Industrial output across EU sees an upswing in August

first_img Share Show Comments ▼ KCS-content INDUSTRIAL output in the 16-member euro area grew by one per cent in August fuelled by an increase in the production of capital goods, official figures revealed yesterday. European statistics agency Eurostat said industrial output in the wider 27-member European Union (EU) also grew by 0.8 per cent. The figures showed the highest rise in industrial output since May and were a significant improvement on the previous month, which saw industrial output grow by an anaemic 0.1 per cent in both zones. Industrial output on an annual basis rose 7.9 per cent in the euro area and by 7.5 per cent in the EU. Production of capital goods, including factories, machinery and tools ,grew by three per cent in the Eurozone and by 2.6 per cent in the EU. The output of consumer durable goods, including home appliances, jewellery and car production, rose by 1.8 per cent and 1.4 per cent respectively. But production of energy dropped by 0.7 per cent and 0.3 per cent. Eurostat said Greece saw the biggest rise in industrial output at 5.6 per cent while Ireland saw output fall dramatically by 13.6 per cent. While the figures suggested a strong recovery in August, economists raised fears of a slowdown in the third quarter.“With the business surveys suggesting that the industrial recovery will soon start to slow, domestic spending will need to pick up to prevent the Eurozone recovery from fizzling out,” said Ben May, European economist at Capital Economics. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comPuffer fish snaps a selfie with lucky divernypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Tags: NULL Wednesday 13 October 2010 8:03 pm whatsapp Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Industrial output across EU sees an upswing in August whatsapplast_img read more

BBC Trust may have quit over free licences

first_img Share Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content whatsapp THE Trustees of the BBC board considered resigning en masse if the coalition pressed ahead with plans to shoulder the institution with the cost of providing free licences to over 75s.The dramatic move was prevented by an eleventh hour deal that involved a six-year licence fee freeze – which will cost it 16 per cent of its budget – and it taking on the cost of both the World Service and Welsh programming body S4C.The BBC said the deal is “tough but fair” and will guarantee its future independence. The £556m it would have been burdened with if it had to pay for 4m free licences would have grown exponentially as the average age increases. Tags: NULLcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Show Comments ▼ Wednesday 20 October 2010 8:28 pm BBC Trust may have quit over free licences last_img read more

Apax’s bid for Smiths is too little too late

first_img Monday 17 January 2011 8:57 pm Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com TOO little, too late. That is the upshot of Apax’s £2.45bn bid for Smiths’ medical division, which sent the firm’s share price up by 7.72 to £13.81 yesterday. Too little because although the offer – almost half of Smiths’ market cap – seems high, it does not account for the huge break-up premium a buyer would have to pay. The medical business accounted for around 35 per cent of operating profit last year and 31 per cent of Smiths’ £2.8bn sales. So on the face of it, Apax is offering a hefty mark-up.But without medical, Smiths faces an uncertain future. Unless management were to pursue an all-or-nothing break-up strategy and find buyers for its four remaining divisions, the rest of the group could be downgraded. It is far from guaranteed that the remaining four businesses could find buyers willing to pay anything near the mark-up being offered by Apax.Paradoxically, the amount that Apax is willing to pay only serves to illustrate that Smiths can’t afford to let medical go unless it gets an offer it can’t refuse (likely north of the £3bn mark). Too late because chief executive Philip Bowman has already started to turn the division around. When he joined Smiths in 2008, the medical arm would have been the last one expected to attract a bid. It was plagued by supply chain and IT problems and was spending too much time on low-margin business.Bowman has made big changes. The firm no longer makes diabetes pumps, for example, having accepted that Medtronic and Johnson & Johnson had already cornered the market. This decision, and others like it, allowed it to concentrate on more profitable work. Margins at the medical business now stand at around 22 per cent – a decade-long high. As a private equity firm, Apax needs to squeeze more value from the business before selling to an end buyer. But with the turnaround plan in full swing, it is unclear how it would do so. There are no similar medical businesses in the Apax stable that would allow it to make significant synergies, for instance. That suggests it would pursue an injudicious round of cost cutting followed by a quick sale. Management can get more for shareholders by completing the turnaround plan and eventually selling to a medical consumables manufacturer like Baxter, Becton Dickinson or Covidien. Investors can make more in the long run by cutting out the middle man. Apax’s bid for Smiths is too little too late Show Comments ▼ whatsapp Share KCS-content whatsapplast_img read more

Coalition rejecting its own medicine

first_img KCS-content Coalition rejecting its own medicine whatsapp Show Comments ▼ THIS week will be critical for the coalition’s economic policies, in terms of perceptions even if not in reality. Despite their tentative nature, Tuesday’s fourth-quarter GDP figures will take centre-stage in Westminster: if they come in as expected, the coalition will celebrate; if they are weak, Labour’s Ed Balls will have a field day trashing the government and demanding a new round of Keynesian pump-priming. Neither argument would be fair – but that is politics.The consensus view is for growth of 0.4 per cent but snow-related disruption in December – an embarrassingly severe problem for a supposedly advanced economy – means that this figure could easier be lower. Frustratingly, this one-off chaos means that this week’s figures will be too distorted for anybody to be able to draw sensible conclusions from them. Detailed predictions of Tuesday’s figures are useless: nobody knows what the ONS will put them at – especially given that these statistics are frequently revised later. But while as recently as two weeks ago, virtually all the data for the UK economy had been positive, denoting decent growth, this is no longer the case. Manufacturing is still booming but services slumped in December. Construction is slowing. The employment figures also suggest that after a strong rebound between February and October, the UK economy has slowed.One reason why it is so hard to understand what is happening is the sloppy reporting of easily verifiable facts. I’m getting sick at the number of times people are claiming that “retailers suffered their worst December on record.” Had that been the case, sales would have collapsed by 99 per cent, dropping back to the level seen in the 1930s when supermarkets didn’t exist and people spent a few shillings a week. What actually happened is that the growth rate for parts of the industry was the worst in years – and there was no overall change in the volume of retail sales compared with December 2009. Volumes fell 0.8 per cent compared with November. Volumes in the three months to December was 0.4 per cent higher than a year ago. There is also an exaggerated view of the public spending cuts to date. Central government current expenditure hit a record £53.8bn in November, up 10.7 per cent year on year, a huge increase. Public sector net debt rose from £846bn in October to £863.1bn in November. Every week, billions more are still being added to the national credit card. The slowdown cannot have been caused by massive spending cuts when spending is still surging. Bizarrely, the coalition is failing to follow its own, OECD-inspired advice: that the best way to reduce a deficit is to ensure that three-quarters of the reduction comes from cuts and only a quarter from tax hikes. So far, all the tightening is coming from tax hikes, including Vat and April’s rise in national insurance. The good news is that the average forecast is now for UK growth of 2 per cent in 2011; some snow affected spending might be transferred to January. The global boom is accelerating. The bad news is that the coalition is continuing to hammer private firms with more red tape and tax – and failing to follow its own policies on spending. The markets won’t panic about growth – but if they start to worry again about the deficit, we will be in real [email protected] me on Twitter: @allisterheath Share Sunday 23 January 2011 11:18 pm whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Tags: NULLlast_img read more

Owen-Jones resigns as L’Oreal chair

first_img L’OREAL, the world’s biggest cosmetics maker, has confirmed the resignation of charismatic chairman Lindsay Owen-Jones and elevated current chief executive Jean-Paul Agon to executive chairman.Owen-Jones, widely regarded as the man who transformed L’Oreal from a French into a global business, will stay on its board and become honorary chairman as of next month.The group also asked for shareholder Liliane Bettencourt, descendant of the group’s founder, to remain on the board with the same terms, dismissing analysts’ speculation she could leave in favour of younger members of her family.Having benefited from the market’s recovery last year, Owen-Jones proposed to raise the dividend by 20 per cent for 2010 to €1.80 (£1.52) a share for 2010 and pledged to lift profits and revenue again this year.The group also said like-for-like sales rose 4.1 per cent in the three months to 31 December, undershooting growth expectations of 5.3 per cent.The maker of Lancome creams and Garnier shampoos made an operating profit of €3.06bn on sales of €19.5bn. Owen-Jones resigns as L’Oreal chair Show Comments ▼ Share whatsapp whatsappcenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Thursday 10 February 2011 8:43 pm Tags: NULLlast_img read more

Warner gets ready for takeover offers

first_img Warner gets ready for takeover offers KCS-content whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap WARNER Music Group is ready to hear from up to 20 takeover bidders this week, a source close to the company confirmed yesterday, as the major label races to the market ahead of rival EMI. New York-listed Warner hired Goldman Sachs last month to examine its options, which could lead to the sale of all or part of Warner, or the firm making its own takeover bid for EMI.Private equity vehicles including KKR and Russian billionaire Len Blavatnik are among those named as interested bidders for Warner’s businesses, which could end in a sell-off of its music publishing arm Warner / Chappell or a takeover of the entire firm.EMI has also been put up for sale by new owner Citigroup, which wrested control from Guy Hands’ Terra Firma three weeks ago in a row over its £3.4bn debt pile. Warner is thought to be keen to beat EMI to the market, believing that there is insufficient appetite among possible buyers for two music firms at the same time. EMI’s music publishing business, which owns the rights to over 1.3m songs including We Wish You A Merry Christmas, has a slightly larger back catalogue than Warner / Chappell, owner of Happy Birthday To You.Warner in November posted a wider quarterly loss as revenue growth in Britain and Italy was offset by weakness in the United States, Japan and the rest of Europe, sending its shares down eight per cent. Chief executive Edgar Bronfman said at the time that despite the challenges he remains confident that the music industry will turn the corner and soon start to benefit from years of restructuring and cost-cutting.A UK spokesperson for Warner Music Group declined to comment yesterday, while Goldman Sachs was unavailable for comment. Warner’s shares closed at $5.92 (£3.64) on Friday, giving the firm a market capitalisation of $888m. Share Show Comments ▼ Sunday 20 February 2011 10:55 pm whatsapp Tags: NULLlast_img read more