The Business Matrix: Saturday 2 November 2013

‘Sluggish’ Nissan cuts profits forecast

Nissan slashed its annual profits forecast yesterday, blaming “sluggish” conditions in Europe and a string of car recalls. It now expects to make ¥355bn (£2.2bn) in the year to April, down from its earlier prediction of ¥420bn. The Japanese firm’s net profit for the six months to 30 September rose 6.5 per cent from a year ago to ¥189.8bn.

More than 26,000 people go bankrupt

Personal bankruptcies are at their highest level in a year, with 26,030 people going bust in England and Wales in the third quarter. However, this figure was still 7 per cent lower than the same period a year ago. The rise was driven by an increase in individual voluntary arrangements with creditors to pay back all or part of their debts, usually over five years.

Chinese factory output still growing

Chinese manufacturers are still growing strongly, with the latest survey showing that factory output rose at its fastest pace in 18 months. The Chinese Purchasing Managers’ Index rose to 51.4 in October from 51.1 in September, pointing to a stabilisation of the growth rate in the world’s second-largest economy.

Carillion wins £70m deal to upgrade M6

Carillion has won roads contracts worth £180m, including a £70m deal to upgrade part of the M6 in the Midlands. It said the M6 deal would convert part of the motorway into a “smart” road with variable speed limits. It has also won a £50m share of a £100m contract to build a relief road for Manchester Airport.