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LONDON (Alliance News) - The following is a summary of top news stories Friday.
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COMPANIES
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UK media and communications regulator Ofcom said it has tabled proposals which would allow companies looking to provide high-speed telecommunication lines for businesses to be granted access to BT Group's fibre networks using their own equipment, and said it has tabled new service requirements for BT's Openreach arm. The service is often referred to as 'dark fibre', as the cables would not be 'lit' using BT's electronic equipment, but rather by using the competitors' own equipment installed at either end of the cable. The measures are part of the Business Connectivity Review undertaken by Ofcom, under which the regulator also will propose placing new, minimum quality of service requirements on BT's Openreach network infrastructure division.
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Coca-Cola HBC said its net sales revenue rose in the first quarter, with volumes higher due to extra selling days and an early Easter, though it faced a mixed effect from currency fluctuations across its operations. The company, the second-largest bottler of products made by US drinks group The Coca-Cola Co, said its net sales revenue in the first quarter to the end of March was EUR1.35 billion, up from EUR1.33 billion a year earlier. The group's volume rose by 7.2% in the quarter, up to 439 million unit cases from 409.6 million a year earlier, though its net sales revenue per unit case fell to EUR3.08 against EUR3.25.
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Intertek Group said it is trading in line with its expectations in 2015 so far, with good growth in the majority of regional operations and continued challenging conditions in its units exposed to the oil and gas and minerals markets. The FTSE 100-listed company, which provides testing, certification and inspection services, said revenue grew 3.3% in the four months to the end of April, pushed higher by sterling weakening against a number of currencies. At constant currencies, revenue grew 0.3%. Intertek said its operating margin in the period was broadly flat year-on-year.
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Brewer SABMiller said it has struck a deal to buy Greenwich, London-based craft beer company Meantime Brewing Co for an undisclosed amount. Meantime was founded in 1999 and now offers a range of beers sold in pubs across the UK, including London Lager and Meantime Pale Ale. SABMiller said it intends to grow sales of Meantime beers nationally and explore export opportunities in the European market.
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Housebuilder Bovis Homes said it is on track to meet its targets for the year, with a robust forward sales position for the remainder of the year, which the company expects to be more second-half weighted than in 2014. Bovis said it has made solid progress in 2015 to date, with total forward sales for 2015 delivery at 3,049 homes at May 8, up 8% year-on-year.
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A consortium of International Public Partnerships, Amber Infrastructure, and Transmission Investment has become the preferred bidder to own and operate the offshore transmission link to the Westermost Rough windfarm for the next 20 years, selected ahead of three other bidders. Ofgem, which regulates the electricity and gas markets in Britain, confirmed that the IPP consortium, Transmission Capital Partners, is the preferred bidder on the project, while Blue Transmission was named the reserve bidder. Bids involving Balfour Beatty and 3i Group weren't selected.
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MARKETS
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UK stocks are higher mid-morning, with a focus on corporate news as FTSE 100 bottler Coca-Cola HBC sets a new 52-week high following a positive trading update.
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FTSE 100: up 0.4% at 7,000.000
FTSE 250: up 0.5% at 18,024.71
AIM ALL-SHARE: up 0.2% at 761.10
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GBP: down at USD1.5740
EUR: down at USD1.1355
GOLD: down at USD1217.93 per ounce
OIL (Brent): flat at USD66.68 a barrel
(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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UK construction output recovered strongly in March, data from the Office for National Statistics showed. Construction output grew 3.9% in March from February when it fell 0.3%. Economists had forecast a 4% growth for March. Year-on-year, construction output increased 1.6%, stronger than the expected growth of 1.1%.
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Foreign direct investment in China increased at a faster than expected pace in April, the Ministry of Commerce reported. FDI increased 10.5% in April from last year to USD9.6 billion. Economists had forecast the growth rate to slow to 2% from 2.2% reported in March.
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US President Barack Obama pledged an "iron-clad commitment" to the US' Gulf allies following talks meant to reassure the region amid concern about an Iran nuclear deal. After a summit with the Gulf Cooperation Council members at Camp David outside Washington, Obama said the US would work with the GCC countries to deter and confront external threats and said the US would increase security cooperation with the region.
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A temporary humanitarian truce appeared to largely hold in Yemen on Thursday, its second full day, despite reported breaches from a Saudi-led military alliance and its enemies, the Houthi rebels. However Saudi Foreign Minister Adel al-Jubeir, who was at Camp David, Maryland, for a US-Gulf Cooperation Council summit, pointed to Houthi ceasefire violations and called for them to stop their behaviour. The Saudis would continue to monitor the situation as they weigh whether to extend the humanitarian ceasefire, he said.
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The opposition-led US Senate paved the way for consideration of fast-track trade authority for US President Barack Obama, overcoming opposition from within the president's own party. The vote, with 13 of Obama's own left-leaning Democrats joining 52 conservative Republicans in the 100-member Senate, overcame a filibuster by Senate Democrats earlier in the week. The parliamentary manoeuvre requires 60 votes before allowing legislation to be considered. With the legislative blockage ended, debate can begin, with possible fast-track package as early as next week. Trade promotion authority (TPA) is key to negotiations in two of President Barack Obama's top economic priorities - trade deals with the Pacific Rim and Europe.
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Islamic State released a message attributed to its leader, Abu Bakr al-Baghdadi, in which he calls on Muslims to join and fight along with his extremist militia that controls large territory of Syria and Iraq. "No-one should think that the war being led by Islamic State is that of Islamic State alone," al-Baghdadi said in the audio message posted on the jihadist website al-Furqan. "It is the war of all Muslims wherever they are. Islamic State is only spearheading it." If verified, the message would be the first by al-Baghdadi since November.
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26 Jan 2023 13:04
