TUI Travel moves closer to profit as bookings fall August 7, 2013 Holiday company TUI travel has seen its losses moderate in the nine months to 30 June, as pre-tax losses drop from £454m to £369m (release). Bookings declined in Germany and France during the period, by five per cent and 22 per cent respectively. These drags saw total mainstream bookings fall by two per cent. Peter [...]
Investment Comment: Taking Aim with your Isa investments August 6, 2013 AT THE beginning of this week, the government removed an unpopular restriction on Individual Savings Accounts (Isas). Now, for the first time, investors with the confidence to select individual shares for their stocks and shares Isa are able to invest in companies listed on the junior Alternative Investment Market (Aim). Preventing investors from putting Aim [...]
New reforms highlight pressing need to plan for childcare August 6, 2013 Saving early can help parents prepare for the pitter patter of tiny feet, says Liam Ward-Proud THE CHANCELLOR’S proposed reforms to the childcare voucher system this week are welcome news for families with both parents working. Parents earning less than £150,000 a year each will effectively be able to claim up to £1,200 back on [...]
UBS agrees $50m settlement with US regulators over CDO fraud allegations August 6, 2013 UBS has agreed to pay $49.8m (£32.45m) to settle charges it misled investors in relation to a mortgage bond transaction structured in 2007 before the financial crisis (release). The US Securities and Exchange Commission (SEC) said the Swiss Bank was charged with violating securities laws while structuring and marketing a collateralised debt obligation (CDO) by [...]
Osborne urged to begin selling off Lloyds stake – but insiders say don’t expect action soon August 6, 2013 Part of the government stake in Lloyds Banking Group could be sold off imminently thanks to the recent surge in share prices, UK Financial Investments (UKFI) has told chancellor George Osborne. UKFI is the agency charged with managing the taxpayer stake in Lloyds Banking Group. Sky News, who first reported the story, cited sources in [...]
France unlikely to reverse unemployment trend by the end of the year, says economist August 6, 2013 Research firm Capital Economics has said it is doubtful that France will reverse its unemployment rate by the end of the year, despite recent improvements. President Francois Hollande said in his New Year’s address that he would do whatever it takes to reverse the unemployment trend by the end of 2013. It has since risen [...]
Germany needs to lead its fellow eurozone members away from uncertainty, says IMF August 6, 2013 The International Monetary Fund (IMF) has increased Germany’s 2014 growth forecast to 1.4 per cent from 1.3 per cent but is divided on whether the country requires more fiscal stimulus (release). The IMF said it agreed with the German government's prudent economic management and a modest loosening of fiscal policy to boost domestic demand, and [...]
Niesr sees UK GDP growth accelerate in three months to July powered by consumer spending August 6, 2013 The National Institute of Economic and Social Research (Niesr) has estimated UK GDP rose by 0.7 per cent in the three months ending in July after growth of 0.6 per cent in the three months ending June 2013. Niesr said their latest estimates suggest a narrowing of the UK's large negative output gap, underpinned by [...]
Another electric car maker finds crucial cost savings needed to drive this market forward August 6, 2013 General Motors has cut the price of its 2014 model of the Chevrolet Volt by $5,000 (£3,252) to boost demand for the electric car. Prices will start at $34,995, plus an $810 destination fee, although prices could fall as low as $27,495 if federal tax credits are taken into account (release). According to the United [...]
Political crisis in Portugal saw ECB support for banks hit highest level since 2012 August 6, 2013 The European Central Bank increased its lending to Portuguese banks to €50.1bn in July from €49.4bn in July – the highest since December. This was the month a political crisis gripped the country, triggered by the resignation of CDS-PP leader Paulo Portas from his post as foreign minister, and later reinstated as deputy prime minister. [...]