Burberry revenue up 24 per cent July 13, 2010 BURBERRY has beaten beat forecasts with a 24 per cent rise in first-quarter underlying revenue. The luxury retailer made £282m of revenue, excluding a restructuring at its Spanish arm, in the three months ended June, led by growth in Asia and the rest of Europe. Sales at the group’s retail outlets rose an underlying 16 [...]
Flybe and Air France agree tie-up July 13, 2010 Flybe and Air France have agreed a tie-up to give their passengers access to more routes. Flybe passengers wil have access to five additional routes between the UK and France as well as seven new domestic French routes and 11 international routes from the autumn. Meanwhile Air France will be able to use 45 new [...]
BP successfully fits new cap to stem oil leak July 13, 2010 BP has installed a new sealing cap on the leaking Gulf of Mexico oil well, the company has confirmed. The system is designed stop the leak and capture all the oil before it gushes into the ocean. However BP said “its efficiency and ability to contain the oil and gas cannot be assured”, because of [...]
FSA SET TO RIP UP MORTGAGE RULES July 12, 2010 THE FINANCIAL Services Authority (FSA) unveiled plans to overhaul the mortgage market this morning, with some warning the changes will punish borrowers while doing little to tackle the number of repossessions. The FSA said in a report today it will impose “affordability tests” on all borrowers, effectively banning self-certified mortgages and further restricting credit for [...]
UK’s rating not secure, warns S&P July 12, 2010 GEORGE Osborne’s bid to get the UK’s spiralling Budget deficit under control was dealt a blow yesterday when Standard & Poor’s (S&P) warned Britain remains at risk of losing its prized triple-A rating. The credit rating agency said it was keeping its negative outlook on the UK’s debt despite Osborne’s austerity Budget and warned the [...]
Pay decisions left to banks July 12, 2010 A TREASURY minister last night urged banks to show restraint when awarding bonuses, but said the government will only regulate pay as part of an international agreement. Financial secretary Mark Hoban told the British Bankers’ Association dinner that the banking world has a real chance to reclaim its reputation. “We have the opportunity to send [...]
Lies, damn lies and the UK’s statistics July 12, 2010 BRITAIN’S economy shrank even more than previously thought during the recession – that, at least, is what the Office for National Statistics informed us yesterday and what we are therefore expected to believe. The economy is thought to have collapsed 6.4 per cent from peak to trough, a figure that will probably go on being [...]
Budd asks for freer OBR July 12, 2010 SIR Alan Budd, chairman of the Office for Budget Responsibility (OBR), sent a letter to chancellor George Osborne yesterday outlining how the agency should run permanently. As well as producing two forecasts for the economy and public finances every year, the OBR should do broader work on fiscal sustainability, Budd said. He suggested the unit’s [...]
Tube strike off after pay offer July 12, 2010 Tomorrow’s strike by Tube Lines has been suspended while staff vote on whether to accept a new offer of a 4.2 per cent pay rise and increased job security. Rail union RMT confirmed yesterday that its members would vote on the revised package. Management will recommend that members accept the offer. Tube Lines workers, who [...]
Glaxo drug under fresh scrutiny July 12, 2010 The US will today begin a review into GlaxoSmithKline’s diabetes drug Avandia. The Food and Drug Administration will debate over two days whether to restrict or withdraw the medicine, also known as rosiglitazone. Research in 2007 showed the drug could cause higher rates of heart attacks, while a government report earlier this year suggested the [...]