UK goods trade deficit narrows April 13, 2010 THE goods trade deficit reduced in February to its smallest since June 2006 after exports recovered from a fall caused by the poor weather, according to official figures. Britain’s goods trade gap with the rest of the world fell to £6.179bn in February – lower than the £7.35bn forecast by analysts. The figure was also [...]
High street sales leap in bumper easter April 13, 2010 RETAIL sales growth surged last month after a booming Easter for high street trade. The total value of sales rose by 6.6 per cent in March – the biggest upturn since April 2006 – according to the data from the British Retail Consortium and KPMG. The figures follow positive results from john Lewis and Marks [...]
Debenhams profits jump after own brands boost April 13, 2010 DEBENHAMS has posted half-year profits before tax and exceptional items of £123.6m – a rise of 18.6 per cent. Higher group sales helped to fuel the rise as well as a focus on own-brand ranges – which have bigger margins than designer labels – in the 26 weeks to 27 February. The group’s net debt [...]
Business slams Labour pledges April 12, 2010 BUSINESS leaders and economists rounded on Labour’s election manifesto yesterday, accusing the party of refusing to face up to the terrible state of the public finances. Gordon Brown, who unveiled the manifesto at a hospital in Birmingham, claimed an historic fourth term for Labour would lead to a “fairer, greener … and more prosperous” country. [...]
Jupiter to put back float plan April 12, 2010 JUPITER, the fund management group headed by Edward Bonham-Carter, has decided to put its flotation plans on hold following the crisis that has engulfed its rival Gartmore. Sources say the group recently decided on advisers for an “imminent” flotation of the firm on the stock market but events at Gartmore, where one of its star [...]
Labour manifesto rejects capitalism April 12, 2010 THERE was a time when manifestos were serious, thoughtful pieces of work, the fruit of lengthy policy debates within political parties. Those days are not just long gone but completely forgotten, at least if yesterday’s manifesto from the Labour Party is any guide. Many of its claims collapse as soon as one looks at them [...]
Greece tests bond waters as euro rises April 12, 2010 GREECE will dip its toe back into the European bond market today when it tries to raise €1.2bn (£1.1bn), days after politicians moved to calm investors’ nerves with details of a €30bn funding package on standby. Analysts expect the relatively small issue to get away smoothly following the announcement by eurozone ministers and the International [...]
WHAT DOES THE EU’S FLESHED-OUT SUPPORT OFFER MEAN FOR GREECE? April 12, 2010 PIERRE-OLIVIER BEFFY | EXANE BNP PARIBAS “Greece will now have to strictly implement its fiscal consolidation plan and Greek economic activity is likely to decline over the next two years. However, the Greek government will be able to finance its debt at relatively low rates compared to current levels. We expect the euro to appreciate.” [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 12, 2010 FINANCIAL TIMES TOP CITY SKYSCRAPER FOR SALE Tower 42, the tallest occupied skyscraper in the City, will be put up for sale as booming prices return to London’s commercial property market. The 600ft former NatWest tower near the Bank of England is expected to fetch more than £300m ($461m) when its owners, Hermes Real Estate [...]
Early Easter boosts retail sales April 12, 2010 The early Easter helped boost retail sales figures for March. Sales were up by 4.4 per cent year-on-year, with food sales leading the march with a 6.6 per cent jump. But a direct comparison with last year is skewed because of earlier Easter egg sales. Retail administrations for the first quarter were also down by [...]