Thursday newspaper round-up: Factory workers, Four Seasons, China steel dumping

Michele Maatouk WebFG News | 09 Nov, 2017 07:22 | | |

noticias

A shortage of factory workers is starting to push up pay rates but wage rises in the services sector remain rooted at around 2%, according to the latest feedback from the Bank of England’s regional agents. The central bank said its agents, which are based in offices across the country, found that shortages this month across the manufacturing sector were leading to a “slight increase in pay growth” that would take average rate of pay rises up by half a percent, from 2-3% this year to 2.5%-3.5% in 2018. – Guardian

Struggling care home provider Four Seasons, which is responsible for 17,000 elderly and vulnerable people, is set to be taken over by a US hedge fund in a complex rescue deal being closely monitored by regulators. Four Seasons has buckled under the pressure of state funding cuts, a shortage of EU nurses since the Brexit vote, higher costs after the introduction of the national living wage and meeting repayments on a debt pile of £525m. – Guardian

21st Century Fox's quarterly revenue topped market estimates on Wednesday as higher advertising sales and revenue from traditional and online distributors boosted its cable business. The company’s shares were up nearly 1pc in extended trading. The results come after CNBC reported on Monday that Fox had, in the last few weeks, held talks about selling most of its film and television assets to Walt Disney. The two sides are not currently in discussion, CNBC had reported. - Telegraph

Tom Hayes, the former trader serving 11 years in jail for Libor rigging, has won his battle to have a lifetime ban from the finance sector paused while he fights to overturn his conviction. Mr Hayes appeared in court via a video link in September to argue thatthe so-called prohibition order that was imposed by the Financial Conduct Authority (FCA) last December, but only made public on Wednesday, should be put on hold while the Criminal Cases Review Commission (CCRC) review his case. – Telegraph

British jobs would be put at risk by government plans not to match the EU’s tough stance on dumped imports after Brexit, the steel industry has warned. The government this week outlined its plan for a trade remedies authority, to investigate claims about imports unfairly priced below what they cost to produce. However, an official said that it would not toughen its trade defence measures even if the EU 27 do. – The Times

An American bear raider has launched a scathing attack on a biotech company heavily backed by Neil Woodford, claiming that a key treatment is likely to prove a failure. The assault by Kerrisdale Capital, a New York-based short-seller, is made in a damning report on the prospects of Prothena Corporation, a $2 billion-plus company in which Mr Woodford’s Patient Capital Trust investment vehicle is the biggest shareholder. – The Times

More news

16:51 Cadence Minerals discovers 21m tonnes of resources at Yangibana project

Mineral resource investment and development company Cadence Minerals issued updates on its Yangibana and Pilbara rare earth projects in Australia, with work set to begin on extensive ferrocarbonite/ironstone veins that had previously been evaluated by drilling in the 1980s.

16:33 Eurozone consumer confidence jumps in November

Consumer confidence in the single currency bloc shot higher in November, according to the executive arm of the European Union.

16:24 Thursday preview: UK GDP, ECB minutes, results from Centrica, Cineworld, Severn Trent

Thursday's market volumes will be thinner as the US gets fatter on Thanksgiving, while the UK chews over the second reading for gross domestic product and likely further analysis of the Chancellor's Budget, while corporate results include Centrica, Severn Trent and Cineworld.

15:52 Budget: New tax breaks aim to revive North Sea oil and gas producers

Chancellor Philip Hammond has announced new tax breaks to encourage investment in North Sea oil and gas producers.

15:47 Budget: Hammond targets first-time buyers as growth forecasts are cut

Philip Hammond scrapped stamp duty on almost all first-time property purchases as he sought to inject good news into his Budget after a series of cuts to the outlook for the economy.

15:38 Treasury facing £300m phone bill after mobile network court challenge

The Treasury was facing the prospect of a rather expensive mobile phone bill on Wednesday, after a £300m appeal against a significant increase in annual license fees was upheld.

15:30 Gfinity losses widen as it invests in product

Esports entertainment business Gfinity saw revenue increase 64% to £2.37m in the year to 30 June, it reported on Wednesday, with its loss before tax widening to £5.3m from £3.1m.

15:25 Rambler installs Scott Britton as manager at Ming Mine

Rambler Metals and Mining announced the appointment of Scott Britton as its new general manager at the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada on Wednesday.

15:20 Ferrum Crescent granted three-year extension at Toral

Europe-focussed lead-zinc explorer Ferrum Crescent announced on Wednesday that, following a formal application to the Director-General of Mines of the Province of Leόn, its exploration licence on the Toral lead-zinc project has been renewed for a further three-year term to November 2020.

15:16 Totally acquisition Vocare wins contract extension with NHS Vale of York

Out-of-hospital services provider Totally has been awarded a two year contract extension ‘in-principle’ to 31 March 2020 with NHS Vale of York Clinical Commissioning Group, it announced on Wednesday.