Word News: Business

Showing posts with label Business. Show all posts

Pearson's first half numbers impress

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://static2.proactiveinvestors.co.uk/img/ico/ico_pdf2.gif"/> Shares in Pearson ( LON:PSON), the education and publishing group, edged higher in opening trade after the owner of the Financial Times (FT) newspaper reported solid interim numbers and reiterated guidance for the full year. Underlying sales at the group rose 2% to £2.8bn in the first half of the year, slightly ahead of expectations, with good growth in Education led by North America and developing markets. Adjusted operating profit fell £50mln to £137mln, which included a £37mln hit from restructuring charges and investments to support new product launches in the second half. Pearson 's interim dividend rose 7% to 16p. There was no comment on continued speculation about the future ownership of the FT Group. Pearson said it anticipates advertising at the FT to remain weak and volatile. It is in the early stages of exploring a possible sale its Mergermarket division, the financial intelligence and analysis business. Pearson reiterated its outlook for the full year with adjusted earnings per share [EPS] expected to be broadly level with 2012's number of 82.6p. The group pointed out that the external environment will remain challenging in its developed markets, while market conditions should remain favourable for its businesses in developing economies. Chief executive John Fallon said that the restructuring programme was on track. "In trading terms, 2013 has begun much as we expected," he said. "In general, good growth in our digital, services and developing-market businesses continues to offset tough conditions for traditional publishing." The shares rose 4.8% to 1,312p. www.yahootrend.com</div>

Pearson's first half numbers impress

Shares in Pearson ( LON:PSON), the education and publishing group, edged higher in opening trade after the owner of the Financial Times (FT...

1:07 AM

Equitable Life Victims' Compensation At Risk

<div xmlns='http://www.w3.org/1999/xhtml'>More than 200,000 victims of the collapse of Equitable Life may miss out on compensation payments because of failings in a Government scheme, a scathing report by MPs has warned. The House of Commons Public Accounts Committee accused the Treasury of adopting an "arbitrary" target of March 2014 to close the compensation scheme. The Westminster spending watchdog urged the Treasury to take urgent action to track down as many former policyholders of the failed insurer as possible before the deadline passes. "It is completely unacceptable that more than 10 years after the collapse of Equitable Life so many victims still have not received the compensation they are entitled to," Committee chairwoman Margaret Hodge said. "Hundreds of thousands of conscientious savers are losing out because of the Treasury's failure to get a grip on the payment scheme." Mrs Hodge also said she was "stunned" to learn that the Treasury destroyed details and addresses of 353,000 policyholders on data protection grounds. After a decade-long battle by Equitable savers, the Treasury announced shortly after the coalition Government took office in 2010 that it would compensate up to 1.5 million policyholders. <img src="http://media.skynews.com/media/images/generated/2013/2/15/221482/default/v2/8989722-1-1-252x337.jpg"/>Mrs Hodge slammed the compensation scheme Chancellor George Osborne capped total payments at £1.5bn in his spending review later that year. But the report found that the Government "failed to learn the lessons" from previous schemes, such as those for former miners and Icelandic trawlermen. The Treasury focused on an arbitrary deadline of June 2011 for making the first payments, at the expense of planning properly for how the scheme would be administered, said the report. A "lack of good planning" led to "unacceptable delays" in payments, with only £168m paid out by March 2012, rather than the expected £500m. By the end of March this year, some £577m had been paid out to 407,000 policyholders, with a further 664,200 payments totalling £370m due to be made by the time the scheme winds up in March 2014. But the Treasury estimates that it may not be able to trace some 17%-20% of policyholders - between 200,000 and 236,000 people eligible for payments - by that date. And ministers are not planning to publicise the closure of the scheme until September, which provides little time for applications to be submitted by these savers, many of whom are elderly. Urging ministers and the government agency National Savings & Investment (NS&I) to bring forward the publicity campaign, the cross-party committee said it was "concerned" that some policyholders will miss out. "With less than a year to go before the scheme closes in March 2014, the Treasury still has 664,200 payments worth £370m left to make," Mrs Hodge said. "Unless the Treasury and its administrator, NS&I, get their act together there is a real risk that large numbers of policyholders will miss out." A Treasury source said: "While Labour did absolutely nothing about the Equitable Life scandal for a decade, this Government has allocated up to £1.5bn to help people who suffered a great injustice, with tens of thousands of policy holders receiving around £700m in payments since 2011. "We make no apology for starting to get payments out the door a year after the Coalition was formed. "We do not agree that the Government has failed to get a grip on the planning or delivery of this important work. "We continue to monitor the progress of the Equitable Life Payment Scheme very closely and are working hard to maximise the numbers of people who will eventually receive payments. "Instead of scaremongering, the Labour chairman of this committee should explain why her party shamefully did absolutely nothing about this scandal for a decade." www.yahootrend.com</div>

Equitable Life Victims' Compensation At Risk

More than 200,000 victims of the collapse of Equitable Life may miss out on compensation payments because of failings in a Government scheme...

9:52 PM

Halliburton to plead guilty to destroying Gulf evidence

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://news.bbcimg.co.uk/media/images/52208000/jpg/_52208775_dkxjuxde.jpg"/> US company Halliburton will plead guilty to destroying evidence relating to the 2010 Gulf Of Mexico oil spill. The plea agreement, which is subject to court approval, means Halliburton will have to pay the maximum possible fine. The spill occurred at BP's Macondo well in the Gulf of Mexico and was the worst in US history. A blast at the Deepwater Horizon oil rig killed 11 workers. BP had accused Halliburton, its contractor, of destroying evidence and asked it to pay for all damages. Halliburton is the third of three major companies at the heart of the oil spill to admit criminal wrongdoing. Oil giant BP and rig operator Transocean have already pleaded guilty to charges related to the disaster. 'Accepted criminal responsibility' The US Department of Justice said that prior to the blowout at the rig, Halliburton had recommended to BP that the Macondo well contain 21 centralizers - metal collars that can improve cementing. However, BP chose to use only six. The justice department said that Halliburton had run computer run two computer simulations of the Macondo well's final cementing job to compare the impact of using six versus 21 centralizers. It said the results of these simulations indicated that there was little difference. The department said that Halliburton's programme manager "was directed to, and did, destroy these results". "Efforts to forensically recover the original destroyed Displace 3D computer simulations during ensuing civil litigation and federal criminal investigation by the Deepwater Horizon Task Force were unsuccessful," it added. "In agreeing to plead guilty, Halliburton has accepted criminal responsibility for destroying the aforementioned evidence." www.yahootrend.com</div>

Halliburton to plead guilty to destroying Gulf evidence

US company Halliburton will plead guilty to destroying evidence relating to the 2010 Gulf Of Mexico oil spill. The plea agreement, which is ...

7:07 PM

SSE calls for energy action

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://images.dailyexpress.co.uk/img/dynamic/22/590x/David-Cameron-417532.jpg"/> SSE, which supplies about 17 per cent of the nation's energy, said ministers were dragging their feet on launching reforms to allow companies to build new power stations and wind farms. The group welcomed Government electricity market changes, planned for 2018/19, that will set up a market ensuring power is available when needed. It should even out costs faced by generators who have to switch between different power sources to cope with peaks and troughs in supplying renewable energy such as wind power. But it said the shake-up was needed sooner to give utilities confidence to keep or shut existing stations, build new plants and avoid power cuts. SSE said: "The UK Government's intention to defer the capacity market until 2018/19 means the next few years will remain uncertain for existing and new plant. It does not address the risk of imminent shortages." The UK Government does not address the risk of imminent shortages It will spend about £1.5billion in 2013/14 on networks and its wholesale business. Since April, it has completed work to strengthen transmission lines in Scotland and energised part of a new power link. It has also added a new 32-megawatt wind farm to its wind portfolio, giving it 3,283 megawatts, and continued work on a power station in south-east Ireland due to open later next year. The group, which has faced criticism from consumer groups for increasing profits while hiking energy bills, said it remained on track to pay inflation-busting dividend rises in 2013/14 and beyond. Chief executive Alistair Phillips-Davies said: "SSE's year has got off to an encouraging start." Shares fell 20p to 1605p. Related articles www.yahootrend.com</div>

SSE calls for energy action

SSE, which supplies about 17 per cent of the nation's energy, said ministers were dragging their feet on launching reforms to allow com...

6:36 PM

Aston Martin teams up with Mercedes

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://static.guim.co.uk/sys-images/Business/Pix/pictures/2013/7/25/1374771330107/Aston-Martin--010.jpg"/> Luxury sportscar maker Aston Martin is to team up with Daimler's high-performance Mercedes-AMG division to develop a new generation of bespoke V8 engines for the British firm, it said on Thursday. Under the deal, which is due to be finalised before the end of the year, Daimler will take a non-voting stake of up to 5% in the 100-year-old British firm, which achieved its greatest fame with the 1963 launch of the DB5 sports car featured in early James Bond movies. The agreement follows completion of the sale three months ago of a 37.5% stake in Aston Martin to Italian private equity group Investindustrial for $241m (£157m) via a capital increase agreed by the carmaker's majority owner Investment Dar and Kuwaiti compatriot Adeem Investment. Aston Martin has said the investment by Investindustrial, which outbid Indian tractor maker Mahindra & Mahindra for the stake, would underpin a new product development programme worth more than £500m over the next five years. The deals will help Aston Martin, the only global luxury carmaker not attached to a larger manufacturer, to better compete with the likes of Volkswagen's Bentley and Porsche, as well as UK rival Jaguar Land Rover, which was bought by India's Tata Motors in 2008 and has since achieved huge sales growth, especially in China. Under the latest agreement Daimler's Mercedes company will supply engines to Aston Martin, which will also receive electronic components from Daimler's Mercedes-Benz unit, the pair said. "The opportunity to include content from Mercedes-AMG in our next generation sports cars is, clearly, good news," Ian Minards, Aston Martin's product development director, said. "This points to a very bright future for the company as it starts its second century in business," he added. The Mercedes deal could eventually replace Aston Martin's current engine supply agreement with Ford, which owned Aston Martin until 2007. Ford makes V8 and V12 engines for the carmaker at its plant in Cologne, Germany. Aston Martin declined to comment on reports last month that it recently extended the Ford supply deal for another five years. "This is a great deal for Aston Martin, which needed a bigger partner, and will give it access to new engine technology and save it a fortune on the massive cost of developing powerful and fuel-efficient engines and electronic systems," said IHS Automotive research director Christoph Stürmer. Conversely, should Aston Martin's professional investors ultimately want an exit, Daimler could put itself in pole position to turn its initial shareholding into a strategic controlling stake, assuming the partnership proves successful. "Daimler has many other problems they need to address at the moment. But if they succeed there, then it wouldn't hurt to have an Aston Martin in your portfolio," said Stefan Bratzel, the head of Germany's Centre for Automotive Management. Mercedes has three families of engine Aston could choose from - an in-line four cylinder unit, a V8 and a V12 but Thursday's announcement specified the agreement was for the development of V8 powertrains, with no mention of whether the company would develop a new generation of V12 engines. Aston Martin has struggled for growth since the economic downturn in 2008 and reported a 9% fall in 2012 profits during which time it sold around 3,800 cars - around 10% fewer cars than a year earlier. Aston sells 15% of its vehicles in Asia but wants to significantly boost its presence in emerging markets. Rival Jaguar Land Rover has spent $800m over the last five years on marketing and expanding its dealerships in China, which is now close to becoming JLR's largest single market. www.yahootrend.com</div>

Aston Martin teams up with Mercedes

Luxury sportscar maker Aston Martin is to team up with Daimler's high-performance Mercedes-AMG division to develop a new generation of b...

10:22 AM

SAC Capital faces fraud charges

SAC Capital faces fraud charges

US authorities have launched criminal charges against the Wall Street hedge fund SAC Capital. The fund is being charged with four counts of ...

9:07 AM

Unilever sales miss forecasts as emerging markets growth slows

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://static.guim.co.uk/sys-images/Business/Pix/pictures/2013/7/25/1374738648087/Unilever-makes-Marmite-008.jpg"/> Consumer goods giant Unilever has warned that growth in emerging markets was slowing, while there was "little sign" of recovery in North America or Europe. The Anglo-Dutch firm reported underlying sales growth of 5% in the second quarter on Thursday, just below market expectations. The maker of Marmite and Persil said growth in emerging markets in the quarter was 10.3%, compared with 10.4% in the previous quarter, while developed markets fell by 1.3%. "Growth is slowing in emerging markets, as macro-economic headwinds influence consumer behaviour," the company said. "Within this overall trend we see a mixed picture across the major countries reflecting different local circumstances. Developed markets remain sluggish with little sign of any recovery in North America or Europe." Shares in Unilever fell 1.5% in early trading, losing 41p to £26.74. The FTSE 100 company's strongest growth came from its home care and personal care divisions, while refreshment was held back by "adverse weather" which hit ice cream sales. Its ice cream brands include Ben & Jerry's, Magnum, Wall's and Carte D'Or. In its foods division, the good growth of Knorr and Hellmann's was offset by a decline in spreads. Group turnover in the first half overall rose 0.4% to €25.5bn (£21.9bn), while pre-tax profit rose 14% to €3.6bn. The chief executive, Paul Polman, said: "Our innovation pipeline is robust which will be vital as we navigate the slowdown in many parts of the world. "The tougher economic environment and reinvigorated competition require us to set the bar higher on innovation and to increase investment behind our brands. At the same time we need to continue to take costs out of the system to help finance this investment." The International Monetary Fund warned earlier this month that emerging markets are slowing down, as it cut its forecasts for global growth this year. www.yahootrend.com</div>

Unilever sales miss forecasts as emerging markets growth slows

Consumer goods giant Unilever has warned that growth in emerging markets was slowing, while there was "little sign" of recovery in...

2:52 AM

BT Sport signs up half a million in Sky battle

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://news.bbcimg.co.uk/media/images/68937000/jpg/_68937744_premier.jpg"/> BT says it has signed up more than 500,000 subscribers to its television sports channels ahead of the new football season. BT Sport is being launched in August as part of the company's plans to compete with Sky and boost revenues. It has secured the rights to 38 Premier League matches in the coming season, compared with Sky's 116. The update came as BT reported pre-tax profits of £449m for the three months to June, above analysts' expectations. BT's chief executive Ian Livingston said the subscriber numbers were promising. "It is early days but we are very pleased with the strong start in BT Sport. More than half a million households have now ordered BT Sport and that's before the channels have even launched," he said. Sky Sports does not reveal how many subscribers it has, but it is widely believed to be in the millions. BT's sports offering is partly designed to prevent customers from defecting to Sky and taking their broadband and telephone accounts with them. www.yahootrend.com</div>

BT Sport signs up half a million in Sky battle

BT says it has signed up more than 500,000 subscribers to its television sports channels ahead of the new football season. BT Sport is being...

12:52 AM

Credit Suisse Profit Rises 33% on Investment Bank

<div xmlns='http://www.w3.org/1999/xhtml'>Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, posted a 33 percent jump in second-quarter profit as earnings at the investment bank more than doubled. Net income was 1.05 billion Swiss francs ($1.12 billion), up from 788 million francs a year earlier, the Zurich-based bank said today. Earnings compare with the 1.03 billion-franc average estimate of 10 analysts surveyed by Bloomberg. Credit Suisse carried out more than 60 percent of 4.4 billion francs in cost cuts planned by the end of 2015 by eliminating jobs and reorganizing businesses at the investment bank. Chief Executive Officer Brady Dougan said last month the bulk of future savings will come from private banking and wealth management as well as streamlining operations. "Credit Suisse is mostly done with restructuring and cutting legacy assets," said Dirk Becker, a Frankfurt-based analyst at Kepler Cheuvreux, before today's release. "Higher client activity benefits both investment and private banking." JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp. and Morgan Stanley reported a cumulative 24 percent gain in revenue at their investment banks from the year-earlier quarter, excluding own debt valuations, according to data compiled by Bloomberg Industries. Higher Rates Julius Baer Group Ltd. (BAER), Switzerland's third-biggest wealth manager, said this week that increased client trading boosted margins. UBS AG (UBSN), Switzerland's biggest bank, reported quarterly earnings that beat analysts' forecasts this week, and plans to provide further details on July 30. Credit Suisse has gained 31 percent in Swiss trading this year, compared with an 8.8 percent increase in the Bloomberg Europe Banks and Financial Services Index, which tracks 40 companies. "The transition to higher interest rates led, in the latter part of the second quarter, to increased market volatility and reduced client activity," Dougan said in the statement. "This market volatility continued into July, although more recently we have seen signs of stabilization in our major markets. In the longer term, the transition to higher rates will benefit our business." The investment bank posted a pretax profit of 754 million francs, up from 314 million francs in the year-earlier period. The private banking and wealth management division, which includes all other businesses, saw profit fall to 917 million francs from 977 million francs. Wealth management attracted 7.5 billion francs in net new money from clients. Wealth Management Profit in wealth management was hurt by a 100 million-franc charge related to a Swiss-U.K. tax agreement, which requires banks to collect taxes on accounts of U.K. citizens and has been in force since January. The Swiss Bankers Association said earlier this month that the country's banks face losses of about 500 million francs on payments made to the U.K. government as part of the deal related to untaxed assets in Switzerland. Dougan said last month the bank is working on boosting the profitability of its wealth management businesses in the U.S. and western Europe, while it expects "solid growth" in its Swiss and emerging-markets units. Credit Suisse is seeking to "enhance efficiency" in its onshore wealth-management units in western Europe and expand product offerings in the U.S., Dougan, 53, said at an investor conference in New York. Credit Suisse is considering the sale of part of its wealth management business in Germany, three people with knowledge of the matter, who asked not to be identified because the matter is private, said last month. The bank may focus on ultra-rich clients and sell the remainder of accounts, said two of the people. U.S. Probe The company agreed in March to sell British wealth manager JO Hambro Investment Management Ltd. for 50 million pounds ($77 million). That same month Credit Suisse bought Morgan Stanley (MS)'s wealth-management operation in the U.K., Italy and Dubai to expand its business with ultra-high net worth clients -- typically those with at least $50 million to invest -- which it called "a key priority." Credit Suisse said in 2011 it would seek to increase profit at its private bank by 800 million francs by 2014 as sluggish client activity squeezed margins. The company integrated its Clariden Leu wealth management unit with the rest of the division and merged consumer and private-banking units in Switzerland to cut expenses. Last year, the bank said it would also combine private banking with asset management to boost efficiency and improve cooperation. The bank also needs to resolve a U.S. investigation into whether some of its private bankers may have helped American clients evade taxes. The bank has been a target of a criminal investigation by the Department of Justice over former cross-border private-banking services to American customers since at least July 2011. About a dozen other Swiss banks are also being investigated. To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net Enlarge image <img src="http://www.bloomberg.com/image/i2VCDNOkjy.k.jpg"/> <img src="http://www.bloomberg.com/image/i8m4LZVTIknY.jpg"/> www.yahootrend.com</div>

Credit Suisse Profit Rises 33% on Investment Bank

Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, posted a 33 percent jump in second-quarter profit as earnings at the investmen...

12:07 AM

Wonga War: Church Wants To End Payday Lenders

<div xmlns='http://www.w3.org/1999/xhtml'>Payday lender Wonga is facing a fight for survival after the Archbishop of Canterbury insisted he wants to "compete" it out of existence. The Most Rev Justin Welby wants to force it out of business by expanding the Church of England's credit union plans. Mr Welby said he had delivered the message to Errol Damelin, chief executive of Wonga, one of Britain's best-known payday lenders, during a "very good conversation". "I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'," he told Total Politics magazine. "He's a businessman, he took that well." The Archbishop's remarks come after he launched a new credit union for clergy and church staff earlier this month at the General Synod in York. <img src="http://media.skynews.com/media/images/generated/2013/3/21/227887/default/v2/9077763-1-2-522x293.jpg"/>Mr Welby is expanding credit union plans Mr Welby, who has served on the parliamentary Banking Standards Commission, has said he plans to expand the reach of credit unions as part of a long-term campaign to boost competition in the banking sector. There are also plans to encourage church members with relevant skills to volunteer at credit unions. The Government announced an investment of £38m in credit unions in April to help them offer an alternative option to payday lenders. The entire payday lending industry, worth £2bn, was referred last month for a full-blown investigation by the Competition Commission after the trading watchdog uncovered "deep-rooted" problems with the industry. Wonga said in March that it welcomed any attempt to encourage responsible lending and that it has been "instrumental" in helping to raise industry standards. Mr Damelin said: "The Archbishop is clearly an exceptional individual and someone who understands the power of innovation. "There is mutual respect, some differing opinions and a meeting of minds on many big issues. "On the competition point, we always welcome fresh approaches that give people a fuller set of alternatives to solve their financial challenges. I'm all for better consumer choice." www.yahootrend.com</div>

Wonga War: Church Wants To End Payday Lenders

Payday lender Wonga is facing a fight for survival after the Archbishop of Canterbury insisted he wants to "compete" it out of exi...

9:37 PM

Economy On Mend As Higher Growth Is Forecast

<div xmlns='http://www.w3.org/1999/xhtml'>The UK economy is expected to have picked up sharply in the second quarter of the year, when official figures are published later. An expected rise of around 0.6% in gross domestic product (GDP) would double the previous increase of 0.3%. The predicted rise would be the best performance, excluding special events, since the third quarter of 2011. Kathleen Brooks, research director at Forex.com said: "Most people in the know expect growth to expand, but there's a question mark over how strong that growth will be." <img src="http://media.skynews.com/media/images/generated/2013/6/3/240970/default/v1/rtx109zm-1-522x293.jpg"/>Shadow chancellor Ed Balls says the growth is "long-overdue" It was just three months ago that it was feared the UK could enter an unprecedented triple-dip recession, however the recovery is still fragile. Unofficial surveys published since then have suggested continued improvement, while revisions to Office for National Statistics (ONS) data revealed that the double-dip recession from 2011 to 2012 never happened. But the revisions turned out to be double-edged, confirming that the initial recession following the financial crisis was far worse than first feared. It meant the economy was still 3.9% below its pre-crisis peak - with the gap previously thought to be 2.6%. The US and German economies, by contrast, have recovered their per-crisis levels. France is also near that point. Officials at the International Monetary Fund (IMF) have added to the ambivalence, raising their forecast for annual growth from 0.6% to 0.9%, but later issuing a gloomy analysis of the UK's prospects. Meanwhile, the Bank of England's first significant intervention under new governor Mark Carney saw policymakers apparently taking a less rosy view of the outlook than some in the City. In a rare note issued after this month's meeting of the Monetary Policy Committee, the Bank said: "There have been further signs that a recovery is in train, although it remains weak by historical standards and a degree of slack is expected to persist for some time." Shadow chancellor Ed Balls said he expected the figures to show that the economy is showing "welcome and long-overdue" signs of growth. But he warned that most ordinary families will not feel the benefit of the recovery in GDP, because of wages lagging behind inflation. www.yahootrend.com</div>

Economy On Mend As Higher Growth Is Forecast

The UK economy is expected to have picked up sharply in the second quarter of the year, when official figures are published later. An expect...

7:36 PM

Facebook Gets Big Lift From Ads on Devices

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://graphics8.nytimes.com/images/2013/07/25/business/25facebook-span/25facebook-span-articleLarge.jpg"/> Facebook, the world's largest social networking site, reported strong second-quarter revenue and profit on Wednesday, blowing past Wall Street's expecations and sending the stock up about 20 percent in after-hours trading. The company said it had net income of $333 milion, or 13 cents a share. Excluding stock-based compensation expenses, profits were $488 million or 19 cents a share, compared to 12 cents a share in the second quarter a year ago. Revenue soared 53 percent to $1.8 billion. "We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile," Mark Zuckerberg, Facebook's founder and chief executive officer, said in a statement. "The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future." The company's results show that its users are continuing to shift toward mobile phones and tablets to access the site instead of a computer's Web browser. Although the company's total number of active monthly users worldwide grew slightly from the first quarter to 1.15 billion, the number of people who use its mobile versions at least once a month grew 9 percent to 819 million in that time. Of total advertising revenue, 41 percent came from mobile, up from 30 percent in the first quarter. Users' preference for accessing Facebook on the go has created unique revenue opportunities, such as ads that prompt users to install mobile apps like games. But advertisers are generally willing to pay much less for a mobile ad than they are for the desktop. The company's sharp revenue growth reflects increased competition among advertisers to reach Facebook's large user base, said Rob Jewell, president of Spruce Media, a firm that helps advertisers like McDonald's and the insurer Progressive to buy ads on the social network and measure their effectiveness. Facebook's ad rates are generally set through a bidding process, and Mr. Jewell said that his clients paid about 10 percent more on average for ads in the second quarter than in the first quarter. Ads in the news feed, both on the desktop and mobile versions of Facebook, were in particularly high demand, with rates up about 75 percent from the first quarter for both categories. "Facebook is the best channel for mobile app advertisers to purchase advertising," Mr. Jewell said. In the second quarter of 2012, the company reported a net loss of $743 million, or 8 cents a share. But that figure included $1.3 billion in compensation expenses related to the company's initial public offering. Excluding such one-time items, the company's profit a year ago was $295 million, or 12 cents a share, and its revenue was $1.2 billion. Wall Street analysts were expecting the company to report earnings of 14 cents a share on revenues of $1.62 billion, according to a survey by Thomson Reuters. www.yahootrend.com</div>

Facebook Gets Big Lift From Ads on Devices

Facebook, the world's largest social networking site, reported strong second-quarter revenue and profit on Wednesday, blowing past Wall ...

6:11 PM

Network Rail chief Sir David Higgins to depart next year

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://static.guim.co.uk/sys-images/Business/Pix/cartoon/2013/7/24/1374694192233/David-Higgins-to-step-dow-008.jpg"/> Network Rail is starting the hunt for a successor to chief executive Sir David Higgins, who is expected to stand down next year after three years in the job. Higgins has asked the board to ensure a handover is in place for the job of running Britain's rail infrastructure. He is expected to leave after the start of the next five-year funding period for the state-owned company, which begins in April 2014. Higgins was never expected to stay until the end of the next five-year programme, and he accepted the job in 2011 on the basis he would be gone before the end of 2019. However, he appears to have decided to quit sooner rather than later. He is understood to have signalled his intention to go in order to provide plenty of time for his replacement to be established without any hiatus. Government sources described the news as a blow. Stability and success at Network Rail has been highly valued at a time when the franchising of train services has been thrown into chaos by the west coast debacle, which saw Virgin Rail stripped of the London-to-Glasgow contract and then reinstated. Network Rail has also started to deliver significant cost savings at a time when the government has stated it wants to hugely reduce a taxpayer subsidy of around £4bn a year. Higgins's decision also comes in the wake of a renewed row over executive pay, with his annual bonus forfeited last year and capped at under £100,000 in 2013. Trade unions had attacked a long-term scheme that could have seen Higgins top up his £577,000 base pay to an earnings total of £1.5m in 2015, but he now looks set to have walked away before that controversial moment comes. The operator of Britain's railway tracks and stations has also been embroiled in rows over punctuality, with Virgin Rail suing over recent failures on the west coast line, and the regulator setting tougher targets for the next five-year period. The highly regarded Higgins, an Australian engineer, took over from Iain Coucher at Network Rail after earning plaudits as head of the Olympic Delivery Authority until 2011. Potential internal successors include fellow directors Robin Gisby, managing director of network operations, and Simon Kirby, managing director of infrastructure projects, credited with delivering the revamped King's Cross station in London and the future electrification of much of the track network. Network Rail is planning over £37.5bn worth of investment over the next five years, subject to regulatory approval from the industry watchdog, at a time when the £14.8bn Crossrail project will start running in London. Before 2019 work is also scheduled to begin on the High Speed 2 north-south rail network. Higgins' departure will be seen as a blow as he has been held in high esteem by the government and rail industry. Unions also praised Higgins for transforming the culture of the track operator. Manuel Cortes, leader of the TSSA rail union, said: "Sir David Higgins has done a good job in turning NR around after the difficulties experienced under the previous regime. He removed its bullying culture and placed a new emphasis on safety which had been sadly lacking. He was slowly restoring the company's reputation and we would have liked him to stay around to finish the job he had started. He will be a hard act to follow." Network Rail declined to comment. www.yahootrend.com</div>

Network Rail chief Sir David Higgins to depart next year

Network Rail is starting the hunt for a successor to chief executive Sir David Higgins, who is expected to stand down next year after three ...

1:37 PM

Glaxo CEO Commissions Independent Review on China Probe

<div xmlns='http://www.w3.org/1999/xhtml'>GlaxoSmithKline Plc (GSK) Chief Executive Officer Andrew Witty said an anti-corruption probe in China will probably hurt the drugmaker's sales there in his first public statement since the investigation was disclosed. "We are likely to see some impact to our performance in China as a result of the current investigation, but it is too early to quantify the extent," Witty said in a statement today. "We are co-operating fully with the Chinese authorities in this matter." Glaxo's sales in China rose 14 percent in the second quarter to 212 million pounds ($325 million), the London-based company said in the statement. China accounts for slightly less than 3.5 percent of the company's global pharmaceutical revenue and is less profitable than its Western businesses, according to Mark Clark, an analyst at Deutsche Bank AG in London. Glaxo had sales of about 1 billion pounds in China last year. Allegations this month by the Chinese government that Glaxo bribed hospitals, doctors and health officials prompted Witty to dispatch his head of emerging markets to China to oversee the London-based drugmaker's response, which included a statement that some senior executives may have broken the law. Glaxo had said in June that it found "no evidence of corruption or bribery" there after a four-month internal investigation. Detained Executives The probe "will slow down growth a bit in China, but it won't irreparably damage the business there," Alistair Campbell, an analyst at Berenberg Bank in London, who has a buy recommendation on Glaxo shares, said in a telephone interview. "Glaxo has a healthy portfolio of products. It's also such a small percentage" of Glaxo's overall sales. China detained four senior Glaxo executives on suspicion of economic crimes, the ministry said July 15. Its finance chief in China, Steve Nechelput, has been unable to leave the country since the end of June because of the investigation, though he hasn't been arrested or questioned, the company said last week. Mark Reilly, the head of Glaxo's China pharmaceuticals business, returned to the U.K. on a planned business trip, according to the company. Glaxo's executives "violated China's laws and damaged markets by engaging in bribery to raise drug prices, expand sales and reap inappropriate profits," the Ministry of Public Security said in a statement posted on its website July 22. Abbas Hussain, Glaxo's head of emerging markets, apologized on behalf of Glaxo and pledged to cooperate with the investigation, the ministry said, citing a recent meeting with the executive and his colleagues. Reviewing Operations Glaxo is reviewing how it operates in China, according to Hussain. "Savings made as a result of proposed changes to our operational model will be passed on in the form of price reductions, ensuring our medicines are more affordable to Chinese patients," he said this week. Glaxo today reported second-quarter earnings excluding some items were 26.3 pence a share, compared with 26.1 pence a year earlier. That compared with average estimate of 26.3 pence from 14 analysts surveyed by Bloomberg. Sales rose 2 percent to 6.6 billion pounds, meeting the average analyst estimate. Revenue from consumer health-care products in China continued to decline, mainly because of new shelving requirements for the Contac cold and flu treatment and mandatory price reductions for Fenbid, an over-the-counter pain medication, Glaxo said. Sales of Seretide, the company's top-selling lung medicine, were 1.36 billion pounds, with "strong growth in China" and other emerging markets, Glaxo said. Glaxo rose 0.5 percent to 1,680 pence at 12:33 p.m. in London trading. The stock has gained about 29 percent this year, including reinvested dividends. To contact the reporter on this story: Makiko Kitamura in London at mkitamura1@bloomberg.net To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net Enlarge image <img src="http://www.bloomberg.com/image/icbdkKl.izSI.jpg"/> <img src="http://www.bloomberg.com/image/i0WccnZt0hYY.jpg"/> <img src="http://www.bloomberg.com/image/ivlgAPz6U5W0.jpg"/> <img src="http://www.bloomberg.com/image/iYJ8eQLGjbWw.jpg"/> www.yahootrend.com</div>

Glaxo CEO Commissions Independent Review on China Probe

GlaxoSmithKline Plc (GSK) Chief Executive Officer Andrew Witty said an anti-corruption probe in China will probably hurt the drugmaker's...

10:22 AM

Manufacturers see first rise in new orders for a year

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2013/7/24/1374666587353/Nissan-factory-010.jpg"/> Manufacturers started the summer in buoyant mood following the first rise in new orders for a year, according to a survey by the business group the CBI. Firms increased production and employment as the outlook for the sector improved in the three months to the end of July. The quarterly industrial trends survey also found that firms anticipated a further modest rise in orders and output in the coming three months, while expectations for growth in new domestic orders were at their highest since April last year. However, the improving situation, which is also reflected in other surveys of manufacturers, failed to persuade firms to increase investment in new equipment. The CBI said planned capital expenditure on plant and machinery over the next 12 months had deteriorated slightly. "When asked about factors likely to limit investment, manufacturers most often cited uncertainty about demand, which was of slightly greater concern than usual," the CBI said. The government has waited several years for a strong boost to investment after a severe slowdown in the wake of the financial crash. But the eurozone crisis and the government's own austerity measures have delayed the expected return of consumer confidence, widely seen as a precursor to a rise in investment spending. The Office for Budget Responsibility, which monitors the economy for its impact on the government's finances, has pencilled in a recovery in investment over the next two years to underpin a return to average growth levels. Manufacturers' intentions to invest in plant and machinery dipped -1% compared to -9% in the previous quarter. The survey's main total orders balance picked up from -18 in June to -12, which is its strongest level since last December. Striking an even brighter note, 32% of firms reported an increase in total new orders against 27% that said they decreased, giving a balance of +5%. Samuel Tombs, UK economist at the consultancy Capital Economics, said the sector's recovery was gathering momentum, though at a slower pace than the services sector. "This improvement brings the CBI's survey in line with the relatively upbeat tone of the other surveys. But with demand for exports weak in the UK's largest market, the eurozone, and domestic consumers' real pay still being squeezed, it is hard to see how the manufacturing sector's recovery can gather much more pace in the near term," he said. Stephen Gifford, the CBI's director of economics, said manufacturers had seen a pick-up in activity across the board, but agreed there was still a degree of nervousness around the boardroom tables of many firms. "Optimism in the sector has risen again, and demand conditions are expected to improve further in the coming three months," he said. "The gentle rise in confidence is being reflected in firms' headcount, which is rising at the fastest rate in a year. "But manufacturers remain concerned about political and economic conditions abroad limiting export orders, which is likely to reflect heightened uncertainty over the global economic outlook." www.yahootrend.com</div>

Manufacturers see first rise in new orders for a year

Manufacturers started the summer in buoyant mood following the first rise in new orders for a year, according to a survey by the business gr...

10:21 AM

Jane Austen unveiled as face of new £10 note

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://i.telegraph.co.uk/multimedia/archive/02582/fiver-new_2582399c.jpg"/>Elizabeth Fry is being replaced by Sir Winston Churchill This prompted a major online campaign: 'Keep a woman on English banknotes', to be set up by women's rights advocate, Caroline Criado-Perez. The campaign, which attracted more than 35,000 signatures, successfully lobbied the Bank of England, with the support of Conservative and Labour MPs, over the last three months, to ensure that women's contributions to Britain, were not overlooked on legal tender. Mr Carney has also today agreed to review the Bank of England's process for selecting historical figures to appear on banknotes. "We acknowledge the concerns that have been raised recently about the diversity of characters on the notes, and would like to provide reassurance that, as part of the rolling programme of note launches, it was never the Bank's intention that none of the four characters on our notes would be a woman. "The Bank continues to be mindful of the need to ensure that our notes represent a diverse range of characters, both now and in the longer term," a spokesman for the Bank said. "In the light of recent concerns, and in order to ensure that our notes represent the full diversity of British people, the Bank has decided to review the approach to, and criteria for, selecting characters to appear on banknotes...The purpose of the review, which will be overseen by Chris Salmon, the Bank's Executive Director for Banking Services and Chief Cashier, is to refine the criteria for character selection, and establish a process to ensure that potential candidates are consistently judged against those criteria." Caroline Criado-Perez said: "This is a brilliant day for women and a fantastic one for people power. Without this campaign, without the 35,000 people who signed our Change.org petition, the Bank of England would have unthinkingly airbrushed women out of history. "We warmly welcome this move from the Bank and thank them for listening to us and taking such positive and emphatic steps to address our concerns; to hear Jane Austen confirmed is fantastic, but to hear the process will be comprehensively reviewed is even better." <img src="http://i.telegraph.co.uk/multimedia/archive/02625/Jane-Austen-concep_2625870c.jpg"/> The draft design of the new note Features of the new Jane Austen £10 note, which will be issued within a year of the Sir Winston £5 banknote, include: a quote from Pride and Prejudice - "I declare after all there is no enjoyment like reading!", a portrait of the author and a picture of her writing table against the backdrop of Godmersham Park - the home of her brother, Edward Austen Knight. Maria Miller, Women's and Equalities Minister, who supported the campaign, said: "It is great news that the Bank of England has reassessed the importance of having other women, alongside the Queen, on its banknotes and that as a first step Jane Austen will now feature on the new £10 note. "We have maintained the importance of recognising the many inspirational women in our history who have achieved incredible things, in the same way that we do men. Florence Nightingale and Elizabeth Fry were on previous notes and I'm delighted that now that tradition is being continued." Stella Creasy, Labour MP for Walthamstow, who helped organise a letter from 46 Labour MPs and peersto David Cameron and the Bank of England in support of the campaign, added: "It's great to hear that the Bank of England has listened to concerns on this, and the message removing women from our currency sends, and has acted to ensure we celebrate the contribution women have made to our nation in this way, as well reviewing the original decision-making process. "Britain has many women in its history of whom we should be proud, and today's decision is part of creating a culture of expectation that there will be many more in our future too." www.yahootrend.com</div>

Jane Austen unveiled as face of new £10 note

Elizabeth Fry is being replaced by Sir Winston Churchill This prompted a major online campaign: ' Keep a woman on English banknotes ...

8:11 AM

Easyjet lifts FTSE as Brits shun staycations

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://cdn.citywirecontent.co.uk/images/2011/10/11/531641-System__Resources__Image-584402.jpg"/> So much for staycations in Cornwall or the Lake District: airline stocks leapt higher on Wednesday as Easyjet put paid to concerns that Brits would avoid the budget airline and enjoy a holiday at home. The FTSE 100-listed carrier announced a strong three months of sales - up 10.5% to £1.14 billion in the quarter to the end of June - while reporting that 73% of plane seats for flights in the second half of the year had been booked. Easyjet (EZJ.L) shares rose to the top of the FTSE 100, up 5% to £14.05, after the forecast-busting numbers. British Airways owner IAG (ICAG.L) followed with a gain of 2.4% to 292p, while Ryanair was trading up 3.7% to €7.29. The gains come after losses yesterday when HSBC analyst Andrew Loddenberg warned 'demand for holiday flights will be melting as fast the icecreams on Clacton beach in the current heat wave'. Instead, the results imply 'market concerns over late bookings may be overplayed,' said analysts at Jefferies, who nonetheless prefer shares in Ryanair for its 'sector-leading margins and strong growth'. Robin Byde of Cantor Fitzgerald noted: 'Easyjet sold off yesterday on concerns about summer bookings; this appears unfounded, but the issue remains whether most of this good news is already built-in given the strong performance of the stock.' China stimulus hopes lift FTSE Airlines led broader market gains on Wednesday, even amid more signs of a slowdown in the crucial Chinese economy. Britain's FTSE 100 rose 0.6% to 6,640, in line with gains on other major European markets. HSBC's preliminary reading of manufacturing strength (the flash PMI index) fell to 47.7 in July from 48.2 in June. Though the survey reading provides more evidence that the world's second largest economy is slowing, it was taken by economists as another sign that China's authorities may have to step in and take action to boost growth. On the contrary, a strong German PMI reading seemed to be taken on its merits. At 52.8 in July, up from 50.4 in June, the number from data company Markitindicated the strongest increase in overall business activity for five months. www.yahootrend.com</div>

Easyjet lifts FTSE as Brits shun staycations

So much for staycations in Cornwall or the Lake District: airline stocks leapt higher on Wednesday as Easyjet put paid to concerns that Brit...

6:08 AM

Morning papers: Cable attacks Bank's 'capital Taliban'

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://im.ftadviser.com/rw/FT%20Publications/FTA/Images/People/C/cable_vince.jpg"/> Vince Cable, business secretary, has lifted the lid on tensions between the government and the Bank of England criticising its "capital Taliban" whom he accuses of holding back the recovery by imposing excessive financial burdens on the banks, reports the Financial Times. Mr Cable believes the BoE has held back small business lending by demanding banks hold onerous levels of capital as a cushion against further shocks, a view shared by chancellor George Osborne. Firms 'could quit UK' if Heathrow was shut In a submission to the Government's Airports Commission, chaired by Sir Howard Davies, the property giant, Segro, said that a poll of businesses around Heathrow showed huge support for expanding the airport as the best solution to the UK's aviation needs. Any other option would cause significant economic damage, reports The Daily Telegraph. The evidence comes at the same time as Gatwick said that a second runway south of London could be built for as little as £5bn, just a fraction of the £14bn-£18bn cost of building a third runway at Heathrow. Companies dip a toe back in lending water Signs of an economic recovery have been reinforced by a rare monthly rise in business lending and stronger mortgage approvals and credit card lending, reports The Times. "The British Bankers' Association reported that net lending by its members to businesses rose by £172m in June, the first such rise since January. However, the increase only partially reversed the £2.7bn net reduction in business lending the previous month and left the longer-term trend still firmly downwards. RBS chief appointment could come next week The taxpayer-backed lender is currently weighing up a shortlist of about four internal and external candidates for the job, though one source said the appointment could be delayed until September due to the need to get approval from the Treasury, reports The Daily Telegraph. Ross McEwan, the head of RBS's retail banking business, and Bruce van Saun, the bank's finance director, are seen as the leading internal successors to Mr Hester. UK economic recovery expected to gather pace in official GDP figures George Osborne will to stick to his well-honed script about the risks to Britain's recovery on Thursday, even if, as City analysts expect, official figures show that economic growth picked up sharply in the second quarter of the year, reports The Guardian. After a modest 0.3 per cent increase at the start of 2013, which scotched fears of a renewed slide into recession, experts have pencilled in GDP growth of 0.6 per cent, or perhaps even better. Egypt's Gaza Crackdown Hammers Economy An aggressive crackdown by Egypt's interim government on smuggling tunnels between Egypt and the Gaza Strip is crushing the Palestinian enclave's economy, sparking concerns it could fuel a militant backlash, reports The Wall Street Journal. www.yahootrend.com</div>

Morning papers: Cable attacks Bank's 'capital Taliban'

Vince Cable, business secretary, has lifted the lid on tensions between the government and the Bank of England criticising its "capital...

2:07 AM

China Manufacturing Weakens Further as Slowdown Deepens: Economy

<div xmlns='http://www.w3.org/1999/xhtml'>China's manufacturing weakened by more than estimated in July, according to a preliminary survey of purchasing managers that casts further doubt on the government's ability to meet its annual economic growth target. The reading of 47.7 for an index released today by HSBC Holdings Plc and Markit Economics, if confirmed in the final report Aug. 1, would be the lowest in 11 months. Readings below 50 indicate contraction. After facing down banks with a funding squeeze, China's leaders yesterday pledged a five-year ban on construction of new office buildings for the government, the Communist Party and state enterprises. Premier Li Keqiang 's efforts to rein in credit, property prices, and officials' extravagant spending risk worsening a slump even as state media say 7.5 percent growth is the lower limit for this year. "The key thing now is confidence," Qu Hongbin, HSBC's chief China economist in Hong Kong, said on Bloomberg Television. "The confidence now is pretty weak both in the financial market and the corporate sector." Authorities signaled this week that they may protect growth of 7.5 percent this year and 7 percent in the future, stoking a China stock rally yesterday on speculation policy makers will boost spending on railroads and environmental gear to support the economy. The government will probably plan additional spending that isn't a "big stimulus" like 2008's 4 trillion yuan ($586 billion at the time) plan and is instead meant to put a floor under the growth slowdown, Qu said. Stocks Fall Asian stocks and the Australian dollar fell after today's report. The MSCI Asia Pacific Index of stocks dropped 0.1 percent at 1:10 p.m. in Tokyo, while China's benchmark Shanghai Composite Index was down 1.3 percent at the 11:30 a.m. local-time break. The median estimate of 19 economists surveyed by Bloomberg News for the preliminary, or Flash Purchasing Managers' Index, was for 48.2, the same level as in June. The Flash PMI from HSBC and Markit is based on about 85 percent to 90 percent of responses to surveys sent to more than 420 manufacturers. The economic slowdown has spurred forecasts for a government response. Bank of America Corp. sees a 150 billion yuan program of spending and tax incentives, Nomura Holdings Inc. is projecting cuts in lenders' reserve requirements and Australia & New Zealand Banking Group Ltd. says authorities will reduce benchmark interest rates. GDP Forecasts Most analysts expect no cuts this year in reserve requirements or interest rates, according to a Bloomberg News survey conducted from July 18 to July 23. At the same time, economists cut their gross domestic product forecasts, with the median estimate of 55 respondents now for 7.5 percent growth this year, down from 7.7 percent forecast last month. "The fall in the index is in line with our view of growth momentum fading further in the coming quarters," Zhang Zhiwei, chief China economist at Nomura in Hong Kong, said in a note today. His estimate for today's PMI was 47.5, the lowest in Bloomberg's survey. Lack of efficient demand, overcapacity and small companies' difficulties with labor costs and financing contribute to the uncertainty and pressure on growth, Zhu Hongren, spokesman for the Ministry of Industry and Information Technology, said at a briefing in Beijing today. Construction Ban China banned government and Communist Party agencies from constructing new office buildings for five years and told them to suspend projects that have already won approval as the country seeks to cut wasteful spending. Agencies should ensure that limited government funds and resources are spent on developing the economy and improving the public's well-being, according to a statement yesterday. China Rongsheng Heavy Industries Group Holdings Ltd., the nation's biggest shipyard outside state control, said this month it's seeking financial help from the government as orders plunged. The National Bureau of Statistics and China Federation of Logistics and Purchasing release their own PMI survey, with a bigger sample size, on Aug. 1. The official PMI in June was 50.1, down from 50.8 in May. Japan today reported weaker growth in exports to China in June, a 4.8 percent gain from a year earlier after an increase of 8.3 percent in May, highlighting the potential for a Chinese slowdown to reverberate around the region. Manufacturing and services survey data are due across Europe today, while figures on new-home sales and mortgage applications are due in the U.S. Interest Rates China on July 20 eliminated the lower limit on lending rates offered by the nation's financial institutions as economic growth slows and authorities expand the role of markets. The central bank acknowledged that it was a limited step and said that freeing up deposit rates would be more important. Exports unexpectedly fell 3.1 percent in June from a year earlier, the most since the global financial crisis. Industrial production rose a less-than-forecast 8.9 percent and factory-gate prices fell for a 16th month. China's gross domestic product rose 7.5 percent in April-to-June from a year earlier, down from 7.7 percent in the first quarter. Growth was the slowest in three periods and extended the longest streak of sub-8 percent expansion in at least two decades. To contact the reporter on this story: Alan Wong in Hong Kong at awong478@bloomberg.net To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net Enlarge image <img src="http://www.bloomberg.com/image/iyAWNFLzDbNo.jpg"/> <img src="http://www.bloomberg.com/image/i8meiP1N4IdI.jpg"/> <img src="http://www.bloomberg.com/image/ivsGu4e4MSSs.jpg"/> <img src="http://www.bloomberg.com/image/i5iB0opwV3Nc.jpg"/> www.yahootrend.com</div>

China Manufacturing Weakens Further as Slowdown Deepens: Economy

China's manufacturing weakened by more than estimated in July, according to a preliminary survey of purchasing managers that casts furth...

11:07 PM

Foreign investment projects rise by 41% in Northern Ireland

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://news.bbcimg.co.uk/media/images/68915000/jpg/_68915340_cashinvariouscurrencies.jpg"/> A new report has highlighted a "significant" increase in the number of foreign investment projects in Northern Ireland last year, However, the region trails Scotland and Wales in foreign investment. The annual report from UK Trade and Investment showed Northern Ireland benefited from 38 projects, compared to 27 the previous year - a 41% uplift. Scotland attracted 111 projects last year (up 16%), while Wales secured 67 projects (up 191%). According to the government, the UK as a whole is strengthening its position as a top destination for foreign direct investment. Trade and Investment Minister Lord Green said: "The UK has received a major vote of confidence confirming it remains a world leading business destination." Earlier this year, Invest NI said it had promoted 2,200 jobs by foreign companies in the 12 months to April 2013. www.yahootrend.com</div>

Foreign investment projects rise by 41% in Northern Ireland

A new report has highlighted a "significant" increase in the number of foreign investment projects in Northern Ireland last year, ...

10:36 PM