Niesr estimates GDP growth in three months to October but pace is slower November 6, 2013 UK GDP rose by 0.7 per cent in October, marking another slight slowing in growth after September's 0.8 per cent growth and August's 0.9 per cent. Think tank Niesr released the growth estimate, which is for the three months to October. This morning, we saw industrial production of UK firms rise by 0.9 per cent [...]
UK and South Korea commit to doubling trade by 2020 November 6, 2013 Business secretary Vince Cable and South Korea's minister of trade, industry & energy, Yoon Sang-jick, have agreed to double trade and foreign direct investment between the UK and South Korea by 2020. The commitment was made this morning at the inaugural Joint Economic and Trade Committee. Business secretary Vince Cable said: UK goods exports to [...]
Competition and Markets Authority appoints host of new directors November 6, 2013 The Competition and Markets Authority (CMA) has appointed seven new directors, following on from earlier appointments to the CMA board and senior team. The CMA is a non-ministerial government department which seeks to reduce anti-competitive practices. The body was launched on 1 October of this year to replace the competition commission, and the office of [...]
Lloyds launches internal forex trading review November 6, 2013 Lloyds Banking Group confirmed this morning that it has launched an internal review into its own currency trading over recent years, as several big banks find themselves amidst foreign exchange manipulation probes. "We are aware that a number of regulatory and enforcement authorities are investigating foreign exchange trading and, as a result, we believe it [...]
Legoland owner narrows price range for London listing say sources November 6, 2013 Sources close to Merlin Entertainment's London listing deal said on Wednesday that the company has narrowed its price range to 305-330 pence per share, reports Reuters. The company has previously been valued at £3.3bn, when the share price was between 280 and 330 pence per share. The owner of Legoland and Alton Towers received orders [...]
Slowdown in US mortgage applications November 6, 2013 The number of mortgage applications in the US fell last week by seven per cent, according to the Mortgage Bankers Association (MBA). The fall came after a 6.4 per cent increase in applications the previous week and signifies, says Capital Economics, "further evidence of a moderation in the rate of the housing recovery." Ed Stansfield, [...]
Surprise fall in retail sales show Eurozone consumers are still cautious November 6, 2013 Eurozone retail sales suffered a surprise fall of 0.6 per cent month-on-month in September, after a rise of 0.5 per cent in August. A poll of analysts conducted by Reuters had expected a decline of 0.4 per cent. IHS Global Insight's Howard Archer comments that, despite a recent firming in retail sales (they rose 0.6 [...]
Shipbuilding at Portsmouth is to end as BAE cut 1,775 jobs November 6, 2013 Shipbuilding at Portsmouth's historic shipyard is to end. BAE systems is expected to announce the termination this morning, bringing forward earlier plans. (Release) BAE will cut a total of 1,775 shipbuilding jobs, including 940 in Portsmouth next year when the yard will close, and 835 across Filton, near Bristol, Glasgow and Rosyth in Scotland through [...]
Cars sales continue to rise but rate slows in October November 6, 2013 UK car sales have seen a 20th successive year-on-year gain in October, with a four per cent increase. Although sales have continued to rise, they have moderated in October, when compared to the 21.1 per cent gain seen in September. Private new car sales have benefitted from rising consumer confidence, increasing employment and demand amongst [...]
UK’s industrial recovery on track with production rise in the third quarter November 6, 2013 The industrial production of UK companies rose by 0.9 per cent in September, beating expectations of a 0.7 per cent increase. Production output rose by 0.6 per cent between the second quarter 2013 and the third. Manufacturing output for September also went up, by 1.2 per cent, beating expectations of a 1.1 per cent increase, [...]