Thorntons sales melt by 12.8pc October 13, 2014 SHARES in Thorntons slumped nearly eight per cent yesterday after subdued consumer spending and lumpy orders from commercial customers hurt the chocolatier’s first quarter sales. Thorntons has been reducing its exposure to the high street and repositioning itself as a fast-moving consumer goods (FMCG) business, its chocolates to supermarkets and other third-party retailers. The company [...]
Carney flies to Washington for bank war-game October 13, 2014 THE BANK of England yesterday sent almost its entire top tier of executives to Washington to test out a fictional scenario of a banking collapse with their American counterparts. The war-game was designed to test communications and planning between the two nations, so that they would be better prepared for any real crash. Britain and the [...]
Stress tests will not solve euro banks’ bad loan crisis, says Fitch October 13, 2014 EUROPEAN banks will still struggle with huge piles of bad debts despite hiking capital levels, dragging on the recovery, analysts at Fitch warned yesterday. Banks raised €65bn (£51bn) of capital in the first half of the year to bolster their buffers ahead of the European Central Bank’s (ECB) stress tests to show they could withstand [...]
Ring-fencing helps bail-in October 13, 2014 DEBT investors face more risk as the new rules restructuring lenders will make it easier for regulators to make investors pay for a bank failure, Moody’s said yesterday. When banks are ring-fenced into retail and investment arms, they will “be less complex and easier to resolve, thereby lowering the barrier to regulatory resolution that could entail [...]
EU loses 150 banks in a year October 13, 2014 THE EU lost 152 banks and other lenders last year, as weak institutions continue to close or be taken over by stronger firms, the European Central Bank (ECB) said yesterday. The total number of credit institutions fell to 5,948 last year, down from 6,100 in 2012 and 6,690 in 2008. “The rationalisation process suggests that overall efficiency [...]
Budget deficit reduction efforts hit by low wage growth this year October 13, 2014 Income tax revenue is falling below expectations this year due to sluggish wage growth, the Office for Budget Responsibility (OBR) said yesterday, warning it will hit efforts to close the budget deficit. The economy is expanding strongly and creating jobs at a record pace, which should be good for the government’s finances. Unemployment stands at [...]
Slowdown fear eased as China data improves October 13, 2014 CHINA’S trade data released yesterday showed a healthy gain in domestic and foreign demand with exports and imports surpassing expectations. Exports grew 15.3 per cent year-on-year in September compared with 9.4 per cent in August. Imports soared ahead at seven per cent year-on-year growth, up from minus two per cent in August. Technology exports grew [...]
YouGov chief: 2015 vote will be tough to call October 13, 2014 ONLINE pollster YouGov, which accurately forecast the Scottish referendum result in its election-night poll, said the outcome of next year’s general election would be far less certain. “The general election next year is going to be the most interesting one we’ve had for a long time, it’s about as unforecastable as anything with Ukip and [...]
Parliament votes to recognise Palestine – but it’s only symbolic October 13, 2014 PARLIAMENT yesterday voted in favour of recognising Palestine as an independent state in a move that will not alter the government’s stance on the issue. However, the largely symbolic move carries great value for Palestinians in their pursuit of statehood. MPs voted by 274 to 12 to pass a non-binding motion stating: “That this House [...]
Wales’ mobile venture TPO looking to list October 13, 2014 ETHICAL mobile phone company The People’s Operator (TPO) is looking to list in London as it seeks capital to help fund global expansion using a similar model to Wikipedia. The London-based company, which allows users to donate 10 per cent of their monthly bill to charity, is planning to launch on Aim in the next [...]