A round-up of today's other stories in brief
US sees upturn in house, retail and jobs figures
Pending sales of US existing houses unexpectedly jumped by a record 10 per cent in October, indicating the industry at the centre of the last recession is stabilising as the job market improves.
The increase in the number of Americans signing contacts to buy previously owned homes followed a 1.8 per cent drop in September, the National Association of Realtors said yesterday in Washington.
Another report showed claims for jobless benefits over the past month on average dropped to a two-year low.
Combined with figures showing chain-store sales topped estimates last month, the reports added to evidence the world’s largest economy is strengthening, sending stocks up for a second day.
Cheaper borrowing costs, lower prices and more jobs may entice homebuyers in coming months.“The fundamentals that are driving home sales are low mortgage rates combined with job and income growth,” said Dean Maki at Barclays Capital in New York. – (Bloomberg)
Bombardier's earnings fall 15%
Bombardier's quarterly earnings slumped 15 per cent as sales dropped in its plane- and train-making segments. The Montreal-based company, the world's third biggest civil aircraft maker after Airbus and Boeing, said the commercial aircraft market was tough, making it hard to time a full recovery.
Bombardier said its net income was $143 million, or 8 cents a share, in the third quarter ended October 31st. That compares to earnings of $168 million, or 9 cents a share, a year ago. Revenue was down 13 per cent to $4 billion.
Revenue at Bombardier's aerospace segment – which employs 5,000 people in Belfast – fell to $1.8 billion from $2.1 billion a year earlier due to lower deliveries. Its order backlog in aerospace fell to $16.2 billion on October 31st from $16.7 billion on January 31st.
Revenue at the transportation division was $2.2 billion, down from $2.5 billion a year earlier as major projects had to be phased out before new ones could ramp up. Bombardier said its backlog was $48.9 billion as at October 31st, compared with $43.8 billion on January 31st. Bombardier's class B shares, which have gained about 6 per cent in the past three months, closed at C$4.77 on the Toronto Stock Exchange on Wednesday.
Call for regulation of bank trading
Share trading inside banks must be regulated directly and all derivatives eligible for clearing should be traded on an electronic platform, according to draft European Union plans.
The EU's executive European Commission is due next week to publish its plans for sweeping reforms of the region's markets in financial instruments directive, which forms a cornerstone of the single capital market.
The directive has driven further competition, innovation and better protection of investors and there is evidence of reduced trading costs per transaction and speeded-up trading, the draft consultation paper says.
However, as part of global efforts to tackle less regulated and more opaque parts of the financial system, "significant extensions" are required in the directive as regards the organisation, transparency and oversight of various markets, it added.
Healthcare firm to hire 20 nurses
Point of Care, a healthcare firm that provides nursing care in patients' homes and in a network of local clinics, is to hire 20 more nurses.
The move follows an investment in Point of Care by Uniphar, the pharmaceutical and healthcare distribution group which is owned and controlled by about 40 per cent of Irish pharmacists.
Set-up in 2007 Point of Care provides patient services such as infusion, injection and vaccinations, allowing patients with diseases such as rheumatoid arthritis, Crohn's disease and multiple sclerosis to access care in their community.
