The deficit is falling, but Plan A is long dead April 23, 2014 Public finance figures have just been released by the Office for National Statistics, showing the progress made on the Treasury’s deficit reduction programme. It’s good news, with borrowing hitting pretty much the level expected during this year’s budget, and coming in below last year’s forecast. But how does it look when compared to [...]
Wages are on the rise – but not in the City April 23, 2014 There’s been good news for workers recently, with pay finally looking like it’s growing at a faster rate than inflation. And today the Bank of England says that our wallets are set to fatten as the economic recovery takes hold: “With employment growth slowing in recent months, it was likely that productivity started [...]
Why breakfast staples could be about to get more expensive April 23, 2014 The surge in coffee futures documented over the last couple of weeks isn’t the only thing that could up the cost of breakfast. A Brazilian drought, which significantly damaged crops, is pushing up prices. Changes will most likely felt by global wholesalers over the next couple of months as harvests begin, says Thomas Pugh, a [...]
Regulator appoints financial heavyweights as competition advisers April 23, 2014 The Financial Conduct Authority (FCA) has appointed two new senior advisers, who will focus on competition and investment banking. David Saunders and Gunner Burkhart will bring years of financial and regulatory experience to the financial watchdog. Saunders is former chief executive of the Competition Commission, with a 35 year-long career in the Department for Business, [...]
Bank of England minutes reveal committee divided on economic slack April 23, 2014 The minutes of the Bank of England's most recent Monetary Policy Committee (MPC) meeting show no signs of tightening on the horizon. Members of the central bank's interest-rate setting committee voted unanimously to hold policy. With nominal wage growth picking up in recent months, the members determined that a "sustainable rise in real wages and [...]
ARM Holdings profits rise as US licensing takes off April 23, 2014 Chip designer ARM Holdings has reported a nine per cent rise in profit before tax to £97m for the first quarter ended 31 March. The British company also enjoyed a 10 per cent rise in revenue to £187m. However, this was slightly below analyst expectations of £189m. ARM has seen a rapid expansion in the use [...]
What you need to know before the open April 23, 2014 US markets saw another positive finish yesterday, with European counterparts expected higher today, looking to French and German manufacturing data. Economists will be looking to see if the turnaround seen in France in March continued, and Germany’s expected to see a slight improvement, too. China’s HSBC manufacturing purchasing managers’ index improved to 48.3 – encouraging, [...]
Primark buoys AB Foods as sugar continues to sour performance April 23, 2014 Shares in Primark owner Associated British Foods are up over six per cent this morning, after the group announced a six per cent rise in pre-tax profit to £434m in the first half of the financial year, and a 26 per cent jump in Primark's profit. The group called the results “resilient”, despite facing ongoing challenges [...]
Sports Direct sales jump as board squares up to shareholders April 23, 2014 Sports Direct has reported a jump in sales of 10.3 per cent to £360m for the nine weeks ended 30 March. The sports retailer saw gross profit rise 11.5 per cent £147m. The company enjoyed strong increases from the brands division and sports retail sales. Premium Lifestyle sales also rose by 0.7 per cent to [...]
Primark to open stores in northeast US April 23, 2014 Primark is set to make its first foray in the US, opening stores in the north east, owner Associated British Foods has announced this morning. After “extensive research”, the decision’s been made to take the budget high street shop to consumers in the US, AB Foods said. A new store with 70,000 square feet of selling [...]