, for Trent engines to power Airbus A330 and Boeing 787aircraft. The deals are valued at a total of more than $370million.
United Technologies , the American engineering conglomerate, reported an 11 per centrise in its second-quarter net income to $1.3 billion, boosted by a23 per cent rise in new equipment orders at its Otis lifts andescalators business.
Acta , the AIM-listed catalyst developer, said that it had seen a“substantial” increase in its first-half revenues,generated by development contract incomes. The company added thatthere had been “encouraging progress” in all itsmarkets, including Japan, where it has a contract with a leadingcar company.
Health
Antisoma , the London-listed cancer biotechnology specialist, said thatNovartis, its Swiss development partner, will expand thelarge-scale trials of its ASA404 compound as a second-linetreatment for lung cancer, potentially opening up a bigger market.
Industrials
Symphony Environmental Technologies , the AIM-listed maker of biodegradable plastic which is based inHertfordshire, said that its 2008 trading year has started“very well”, with total first-half revenues up by 37per cent year-on-year to £2.3 million.
Leisure
Clapham House , the AIM-listed restaurant operator, has sold the Bombay BicycleClub chain for £4.4 million to Gourmet Restaurants, whichowns Tiffinbites, a rival Indian restaurant chain.
Food & Drink Group , the AIM-listed owner of the Jamies wine bar chain, is expected tobe put into administration and sold in the next few days, renderingits shares worthless.
Regent Inns , the embattled Walkabout bars and Jongleurs comedy clubs operator,said that it had promoted Michael Foster from financial controllerto chief financial officer, replacing John Leslie, who was recentlymade chief executive.
Britain’s hotel sector is forecast to achieve revenue per available room growth of 2.8per cent this year, down from estimates given in March of 4.1 percent, with growth slowing to 1.4 per cent during 2009, according toPricewaterhouseCoopers.
Nando’s , the Portuguese-themed restaurant chain, said that it has enteredAmerica with the opening of the first of an anticipated tenrestaurants in the Washington DC area.
Media
TMN Group , the online marketing company, said that it had ended talks withAugust Equity after it was unable to secure sufficient third-partydebt financing to support an acceptable offer. Mark Smith, chiefexecutive, said: “Trading is in line with managementexpectations, and we hold a cautious optimism [about] the remainderof the financial year.”
Natural resources
Ridge Mining , the AIM-listed platinum group which is focused on South Africa,said it is “on the threshold” of moving from being anexplorer into a producing miner, and added that its Blue Ridgeplant is on target for production in the fourth quarter. It alsoadded that the operating conditions in South Africa werechallenging.
Fresnillo , the world’s largest producer of primary silver which isbased in Mexico, said its first-half silver and gold production wasstable and in line with company expectations at 17.5 million ouncesand 140,000 ounces respectively.
BHP Billiton , the Anglo-Australian mining group, said its 50 per cent-ownedjoint venture BHP Billiton Mitsubishi Alliance has entered anagreement to acquire the New Saraji coal project in Queensland,Australia, from New Hope, the Australian group, for about $2.4billion (£1.19 billion).
TNK-BP Robert Dudley, chief executive of TNK-BP, BP’s Russian jointventure, is being sued for discrimination by 16 of his Russianstaff.
Retailing
Kingfisher has hired Peter Hogsted, chief executive of Ikea UK, and poachedKevin O’Byrne, finance director of DSG International, in thelatest move to bolster its executive team. Mr Hogsted will leaveIkea in September to head Kingfisher’s internationaldivision.
Online retailing Shoppers spent more than £26.5 billion online in the firsthalf, 38 per cent up on last time, according to a survey. IMRG, theweb monitor, claims that about 17 per cent of all retail spendingin Britain is done via the web.
Blacks Leisure , the outdoor clothing and equipment group, is reaping the benefitsof a camping revival as holidaymakers stay in Britain to savemoney. Group like-for-like sales have risen by 6.1 per cent sincethe start of July, fuelled by a surge in demand for family tents.
Mothercare , the specialist retailer, said its internet and internationalexpansion had helped to offset the consumer slowdown on the highstreet with total group sales up 20.7 per cent in the 15 weeks toJuly 11.
John Lewis has become the latest high street retailer to refuse cheques atthe till after a two-store trial. From August, all thegroup’s department stores will accept only cash or cardpayments.
Support services
TMF Silverfleet Capital , the former private equity arm of Prudential, the insurer, saidthat it has agreed to sell its stake in TMF Nederland. the Dutchbusiness process outsourcing company, to Doughty Hanson, the UKprivate equity group, for €750 million (£594 million).
John Wood Group , the energy services company, said it has secured a three-yearcontract to provide maintenance services for Pluspetrol’sCamisea gas project in Peru, involving the maintenance of wellsites and pipelines.
Technology
IQE , the semiconductor wafer manufacturer based in Cardiff, said itsees first-half revenues and profits ahead of market expectations,boosted by strong growth in the high-speed wireless markets.
Microgen , the information management company based in Hampshire, reported a23 per cent rise in first-half pre-tax profits to £3.9million, benefiting from an exceptional gain, and said it was ontrack to meet full-year expectations.
Google , the US internet search engine, published second-quarter resultsshowing that while net income had risen by more than a third to$1.25 billion (£625 million), the increase was slightly lowerthan expectations, sending its shares down by about a tenth inafter-hours trading.
Telecoms
Nokia , the world’s biggest maker of mobile phones, reportedApril-June results roughly in line with forecasts and said it wasoptimistic for the rest of 2008, easing fears that economic woeswould hit mobile phone demand.
Transport
Eurotunnel , the Channel Tunnel operator, reported a rise in first-halfearnings to €26 million (£21 million) after“spectacular” growth in passenger numbers using theEurostar train service.
Ryanair , the biggest budget airline, is grounding aircraft for the winterand said it expects to carry almost one million fewer passengersduring the season. It blamed a huge rise in the cost of jet fueland also claimed that the cost of using Stansted airport had forcedthe reduction.
Qantas , Australia’s biggest airline, is expected to cut about 2,000jobs next week as part of an operational review. The airline, whichis under pressure from soaring fuel costs and strikes over a paydispute with its engineers, is also likely to reduce its routes toAsia and at home.
Utilities
British Energy , the nuclear power plant owner, said that it expects the scheduledreturn to service of its Hartlepool and Heysham 1 reactors to bedelayed and the costs of returning them to full production toincrease above the initial estimates.