PMI, Johnson & Johnson: Business news in brief on Thursday June 2

UK construction firms report fall in orders as ouput slows; Johnson & Johnson buy hair care company Vogue

Zlata Rodionova
Thursday 02 June 2016 16:11 BST
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The International Air Transport Association said lower prices will help airlines achieve profits to rise
The International Air Transport Association said lower prices will help airlines achieve profits to rise

UK construction firms report fall in orders as ouput slows

Britain's construction firms have recorded their first decline in orders in three years as ouputs slowed further in the run-up to the EU referendum.

The purchasing manager's index (PMI) has fallen further to 51.2 in May, after tumbling to 52 the previous month, which was the lowest level since June 2013, as weaker economic growth knocked confidence in the industry.

Airline industry profits 'to jump 12% in 2016'

Global airline industry profits are expected to jump by almost 12 per cent in 2016, the International Air Transport Association (Iata) said.

The organisation said lower prices will help airlines achieve profits of 39.4 billion (£27.3 billion) in 2016, compared to $35.3 billion last year.

However it expects a slowdown in passenger demand with a 6.2 per cent growth this year, down from 7.4 per cent in 2015.

Johnson & Johnson buy hair care company Vogue

Johnson & Johnsaid said it would acquire beauty products firm Vogue International for $3.3 billion (£2.3bn) adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that already includes Neutrogena and Clean & Clear. Vogue's hair care products, with colourful designs that stand out on shelves have proved popular with consumers in the US and 38 other countries.

Saudi Arabia invests $3.5bn in Uber

Uber has attracted a $3.5bn (£2.43bn) investment from Saudi Arabia's Public Investment Fund.The deal represents the biggest one-off investment in any private company in history. The Saudi Public Investment Fund (PIF) will now own around five per cent of Uber, while its managing director, Yasir Al Rumayyan, will join the board. Mr Al Rumayyan said in a statement that Uber had “improved urban mobility around the world” and that the PIF was “looking forward to being part of the process.”

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