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Activity in the manufacturing sector picked up pace in February, and output is expected to grow faster still in the next three months, an industry survey has found. According to the latest CBI Industrial Trends Survey, total order books climbed to a six-month high, while exports rallied to make up some of the ground they lost towards the end of 2014, though they remain behind the domestic sector. More than 40% of firms said the volume of output over the past three months rose, while 23% reported a decline, giving a balance of +17%, which brought the pace of growth to levels last seen in mid-2014. Some 36% of businesses expected output to growth in the coming quarter, while 12% said they predicted a decline over the next three months. "Our manufacturers have more of a spring in their step this month, regaining some of the momentum lost towards the end of last year," said Rain Newton-Smith, CBI economics director. "The drop in oil prices is good news for the manufacturing sector in the UK, bringing with it lower operating costs, but North Sea producers are clearly suffering. "Export orders picked up significantly, to a level not seen for six months, but uncertainty over prospects in the Eurozone will continue to weigh on export demand." Manufacturers added they expect a modest rise in selling prices over the next three months, although expectations for price inflation remain moderate on the whole. Output price inflation expectations for the next quarter rose to 8%, their highest since April 2014, with the food and drink sector thought to be the largest contributor to the expected price growth. "Today's survey also brings tentative signs that manufacturers are regaining some pricing power," said Samuel Tombs, senior UK economist at Capital Economics. "Indeed, the selling price expectations balance rose from -6 to +8, its highest level since April 2014. "So for now, there is little sign that deflationary pressures are becoming broad-based or entrenched."

Gross mortgage lending is estimated to have fallen 11 per cent year-on-year in January. Figures from the Council of Mortgage Lenders shows gross lending reached an estimated £14.3bn in January 2015, down from £16.1bn a year earlier. The CML says the “muted” housing activity in the second half of last year has continued into 2015, but it says it expects to see gross lending pick up through the first quarter against a “backdrop of a more robust economy, coupled with recent stamp duty changes.” It has not changed its forecast of £222bn of lending in 2015. CML chief economist Bob Pannell says: “The softer pace of approvals through the second half of last year contributed to the relatively weak pace of mortgage lending in January. Although seasonal factors will continue to weight on activity levels for a while longer, we expect the underlying picture to pick up over the coming months. “As we forecast at the end of last year, gross mortgage lending remains on course to reach an expected £222bn this year.”

REXAM RECOMMENDS SWEETENED OFFER FROM BALL The FTSE 250 can maker has told investors they should accept a £4.4bn takeover bid from US rival Ball Corporation. Rexam boss Graham Chipchase said the pair's "shared culture of manufacturing excellence and continued innovation" would "create a truly global platform to deliver 'best in class' service to customers

HOUSTON, Feb 18 (Reuters) - Royal Dutch Shell Plc's U.S. arm Shell Oil Co said Wednesday that a 70,000 barrel per day (bpd) gasoline-producing fluidic catalytic cracking unit was not shut at its 327,000 bpd joint-venture Deer Park, Texas, refinery. The unit went out of production on Feb. 8, sources told Reuters. Shell has previously declined to discuss the unit by name or provide an update on its status until Wednesday. The Deer Park refinery is a 50-50 joint venture between Shell and Mexico's national oil company Petroleos Mexicanos (PEMEX). The Deer Park refinery is one of nine U.S. refineries where members of the United Steelworkers union (USW) are on strike for a new three-year contract. Shell is the lead negotiator for U.S. refinery owners with the USW. (Reporting by Erwin Seba; Editing by Michael Perry)

A very good update IMHO. Inland Homes Plc (INL.L) Announced, in its trading update ahead of its half year results announcement for the period ended 31 December 2014, that the group has achieved a very strong performance with 199 (2013: 47) residential units being completed, representing an increase of 323% over the previous year. 30% of these sales were assisted by the Government's Help to Buy scheme. The group has received planning consent or resolution to grant planning consent on 568 residential plots in the current financial year and planning applications for a further 557 residential plots are awaiting a decision. Cash balances was £9.8 million (2013: £8.9 million).

UK farmland yielding more than Mayfair Prime arable price rises outpace top-end London homes in dash for scarce properties

BAE Systems The UK defence group and bellwether of geopolitical tensions will report annual profits at a time the US - accounting for more than a third of sales generated - may be ready to increase procurement and development spending from 2016. (FT)

High street sportswear retailer Sports Direct said it is confident of increasing profits this year despite a significant slowdown in sales growth in its third quarter. Sales for the 13 weeks to 25 January were up just 2.6% at £771m, compared with 6.5% growth in the first half of its financial year. Chief executive Dave Forsey said that a "weak winter sports season across Europe has proved challenging".

Just one new council house is built to replace every 21 that are sold to tenants under the government's right-to-buy scheme and this has caused a critical social housing shortage, according to The Times.

Italian oil and gas giant hails increase in U.K. production: An Italian oil and gas giant has bucked the gloomy trend in the North Sea by reporting an increase in production in the U.K. Oil services chief: Increase in exploration vital for North Sea: The Chief Executive of Wood Group, Scotland's biggest oil services firm, has said there may still be a bright future for the North Sea but the area could face a long slow decline unless exploration activity increases.

Thousands use homes to generate extra cash: Scheme offer over-55s regular revenue: Equity release has hit the mainstream, with thousands of older people using the scheme to raise much-needed cash every year.

Inflation to rise 'fairly sharply' as oil price effect wears off: Minutes of the Bank of England's Monetary Policy Committee have shown that members believe inflation could pick up, after it is likely to fall into negative territory in the coming months.

Big oil must adapt to new era of lower prices, says Lord Browne: Former Chief Executive of BP says oil companies must make long-term changes and play a bigger role in climate change debate

Naibu no comment: Naibu Global is a suspended Aim listing that appears to have mislaid its associated sportswear company. Non-Executive Directors, such as ex-Schroders man Giles Elliott, say they “are unable to obtain any information regarding the company’s trading operations in China”. Chairman Lin Houyan and Executive Director Lin Congdeng have not responded to requests for news. KPMG is to investigate. Locating the Lins would be a start, though “Where’s Wally” is easier to play in a crowd smaller than China’s population of 1.4 billion. In the 18th century one hopeful stock promoter advertised a business “for carrying out an undertaking of great advantage, but no one to know what it is”. Naibu risks inheriting its mantle.

Digital valuations in USA hit skyhigh levels: Snapchat funding round could value group at $16 billion: Snapchat has been in talks with potential investors about raising money at a valuation of at least $16 billion, as their enthusiasm grows about the company’s potential to expand beyond disappearing messages.

Balfour Beatty completes £352 million Welsh wind power deal: Balfour Beatty has completed its acquisition of a £352 million Welsh offshore transmission project, just one day after its new Chief Executive outlined early turnround efforts for the troubled U.K. construction group to boost profitability

Axa set to take over City’s Pinnacle skyscraper site in £300 million deal: The City of London’s most prominent stalled construction site is to become the Square Mile’s tallest skyscraper after French investor Axa Real Estate lined up a £300 million deal to buy it.

Eni to cut spending by €2 billion as slide in oil prices hits profit: Eni, the Italian oil and gas group, is to cut capital spending this year in response to the collapse in crude prices, after a one-third slide in operating profits in the fourth quarter of last year.

Oil price fall hits U.K. biofuel plant: One of the U.K.’s biggest biofuel plants, the Ensus factory on Teesside, has been temporarily closed in the latest sign of how tumbling oil and bioethanol prices are affecting the green fuel industry.

Betfair buys U.S. horse-racing network for £47 million: Betfair, the betting exchange business, has bought an American horse-racing television network, for just over £47 million.