US consumer confidence rises modestly in August August 31, 2010 US consumer confidence rose modestly in August, lifted by a mild improvement in the short-term outlook, according to a private report released yesterday. The Conference Board, an industry group, said its index of consumer attitudes rose to 53.5 in August from an upwardly revised 51.0 in July. The median of forecasts from analysts polled by [...]
CPI is not good enough to gauge inflation, says RSS August 31, 2010 OFFICIAL statistics place too much weight on the consumer price index (CPI) as an inflation measure, according to the Royal Statistical Society (RSS). The group said downplaying the Retail Price Index in favour of CPI, which is used widely across Europe, fails to take national needs into account. The coalition government said in June it [...]
Confidence at City firms falls as fears over austerity measures take their toll August 31, 2010 CONFIDENCE levels held by City businesses have dipped, according to new research, despite firms seeing a general rise in turnover and profits. The business confidence monitor survey, conducted by accountants Grant Thornton and the Institute of Chartered Accountants for England and Wales (ICAEW), found that confidence amongst London’s businesses has fallen in the last three [...]
Bank of England’s preferred measure of money supply fails to grow in July August 31, 2010 THE Bank of England’s preferred measure of Britain’s broad money supply – excluding intermediate financial institutions (M4X) – failed to grow in July, raising fears among some economists that asset purchases have failed to boost the money supply sustainably. According to figures published by the central bank yesterday, its preferred measure was flat on the [...]
CITY VIEWS: IS THE UK HEADING FOR ANOTHER RECESSION? August 31, 2010 CHRISTINE GREENWOOD | KENNEDY PEARCE “Yes. We are headed for another recession because the moment the UK gets out of recession, we end up spending too much money, which eventually pushes us back into recession.” PADY CHATZIS | INTERMAR “No. Britain is likely to perform well and this is because of the new government and [...]
Carrefour in profit boost after savings August 31, 2010 THE WORLD’S second biggest retailer Carrefour said yesterday that the summer sales trend was mixed in Europe but demand was holding up in emerging markets with an annual operating profit in its sights. Tight cost control and a surge in emerging markets lifted first-half operating profit by 7.6 per cent to €82m (£67.8m) while the [...]
JPMorgan Cazenove stays at top of broking league table August 31, 2010 FEARS Cazenove would bleed clients after JPMorgan bought out the remainder of the firm were demolished as it stayed at the top of the broking league table yesterday. JPMorgan Cazenove won nine clients in the past three months, according to data provider Hemscott, putting it in pole position with 253 contracts. The blue-blooded institution stole [...]
Canvas called poison pill for internet TV August 31, 2010 OFCOM has received a third competition complaint about BBC-backed video-on-demand service Project Canvas. Regional broadcaster Six TV joins Virgin and Sky in claiming the joint venture will unfairly dominate the online TV market. Virgin lodged an official complaint earlier this year and now Six TV has branded the venture a “poison pill” for the local [...]
Foxconn falls deeper into the red August 31, 2010 Foxconn, maker of the iconic iPhone, saw its value tumble yesterday after revealing another set of disappointing results. Its stock fell almost eight per cent yesterday morning, its biggest single-day fall in 17 months, after reporting first-half earnings fell deeper into the red. Foxconn recorded a January to June loss of $142.64m (£92.9m), far worse [...]
CITY MOVES | WHO’S SWITCHING JOBS August 31, 2010 Russell-Cooke LLP The London law firm has continued its expansion by hiring Edward Wanambwa as employment partner. He joins from CM Murray LLP, having trained at Bryan Cave and previously worked at Clifford Chance. He has been tasked with building the firm’s business immigration practice, having worked on immigration issues throughout his career. This brings [...]