Bank: Bumpy UK recovery February 10, 2010 BRITAIN’S path to recovery will be much slower than previously predicted and inflation will fall further below target over the next few years, the Bank of England said yesterday as it unveiled its new growth and inflation forecasts as part of the quarterly Inflation Report. The Bank said the pace of growth was weaker than [...]
Strong manufacturing data boosts hopes of GDP revision February 10, 2010 BRITISH manufacturing output surged an impressive 0.9 per cent in December, strengthening hopes that the dismal fourth quarter GDP data would be revised upwards. The strong industrial and manufacturing data vindicated survey evidence, which has suggested that the recovery was stronger in the second half of 2009 than official data showed. The Office for National [...]
Larger than expected US trade deficit sparks fears over growth February 10, 2010 A BIG jump in oil imports swelled the US December trade deficit to $40.2bn (£25.8bn), an unexpected widening that suggested US economic growth was not as strong as initially thought in the fourth quarter. The Commerce Department’s report published yesterday, showing a 10.4 per cent jump in the trade gap, came as both US exports [...]
Astaire buys up Hoodless February 10, 2010 ASTAIRE, the rapidly-expanding City stockbroker headed by small-cap broking veteran Edward Vandyk, yesterday announced its fourth acquisition in just 12 months, buying up Hoodless Brennan for £3.6m. Vandyk said Hoodless was an attractive fit for Astaire because both firms operate stockbroking businesses in London and Bristol, while Hoodless is strong in market-making, an area in [...]
Honda faces global recall over airbags February 10, 2010 Honda’s troubles are deepening as it was forced to extend its global recall for faulty airbags by 437,000 cars yesterday. The second-biggest Japanese carmaker will replace the driver’s side airbag inflator on the cars because they can deploy with too much pressure, causing the inflator to rupture and injure or kill the driver. The recall [...]
Imperial fights ban on vending machines February 10, 2010 IMPERIAL Tobacco said it would seek a judicial review of plans to ban cigarette vending machines yesterday, upping the ante in the battle between the industry and the government. The maker of Lambert & Butlers believes the crackdown, due to come into effect in October 2011 under the Health Act 2009, is disproportionate because booths [...]
BA turns to old staff to cover strike February 10, 2010 British Airways yesterday asked staff whose temporary contracts expired last year to cover expected upcoming strike action. Former staff have been offered six month contracts worth £1,000 a month with an additional £2.40 an hour flying allowance. The staff would have to undergo a week long refresher course that would begin on 22 February. BA’s [...]
Tax dodgers come clean February 10, 2010 German tax authorities yesterday reported a surge in the number of tax dodgers who are turning themselves in after the government decided to buy stolen Swiss bank account data from a whistleblower. Lawyers specialising in tax crimes are also noticing a brisk upturn in business as Germans, who hold an estimated €200bn in undeclared funds [...]
Reckitt defies recession with annual profit surge February 10, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. “Our five per cent target is [...]
Single stain on spotless results February 10, 2010 ON the surface, these results are sparkling, as if they’ve been polished up with a can of Reckitt Benckiser’s Brasso. Full year sales are up 18 per cent, pre-tax profit is up 28 per cent and the final dividend of 57p brings the total to £1 – a 25 per cent hike. Emerging markets are [...]