Recovery will be choppy, say economists August 22, 2010 REVISIONS to second quarter GDP growth this Friday are expected to leave the headline figure unchanged at a robust 1.1 per cent. However, economists warn the breakdown of growth by expenditure could reveal some truths about the shape and duration of the recovery. Capital Economics’ Jonathan Loynes said: “The second release relating to second quarter [...]
ECONOMIST VIEWS: WHAT WILL THE BREAKDOWN OF GDP GROWTH IN THE SECOND QUARTER TELL US? August 22, 2010 PETER DIXON | COMMERZBANK “We look for quarterly GDP growth to remain unchanged, although we do expect a strong positive contribution from consumer spending while fixed investment should give back some of its strong first quarter gains. We also expect a moderate positive contribution from net trade.” PHILIP SHAW | INVESTEC “The actual figure should [...]
The car insurance boss who wants to motor into new foreign markets August 22, 2010 It is a case of ‘Recession? What recession?’ for motor insurance firm Admiral, which is in the middle of taking on 750 staff in the UK alone this year. And that means an awful lot of meetings for the Cardiff-based firm’s 53-year-old chief executive Henry Engelhardt. The Chicago-born boss meets every one of his new [...]
GRADUATES GET CREATIVE ABOUT JOINING THE DAILY BUMP ’N’ GRIND August 22, 2010 IT SEEMS the yoof of today is becoming ever more resourceful when it comes to securing a first job, despite all the sympathetic noises from older generations over the plight of school-leavers and graduates. One enterprising young chap, about to head into his final year studying economics at Nottingham, wants to use the money he [...]
BILL OF THE WEEK August 22, 2010 IT WAS off to the St Pancras Grand champagne bar for an exquisite champagne-and-oyster lunch on Friday for these six City boys and girls, who clearly had something to celebrate. On the menu were four bottles of the finest fizz on the planet, picked to accompany their Maldon and Islay oysters. A fine Bollinger Blanc [...]
France cuts growth forecast at emergency summit August 20, 2010 FRANCE has cut its forecast for economic growth next year after an emergency meeting between the president and senior finance ministers. It now thinks the economy will grow by two per cent next year. The previous forecast was 2.5 per cent. This year it will 1.4 per cent, the government said. President Nicolas Sarkozy ordered [...]
M&S lines up new chairman to replace Rose August 20, 2010 Marks & Spencer is to name Robert Swannell as Sir Stuart Rose’s successor as chairman, according to Sky News. It said Swannell, currently a senior advisor of Citi Europe and chairman of HMV Group, the music and books retailer, would take up the role when Rose steps down next year. A spokeswoman for M&S declined [...]
Investors jittery after bleak US data August 20, 2010 Investors have been avoiding riskier assets amid growing concerns about slackening growth in the US economy. Globally, equities were lower, with Europe giving up early gains. Bleak data from the US, with jobless claims at a nine-month high and the first contraction in a year in a volatile regional manufacturing index, has made the markets [...]
RSA bid for Aviva units “not dead” August 20, 2010 IGNIS Asset Management, an institutional shareholder in both Aviva and RSA, said a deal between the two insurers remained possible although RSA would have to raise its bid proposal for some Aviva units. Ignis owns roughly 0.5 per cent of Aviva’s share capital and around 1.5 per cent of RSA’s share capital. RSA said it [...]
BAA unveils new debt plan August 20, 2010 Airport operator BAA moved a step closer to refinancing its debt by agreeing new lending facilities with a group of eight banks and said it would pay a large chunk of its borrowings next month. BAA said it completed a £625m four-year debt facility, marking significant progress towards refinancing its subordinated debt of £1.57bn. The [...]