Month: September 2021

French authorities fine 11 banks after price-fixing probe

first_imgMonday 20 September 2010 8:57 pm Show Comments ▼ whatsapp whatsapp Tags: NULL KCS-content French authorities fine 11 banks after price-fixing probe Share ELEVEN banks, including UK giant HSBC, were yesterday fined €384.9m (£323m) for colluding to fix the price they charge for handling cheques. The French competition authority found that the banks acted in concert to set interbank cheque fees on 80 per cent of cheques circulating in France between January 2002 and July 2007, during the transition to a new digital system for processing cheques.The banks, which include Credit Agricole and BNP Paribas along with British based HSBC, will be able to appeal against their fines in court but must pay them regardless, a spokeswoman for the competition authority said.The biggest individual fines were for Credit Agricole and subsidiary LCL at €100m and Natixis parent BPCE at €91m. HSBC received a fine of €9m.The fines were set according to each bank’s market share of cheques in France, its weight in the economy and past practices.A spokeswoman for BNP Paribas, which was fined €63.3m, said the bank was “surprised” at the decision because the cheque fees had been conceived as “transitional” measures with full transparency and in full view of the authorities.The competition authority is also investigating interbank card charges and will deliver a verdict in 2011.A pan-European study published by the European commission in September 2009 put France among the worst offenders for high bank account charges. It cited high debit card charges among the contributing factors. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof last_img read more

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Lost order could cost BAE £150m

first_img More From Our Partners Brave 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com Tags: NULL whatsapp Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity 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.comUndo Show Comments ▼ KCS-content whatsappcenter_img Share BAE Systems could lose up to £150m from a cancelled order for three offshore patrol ships, after Trinidad and Tobago said they wanted to back out of the deal. The first of three ships, which are built in portsmouth, was set to be delivered within the coming weeks but the defence group received notification from the Caribbean island that they were no longer needed. BAE said it would talk to the Trinidad government in a bid “to find an equitable solution”. The deal was originally signed by VT Shipbuilding in April 2007. BAE acquired the contract when it acquired parts of VT in October 2009. Wednesday 22 September 2010 9:01 pm Lost order could cost BAE £150m last_img read more

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Britain has more workless homes than rest of EU

first_img whatsapp Sunday 10 October 2010 11:37 pm whatsapp Show Comments ▼ BRITAIN has the highest rate of workless households out of the major EU economies, according to a new report.The Centre for Policy Studies says that 11.5 per cent of UK households are workless, compared to 10.8 in France, which is the second worst. Dr Peter Warburton, author of the report, said that the boom decade between 1997-2007 had not benefited workless households. Reducing the number of workless households by reforming the benefits system could have a major impact on growth, according to the report. It estimates that a 10 per cent drop in the number of workless households would equate to at least a one per cent increase in GDP.“Increasing work participation is important not just for the families involved, but also… the British economy,” said CPS director Jill Kirby. KCS-content Tags: NULL Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Britain has more workless homes than rest of EU Sharelast_img read more

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BP links bonus pay to safety

first_img Share Monday 18 October 2010 8:13 pm KCS-content 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 whatsapp whatsappcenter_img BP links bonus pay to safety FOURTH?quarter bonuses for staff at embattled oil major BP will be based entirely on safety, chief executive Bob Dudley has said.Dudley has sent an email to all staff members saying their performance in terms of safety and risk management would be the only factor used to work out bonuses. “We are taking this step in order to be absolutely clear that safety, compliance and operational risk management is BP’s number one priority, well ahead of all other priorities,” he added.Meanwhile, BP’s multi-billion dollar asset sale continued yesterday as it offloaded its oil and gas fields in Vietnam and Venezuela to its Russian joint venture TNK-BP for $1.8bn (£1.13bn). BP said yesterday the assets represented reserves of 270m barrels of oil equivalent (boe), with production of 40,000 boe per day. The sale allows TNK-BP to expand beyond its traditional Russian base. “The acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP’s strategic expansion in the global energy market,” said Mikhail Fridman, TNK-BP executive chairman and one of the four Russia-connected billionaires who own the other 50 per cent of TNK-BP.Dudley, who replaced Tony Hayward after the Deepwater Horizon oil spill, said: “Today’s agreement is further evidence of the rapid progress BP is making towards the divestment target we set out in July.”The company said in July it aims to raise up to $30bn in cash over the next 18 months to help pay for the aftermath of the Gulf of Mexico oil spill in April. BP had already offloaded more than $11.5bn of assets before yesterday’s deal, the biggest of which was the sale of $7bn of North American assets to Apache Corp late last month. Show Comments ▼ 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 ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Tags: NULLlast_img read more

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Numis full-year profits up 87 per cent as it adds new clients and capabilities

first_img 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 Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Show Comments ▼ Wednesday 1 December 2010 7:17 pm whatsapp KCS-content INVESTMENT banker and broker Numis has strengthened its position, reporting improved profits as well as growing its client portfolio, it reported in its full-year results yesterday.Operating revenues rose nine per cent to £51.9m, from £47.5m the previous year, and profit before tax grew 87 per cent to £7.9m from £4.2m, excluding one-off charges relating to its employee share scheme. Numis has focused on strengthening the business by recruiting new teams, adding new capabilities and, crucially, growing its client base. It brought 29 new clients on board this year, taking the total to 133 and its stable of FTSE 250 clients to 26, chief executive Oliver Hemsley said.The firm has also conducted major flotations such as Betfair, Ocado and Better Capital, he said. It assisted clients in raising £1.3bn in equity funds in the past year, 67 per cent more than the previous year. “We have managed to attract a lot of very good quality clients,” Hemsley said. Numis has strengthened its balance sheet, reporting net assets of £106.7m with £58.2m cash and collateral, and it lowered costs by seven per cent on the previous year. Hemsley said he anticipates more M&A activity in 2011 and growing demand for non-bank lending from companies. “Banks will be curtailed in their ability to lend to corporate clients, so we think there will be significant opportunities,” he said. Sharecenter_img whatsapp Numis full-year profits up 87 per cent as it adds new clients and capabilities More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com Tags: NULLlast_img read more

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Berkeley buys Aldgate site

first_img Housebuilder Berkeley Group has bought a seven acre regeneration site in Aldgate from receiver BNP Paribas Real Estate for an undisclosed sum. The Goodman’s Field site has planning permission for 754 homes, over 600 student beds, a hotel and more than 100,000 square feet of office space, and was previously owned by Morgan Stanley and Exemplar. Sunday 19 December 2010 9:56 pm Berkeley buys Aldgate site 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 PastMoneyPailShe 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 AthletesBetterBeBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily 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 ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ whatsappcenter_img Tags: NULL whatsapp Share KCS-content last_img read more

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BP and Transocean shares shrug off oil spill report

first_img SHARES in BP and Transocean have risen in trading despite the publication of the US Presidential panel report that spreads the blame for the country’s worst-ever oil spill.Investors are betting that the companies will avoid a highly costly gross negligence charge in spite of the report’s findings.BP’s London-listed shares were up one per cent to 504 pence in trading this afternoon, while Transocean’s US-listed shares were up 1.8 per cent at $74.57 (47.9p). The STOXX 600 European oil and gas sector index was up 1 per cent, on higher oil prices.The report blamed the rig blast and subsequent spill on bad decision-making by BP, drilling contractor Transocean and well cementer Halliburton, which it said highlighted bad industry practice and regulatory shortcomings.Halliburton shares traded down 1.4 per cent at $38.86 after the report accused the company of using an unproven cement mix to seal the well, which subsequently blew out. The company denied the accusation.Investors and analysts said the fact that the blame for the blowout was shared so widely suggested BP and Transocean were less likely to be pinned with a allegation of gross negligence.Under US law, BP faces fines of $5bn because the spill happened on its exploration block.However, the fines could rise above $21bn if Europe’s second-largest oil company by market value was found to have been grossly negligent in the run-up to the blast.Peter Hitchens, oil analyst at Panmure Gordon, said comments made in the report that the management failure which caused the explosion on the Deepwater Horizon rig reflected industry-wide flaws, also made BP appear less culpable.And while the report was damning, Richard Griffith, analyst at Evolution Securities said it could also mean BP can offload some of the costs of cleaning up the spill onto its contractors.“The report may provide grounds for BP to claw back monies from licence partners and possibly Transocean and Halliburton,” he said in a research note.BP shares have gained over 60 per cent since falling below 300 pence at the height of the crisis in June last year. 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 ItBetterBe20 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 Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Thursday 6 January 2011 11:48 am alison.lock Tags: NULL BP and Transocean shares shrug off oil spill report center_img Show Comments ▼ whatsapp Share whatsapp More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img read more

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EU closes contract law consult

first_imgSunday 30 January 2011 11:23 pm KCS-content Show Comments ▼ 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof Share The consultation period closes today on controversial EU proposals to harmonise contract law across Europe. The move – designed to promote cross-country online trading – would segregate non-contractual clauses, meaning different legal systems could apply to parts of the same agreement. City law firm Allen & Overy has warned that reform could cause confusion for consumers, and that retraining lawyers in a new code would incur huge costs. whatsapp Tags: NULL whatsapp EU closes contract law consult last_img read more

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Catastrophes send Hiscox’s profit reeling

first_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal 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 ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute KCS-content Catastrophes send Hiscox’s profit reeling Monday 28 February 2011 7:56 pm whatsapp whatsappcenter_img LLOYD’S insurer Hiscox yesterday attributed a 34 per cent fall in its 2010 pre-tax profit to devastating earthquakes in Chile and New Zealand.Full-year profit slid to £211.4m from £320.6m in 2009 as disaster claims rose to £165m in the year. “Mother Nature has well and truly tested us this year,” chairman Robert Hiscox said. But profits almost doubled in its UK and European businesses, which focus on small commercial enterprises and retail products, to £39.6m from £20.6m in 2009.Chief executive Bronek Masojada told City A.M.: “Despite paying out £165m I think the catastrophe loss is fine as long as the business is written at the right price. I’m not complaining,” he said.Gross premiums stayed static at £1.43bn as the firm reduced premium income in areas such as US property and the London market. Masojada said he expects five to 15 per cent growth in the UK and Europe this year, while catastrophe and reinsurance rates also remain healthy.Hiscox expects its losses from the earthquake that hit Christchurch in New Zealand last week to be “of similar or greater magnitude” to the £37m loss it took from the quake last September. The Chilean earthquake in February, which had a magnitude of 8.8, also hit the business hard. Its combined ratio stayed under 90 per cent, though it rose to 89.3 per cent from 86 per cent in 2009. Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Show Comments ▼last_img read more

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Spain’s manufacturing growth slows

first_img Spain’s manufacturing growth slows Tags: NULL Spain’s manufacturing sector growth slowed in February, burdened by output price rises, while employment fell, new data shows.The Markit purchasing managers’ index for Spain’s manufacturing, fell to 51.6 in March from 52.1 in FebruaryBut the index, which measures the performance of the economy’s manufacturers, remains in positive territory and export orders grew in contrast to weakening domestic demand.Markit economist Andrew Harker said the first quarter of 2011 “saw steady progress on the road to recovery in the manufacturing sector, albeit with little sign of a strengthening of domestic demand.” But inflation pressure continued to rise and the cost of goods increased to a record high in the index’s history as companies passed on the input costs to customers.“The rate of input cost inflation was close to February’s record high in March as prices rose sharply again over the month. Cardboard, fuel, metals and plastics were highlighted as key sources of inflationary pressure,” it said.The survey showed workloads increase to cope with new orders but employment levels falling across the board.Purchasing rose steeply – at the fastest pace seen in 11 months – as higher workloads caused firms to buy in more materials. This caused stock shortages at suppliers that saw delivery times for materials also rise fast.“Although the rate of production growth eased slightly in March, it remained solid and sharper than the long-run series average,” the report said. Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ whatsapp Friday 1 April 2011 3:35 am Share whatsapp alison.lock last_img read more

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