French businesses are finally showing some signs of hiring | ||
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France's latest business surveys give a mixed picture of how Europe's second largest economy is going. Markit's purchasing managers' index (PMI) figures have the services sector at 51.6 (a little weaker than expected) and manufacturing at 49.3 (a little stronger). Anything over 50 signals growth, and anything below hints at a recession in that sector Analysts were expecting a score of 48.5 for manufacturing and 51.9 for services, improvements on the 48 and 51.4 recorded respectively for April. Perhaps most impressive were the jobs figures — though still fairly weak, they're good news in France, which has been battling with high unemployment. Here's Markit's release: Employment in the French private sector increased for a third successive month in May. Although quickening to the sharpest since December 2011, the rate of jobs growth remained marginal. Germany's PMI numbers are yet to be released, coming at 8:30 a.m. London time (3:30 a.m. New York). The figure for the eurozone as a whole follows at 9 a.m. London time (4 a.m. New York time). Join the conversation about this story »  | ||
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Royal Mail's stock price just tanked despite sales rise | ||
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Royal Mail, the former government owned delivery service that launched an IPO in October 2013, revealed a 1% rise in revenue for the full year ending on March 29, 2015. The group also said in its results statement that operating profit also rose to £740 million ($1.14 billion), from £729 million ($1.13 billion) in the previous year. In October 2013, Royal Mail shares started trading in London at 330p per share. The stock price now hovers around the 500p mark, which is nearly 13% above the IPO offer price. Today, the stock opened nearly 3% lower because of the company's "challenging" outlook. "Our continued focus on efficiency resulted in a better than expected UK cost performance, offsetting lower than anticipated UK parcel revenue. At the same time we have delivered a large number of innovations at pace as we transform our business," said Moya Greene, CEO of Royal Mail. "Our trading environment remains challenging, but we are now poised to step up the pace of change to drive efficiency, growth and innovation, while maintaining a tight focus on costs. "At this early stage of the financial year trading is in line with our expectations, but as in previous years our performance will be weighted to the second half and will be dependent on our important Christmas period. We remain committed to delivering value for our shareholders and the Board is recommending an increase in the full year dividend of 5%." Although Royal Mail warned about the "challenging trading environment," it is set to get slightly easier for the group. Its biggest rival Whistl, formerly TNT Post, announced last week that it is cutting door-to-door services in London, Liverpool and Manchester and will instead rely on Royal Mail for what it calls "final mile" delivery - getting letters and parcels from local distribution centres to your letter box. Join the conversation about this story » NOW WATCH: 'The Little Prince' trailer looks better than anything Pixar has made in years  | ||
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Governor declares emergency as California cleans oil spill | ||
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Los Angeles (AFP) - The governor of California declared an emergency as crews scrambled to contain an oil slick and clean up popular beaches after a pipeline rupture dumped thousands of gallons of oil into the ocean. A day after the spill near Santa Barbara, northwest of Los Angeles, the US Coast Guard said helicopter overflights had shown the slick stretched some nine miles (14 kilometers) along the Pacific Ocean coast. The spill caused governor Edmund Brown to declare an emergency in the Santa Barbara area Wednesday in order to "quickly" send specialized teams to clean up the hazardous leak. "We will do everything necessary to protect California's coastline," Brown said in a statement alongside the emergency proclamation. Teams of white-clad workers used rakes, trucks and pads to scoop up thick oil covering the sand on the Refugio Beach, where a campground was evacuated. A number of government environmental clean-up crews have been mobilized to survey and test the area by aircraft and boat. The spill was estimated at up to 105,000 gallons (400,000 liters), of which some 21,000 gallons of crude oil may have leaked into the ocean, according to an official update Wednesday afternoon. Santa Barbara area beaches would normally be preparing to host thousands of visitors for the upcoming Memorial Day weekend, but the affected area was out of bounds. A nearby beach has been closed for at least a week and a fishing ban has been imposed by authorities one mile east and west of the spill site. The leak -- which began around midday on Tuesday --- was caused by a Plains All American Pipeline, which stopped the flow of oil, the company said. It said the oil reached the ocean through a drain which has now been blocked off, and "no additional oil is reaching the water." "Plains deeply regrets this release has occurred and is making every effort to limit its environmental impact," the company said in a statement.
- Environmentalists sound alarm -
Environmental groups warned of the possible long-term impact of the spill. The Environmental Defense Center lamented the spill, saying there were likely failings that allowed it to occur. "There continues to be a number of questions... including why there was no automatic shut-off on this relatively new pipeline, and why the early response was not more successful in halting the flow," said the group's head Owen Bailey. "This region is home to an incredible diversity of wildlife including numerous species of endangered whales and iconic coastlands that bring people from across the world to visit," he said. Kathryn Phillips, California director of environmental group Sierra Club, added: "Every time we hear about an oil spill, we hold our breath and hope it won't get worse." "How many more signals do we need from the oil industry that public health and the environment aren't at the top of its list when it decides how much to invest in creating its products? "It's time we all demand better from this incredibly wealthy industry," she said. The 24-inch pipeline, built in 1987, transports crude oil from a nearby above-ground oil storage facility to refineries throughout southern California. It typically operates at some 50,400 gallons per hour. Santa Barbara was the scene of what was then the largest oil spill in US history, when in 1969 several million gallons of crude spewed into the ocean after an oil rig blowout.
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