by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, News
Prime Minister Narendra Modi delivering his statement to the media with the Prime Minister of United Kingdom (UK), Mr. David Cameroon, at Foreign and Commonwealth Office, in London
London:(IANS) India and Britain signed a civil nuclear cooperation agreement after the two sides held delegation level talks here on Thursday, the first day of Prime Minister Narendra Modi’s three-day visit to Britain.
“The conclusion of the civil nuclear agreement is a symbol of our mutual trust and our resolve to combat climate change,” Modi said while issuing a joint statement along with British Premier David Cameron.
“The agreement for cooperation in India’s Global Centre for Clean Energy Partnerships will strengthen safety and security in the global nuclear industry,” he said.
He said India attached great value to defence and security cooperation with Britain, including regular exercises and defence trade and collaboration.
“This cooperation will grow. I am also pleased that UK will participate in the International Fleet Review in India in February 2016. UK will also be a strong partner in India’s defence modernization plans, including our ‘Make in India’ mission in defence sector,” the Indian prime minister said.
He said the economic partnership between the two countries was quite robust “and a key pillar of our partnership”.
“I expressed confidence that this relationship grow rapidly in the years ahead, given the size and scale of opportunities in a rapidly expanding India and Britain’s own formidable economic strengths,” Modi said.
Stating that Britain was already the third largest investor in India, he said there was more investment from India in Britain than in rest of the European Union combined.
“We will launch a new fast track mechanism for UK investments in India. The revival of India-UK CEO Forum is a welcome step,” he said.
Modi said India would also increasingly raise funds in London’s financial market.
“I am pleased, but also believe it is natural that we will issue a Railways Rupee Bond in London. This is where the journey of Indian Railways began.”
Modi expressed happiness with the progress in the cooperation between the two countries in clean energy and climate change, involving the governments and the private sector.
“This is an area of immense importance and enormous opportunities. Our bilateral cooperation will supplement India’s comprehensive and ambitious national plan on climate change,” he said.
According to the Indian prime minister, the partnership between the two countries includes peace and stability in Asia, especially in South Asia and West Asia, maritime security, cyber security, and terrorism and extremism.
He also thanked Cameron for the strong British support for India’s permanent membership of the UN Security Council and membership in the international export control regimes.
On his part, Cameron said that as the oldest and largest democracies, India and Britain were natural partners.
He said Britain and India would build stronger economic, defence and global partnerships.
Describing India’s smart cities and skill development as immense projects, he said Britain would help build the smart cities of Amravati, Indore and Pune.
During the course of Modi’s visit, the two sides are expected to sign a number of agreements on mutual investments and defence cooperation.
by admin | May 25, 2021 | Uncategorized
UK Asset Resolution (UKAR), the government-owned company incorporating Northern Rock (Asset Management) and Bradford & Bingley, paid back £1.9bn to taxpayers in the first half of 2013.
It said the amount included £1.3bn of loan repayments in the first half of 2013.
The firm did not make any further provision for PPI mis-selling.
It also saw profits boosted by a drop in customers who had fallen behind on their mortgage payments.
Underlying profit before tax for the first half of 2013 increased from £481.4m in June 2012 to £528.8m this year.
UKAR said the main driver for this was lower arrears and, as such, a reduced loan impairment charge.
The company saw the number of mortgages three or more months in arrears fall by 17% to 21,332 since the start of 2013.
It now has almost 584,000 customers, with 565,000 mortgage accounts and 212,000 unsecured personal loan accounts.
The firm said the majority of these loans continued to perform well, with more than 90% of mortgage customers up to date with their mortgage payments.
“However, we do have a significant number of customers who are finding it difficult to meet their repayments,” the company said.
“In those cases, we work closely with customers to offer a range of solutions to help them manage their circumstances.”
The number of properties it repossessed fell from 3,871 in the first half of 2012 to 3,550 in 2013.
UKAR added there were signs that a modest recovery of the UK economy was emerging, both in the wider economy and in the housing and mortgage markets, but added it was aware that the finances of many households remained under pressure.
The company was formed in 2010 to integrate the mortgage operations of Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) following their nationalisation.
Northern Rock plc was sold to Virgin Money in 2011.
by admin | May 25, 2021 | Uncategorized
Manufacturing output surged in June at the strongest pace since the end of 2010, according to figures from the Office for National Statistics (ONS).
Manufacturing output rose 1.9% month-on-month in June, following declines in both May and April.
This growth came at more than twice the rate expected by analysts.
The latest upbeat news follows a stream of recent economic data that has indicated an improvement in the UK economy.
- Retail sales enjoyed their fastest July growth in seven years, according to the British Retail Consortium, as the heatwave boosted sales of swimwear, sandals, sun cream, beer and barbecue foods
- UK car sales enjoyed another strong month in July, according to the Society of Motor Manufacturers and Traders, with a total of 162,228 new cars registered in the month, up 12.7% on a year earlier
- On Monday, a closely-watched Purchasing Managers’ Index (PMI) survey indicated that the UK service sector expanded last month at its fastest pace since December 2006
- Last week, the PMI survey for the construction sector suggested it was growing at its fastest pace for three years.
Picking up pace
Overall, industrial production, which covers output from the UK’s factories and mines, rose by 1.1% between May 2013 and June 2013.
The figure was held back by lower oil and gas extraction and a fall in energy output, the ONS said.
However, manufacturers reported rises in output across all sectors, with the strongest contribution coming from transport equipment, up 5.3%.
Lee Hopley, chief economist at manufacturers’ organisation EEF, said chemicals, electrical equipment and transport had shown particular strength over the past three months.
“The production data gives further weight to the view that manufacturing activity will continue to gain pace, becoming a more important contributor to growth in the year ahead,” she said.
Manufacturing output was up 0.7% between the first and second quarters of 2013 and up 2% from June 2012.
The statistics mirrored the recent manufacturing PMI survey by Markit, which indicated that the sector grew at its fastest pace for more than two years in July.
But Barclays analyst Simon Hayes warned industrial output still had a long way to go to reach levels seen before the financial crisis.
“Even with these punchy out-turns, the level of industrial production is 13% below its pre-crisis level, while manufacturing output is nearly 9% lower,” he said.
by admin | May 25, 2021 | Uncategorized
The UK’s services sector has expanded at its fastest pace since December 2006, a survey has indicated.
The Markit/CIPS Services Purchasing Managers’ Index (PMI) rose to 60.2 in July from 56.9 the month before, a stronger showing than economists had expected.
Any reading above 50 indicates growth.
The numbers complete a trio of positive PMI figures for July, after strong showings in both the construction and manufacturing sectors last week.
Markit said its UK All Sector PMI, which combined the three, was 59.48, the highest since its records began in January 1998.
Paul Smith, senior economist at Markit, said indications were that there would be a “further strengthening of GDP” in the third quarter of the year, “as the UK heads towards ‘escape velocity’ and self-sustaining economic expansion”.
‘Firmer footing’
The latest UK services figure contrasts with data from the eurozone services sector, which showed a contraction at 49.8.
“It appears that the much improved weather helped services activity in July and we doubt that this rate of expansion can be sustained,” said Howard Archer, chief European and UK economist for IHS Global Insight.
“Nevertheless, there does appear to be a marked underlying improvement in activity under way, with the UK economic recovery genuinely moving to a firmer footing.”
And Victoria Clarke, economist at Investec, said the latest UK PMI data had produced another set of “storming” figures.
“Coupled with the lead that we saw in the construction PMI and the pretty solid manufacturing PMI, all those indicators are suggesting the UK recovery is really gaining pace now,” she added.
PMI surveys are based on data from various private-sector firms, which supply information on factors such as output, new orders, stock levels, employment and prices.
Despite the upbeat UK figures the FTSE index of leading blue-chip stocks was virtually unchanged in early afternoon trade.
by admin | May 25, 2021 | Uncategorized
The UK’s construction industry has reached its highest level of activity since June 2010, a survey has indicated, boosted by a continuing surge in house building.
The Markit/CIPS Construction Purchasing Managers’ Index (PMI) rose to 57.0 in July from 51.0 the month before.
A figure above 50 indicates expansion.
“July’s survey highlights a new wave of optimism across the UK construction sector,” said Markit senior economist Tim Moore.
He added that construction firms were reporting “a pace of expansion in excess of anything seen over the past three years”.
The government announced measures in March 2013, such as Help to Buy, to support people looking to buy their first home and to spur construction of new properties.
The construction sector has been an area of weakness in the UK economy.
First estimates for second-quarter GDP show the construction sector grew by 0.9%, but it still remains more than 16.5% lower than it was before the start of the financial crisis in 2008.
Overall GDP growth for the April-to-June period was 0.6%.
Howard Archer, chief European and UK economist for IHS Global Insight, hailed the survey as “more good news for the UK economy, with the construction sector seemingly increasingly shrugging off its long-term problems and now contributing to growth”.
On Thursday, the PMI survey for manufacturing indicated that the sector grew in July at its fastest pace for more than two years.
The reading of 54.6 for last month, from an upwardly revised June figure of 52.9, was the strongest since March 2011 and marked the fourth month in a row of expansion.
PMI surveys are based on data from various private-sector firms, which supply information on factors such as output, new orders, stock levels, employment and prices.
