Business news live: UK manufacturing shrinks for fifth month in a row amid Brexit turmoil
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The UK's manufacturing sector shrank for the fifth month in a row, with output, orders and employment all shrinking, a new poll suggests.
IHS Markit's purchasing managers index (PMI) found that emp[loyment in manufacturing fell at its fastest pace since February 2013.
House prices also dipped unexpectedly in September as uncertainty around Brexit dampened activity, according to Nationwide’s index.
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Belfast's Harland and Wolff has been saved from closure after infrastructure specialist firm InfraStrata stepped in with a £6m bid that will see all 79 workers left at the shipyard keep their jobs.
Chief executive John Wood said: "Harland and Wolff is a landmark asset and its reputation as one of the finest multipurpose fabrication facilities in Europe is testament to its highly skilled team in Belfast."
John Wood, boss of InfraStrata, which is taking over Harland and Wolff shipyard, has explained the logic of the deal.
In doing so he couldn't resist the cliche that there will be "deep operational synergies" between the two companies. In English - they will work well together.
Sometimes such "synergies" are really a euphemism for being able to save money by cutting staff that do similar jobs, but not in this case, Wood says:
"We are delighted to be able to retain 100 per cent of personnel who did not opt to take voluntary redundancy earlier this year.
They are actually looking to take on more people.
"Our Islandmagee Gas Storage Project will benefit greatly from their expertise in the energy sector, both technically and economically, and we look forward to growing the workforce significantly in the coming years."
He adds:
"This acquisition will clearly provide substantial advantages through vertical integration in addition to demonstrating our commitment to the Northern Irish economy, particularly in the post-Brexit era."
Thomas Cook auditor EY investigated
Press Association - Thomas Cook's auditors will be investigated on their role in signing off the last set of accounts for the travel firm prior to its collapse, the accounting regulator has announced.
Financial Reporting Council (FRC) said it would look at whether EY acted properly in scrutinising the numbers in 2018 and could censure the individual accountants or the financial services giant itself.
It follows a similar inquiry launched by Parliament's Business, Energy and Industrial Strategy (BEIS) select committee which is looking at the collapse and has demanded the appearance of executives and auditors for a hearing.
MPs on the committee are particularly keen to look at the bonuses awarded to bosses and EY's role in auditing.
EY replaced PwC as auditors in 2017 and told Thomas Cook accountants that they should stop claiming regular costs on the balance sheet as "one-off" items.
JD Sports' £90m deal to buy Footasylum referred for full investigation
JD Sports' £90m deal to buy Footasylum will be fully investigated by competition regulators who expressed concern about rising prices and less choice for consumers.
JD Sports is the leading sportswear retailer on the high street and would add to its dominance in the trainer market with a purchase of Footasylum.
JD Sports says it "firmly believes that there is clear evidence that the acquisition would not result in a substantial lessening of competition".
However, the retailer did not supply evidence to allay the Competition and Marketes Authority's concerns before a deadline on 26 September.
Unions celebrate 'landmark victory' for Harland and Wolff workers
The GMB union says workers are expected to return to the shipyard in the coming days and their old contracts will continue meaning they do not lose any rights.
Workers had occupied the yard in August in a bid to save their jobs. Now that they have been successful, the GMB is hailing them for taking control of the situation.
Denise Walker, GMB senior organiser said:
While politicians substituted sympathy for action, dedicated workers took control of the situation and of their workplace. This news proves they were absolutely correct in their assertions that this was a yard with a future.
Not prepared to watch their yard moth balled or picked over by asset strippers, workers took the brave decision to stand together to save their jobs for the current workforce and for generations yet to come.
Their campaign has ensured that Harland and Wolff will not only continue but will be in a position to expand and fulfil its potential as a lynchpin of Northern Ireland’s economy.
House prices fall in UK as Brexit uncertainty intensifies
House prices fell unexpectedly in September as uncertainty around Brexit dampened activity, according to Nationwide’s index.
The building society recorded a 0.2 per cent fall from a month earlier, below a 0.1 per cent rise forecast by a Reuters poll of analysts.
Prices across the UK rose by 0.2 per cent on September a year ago to £215,352, but Nationwide’s report reveals significant regional variations.
Northern Ireland remained the strongest performing home nation in the third quarter, though annual price growth moderated to 3.4 per cent, from 5.2 per cent in Q2.
Wales also saw a slowdown to 2.9 per cent, from 4.2 per cent last quarter. Annual price growth in Scotland remained subdued at 0.8 per cent up slightly from 0.4 per cent.
UK financial services sector suffers worst fall in business and prospects in years, survey shows
Revenues, profitability and confidence at UK financial services firms have all taken a beating in the past three months, according to a survey that has revealed the sharpest deterioration in the sector in years.
Although still unpopular in the wake of the financial crisis, the industry which includes banks, insurers and investment managers is important to the broader economy. It makes up over 7 per cent of Britain’s GDP, around 9 per cent of our exports and 11 per cent of all tax receipts.
The quarterly survey by the CBI and PwC showed that optimism has plunged at the fastest rate since September 2008, when Lehman
Brothers collapsed, triggering panic around the world. Only 5 per cent of firms are now more upbeat about the overall business situation than three months ago, while 62 per cent are less optimistic, giving a balance of -56 per cent.
Argos boss quits to join ad giant WPP
The boss of Argos chain is leaving to join advertising giant WPP.
John Rogers will depart the chain, which is owned by Sainsbury's on October 31 to become finance chief at WPP.
Sainsbury's chief executive Mike Coupe said: "John has worked alongside me for over 14 years and has made an outstanding contribution to the business.
"He leaves Sainsbury's with our best wishes for the future."
Mr Rogers said the opportunity at WPP was "too good to miss".
He added: "As a technology-driven business with creativity at its heart, joining WPP was an opportunity impossible to resist and I look forward to playing my part in helping the business deliver its new strategy."
It's the latest blow for Coupe who has come under fire for his handling of Sainsbury's disastrous attempted merger with Asda.
Greggs sales growth slows and Brexit threatens to push up labour costs
Greggs has hailed "very strong" trading in the third quarter but warned that Brexit will put pressure on food and labour costs.
Shares are down 6 per cent today after Greggs said that it expected to open fewer stores this year than previously forecast.
Like-for-like sales still rose 7.4 per cent in the quarter though, and Greggs'... innovative... marketing remains something to behold.
Who could forget Stone Henge made out of vegan sausage rolls?
Or the nativity scene starring not Jesus but, yes, a sausage roll:
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