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Saturday 30th of October 2010

News Tag: sector

October 24, 2010

Plans to create UK supermutual

by Kay Murchie
Plans to create UK supermutual
The Observer newspaper has today reported that US private equity firm, JC Flowers, might bid for four UK building societies as part of plans to create a new "supermutual", that could be sold via a partial flotation. It is believed that West Bromwich, Skipton, Norwich & Peterborough and Principality are being targeted. However, JC Flowers could not immediately be reached for comment. JC Flowers, led ...



October 4, 2010

Think tank warns of fresh bank bailout

by Kay Murchie
”Think
According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain's banks entitled "Where Did Our Money Go?" and the 88-page document suggests an urgent reform of the sector is required, including breaking up existing banks. A similar ...



August 3, 2010

UK construction activity slows in July

by Kay Murchie
”UK
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index showed activity slowed considerably last month to a four-month low. The index slumped to 54.1 in July from 58.4 in June – suggesting the sector may have peaked. However, the index is still above the crucial 50 level, which indicates the sector is growing. "The survey points to a marked loss of momentum in ...



August 2, 2010

US manufacturing activity expands for 12th straight month

by Kay Murchie
”US
The Institute for Supply Management’s (ISM’s) purchasing managers index (PMI) today revealed the US manufacturing sector expanded for the 12th month in a row in July. The growth was better than the 54.2 analysts had forecast with the index dipping to 55.5 in July from 56.2 the previous month. However, while any reading above 50 indicates growth within the sector, ...



April 9, 2010

FSA report raises concerns over pension switching advice

by Kay Murchie
FSA report raises concerns over pension switching advice
The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement action against six firms. Many ...



March 29, 2010

CBI report sees optimism in UK financial services

by Kay Murchie
”CBI
A report by the Confederation of British Industry (CBI), has revealed a degree of optimism for the UK financial services sector, which is expected to record higher growth in the next three months, after stagnating in the last quarter. According to the business group, an improvement will be seen in the next three months after business volumes, which fell for ...



March 23, 2010

Coventry and Stroud confirm merger deal

by Kay Murchie
’Coventry
Earlier this month, it was reported that Coventry Building Society was in merger talks with its smaller rival, the Stroud & Swindon. Today, however, the talks have been confirmed and the merger will bring together the country’s third and eleventh largest building societies. The merger, which is subject to approval by the members of Stroud & Swindon and confirmation by the Financial ...



December 1, 2009

Yorkshire and Chelsea building societies in merger talks

by Kay Murchie
”Yorkshire
It has been reported that the Yorkshire Building Society is in talks with the Chelsea Building Society about a possible merger. Should a deal prove to be successful between the Yorkshire and Chelsea, it would create an institution with over 2 million customers and assets of around £38 billion. The deal will be the biggest merger in the building society sector ...



November 3, 2009

Construction sector contracts for 20th consecutive month

by Kay Murchie
”Construction
The Chartered Institute of Planning & Supply(CIPS)/Markit purchasing managers index fell to 46.2 in October, from 46.7 in September, marking the 20th consecutive month of falls due to a slump in demand for commercial and civil engineering work. Meanwhile, job cuts in the sector also increased at the fastest rate in four months, while input costs were rising, according to the ...



November 1, 2009

Chinese manufacturing grows at fastest rate in 18 months

by Kay Murchie
Chinese manufacturing grows at fastest rate in 18 months
China's economy continues to show impressive strength after figures show that the manufacturing sector expanded in October at its fastest rate in 18 months. The purchasing managers index (PMI) from the state-sanctioned China Federation of Logistics and Purchasing rose to a seasonally adjusted 55.2 in October, up from 54.3 the previous month, Any figure above 50 in the survey indicates ...



June 29, 2009

CBI survey suggests financial sector picking up

by Kay Murchie
”CBI
A quarterly survey from the CBI suggests that the UK’s beleaguered financial services sector is on a "gradual" road to recovery. While the organisation warned of considerable job losses and cuts to investment, there are indications that the sector is emerging from the worst of the downturn. The CBI also cautioned that the situation remains challenging for banks with growing debt ...



March 30, 2009

CBI: Thousands of jobs to be axed in financial services

by Kay Murchie
”CBI:
A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months. According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take the total to ...



February 2, 2009

UK manufacturing sector continues to contract

by Kay Murchie
”UK
The latest Purchasing Managers' Index (PMI) has revealed that activity in the UK manufacturing sector slowed during January but was a marginal improvement on December. The Chartered Institute of Purchasing and Supply (CIPS) and Markit, who collate the information, said the figure improved slightly to 35.8 from December's figure of 34.9 and November’s record low of 34.5. However, January’s figure is still the ...



January 12, 2009

Financial services sector takes a battering

by Kay Murchie
”Financial
A survey by the Confederation of British Industry (CBI) has found that financial services companies are suffering record falls in profits. The fourth quarter of 2008 saw a fall in business from 87 such companies, with the CBI citing 2008 as a year the financial services industry ‘would rather forget‘. The survey, which was co-conducted by PricewaterhouseCoopers (PWC), also found that thousands ...



October 7, 2008

British economy nearing recession warns BCC

by Kay Murchie
”British
The UK economy is heading towards a recession following a new report from the British Chambers of Commerce (BCC). A quarterly survey of 5,000 companies carried out by the BCC, which represents small and medium sized companies, found that business confidence is at an all time low. According to the BCC’s report, confidence has collapsed in both the manufacturing and service sectors, while ...