Morrisons share price fall drags FTSE 100 index down after closure statement – London Report September 11, 2015 London’s leading shares fell yesterday, with supermarket Morrisons among the biggest fallers. At the end of the day, the benchmark FTSE 100 index was down by 1.18 per cent, or 73.2 points, at 6,155.81. Morrisons shares fell 2.8 per cent after the supermarket said it was closing M Local stores amid falling sales and profits. [...]
Andrew Tyrie attacks George Osborne’s bank tax surcharge as challenger bosses meet with Treasury officials September 11, 2015 Pressure is mounting on chancellor George Osborne to reconsider his new bank tax, as bosses from challenger banks meet today with Treasury officials to voice their concerns. The new tax, set to go into effect next year, will take an additional eight per cent of banks’ profits each year for the government, on top [...]
Apple and Shell’s Eurozone bond bonanza: Corporate giants set to cash in on cheaper rates and a lower euro September 11, 2015 Two mammoths of the corporate world, Apple and Shell, stepped on to a crowded bandwagon yesterday when they decided to tap the Eurozone’s bond market to raise billions of euros. More than €53bn (£39bn) have been raised using bonds – interest-paying IOUs – by US companies so far this year, according to figures from [...]
Ikea enjoys record year fuelled by Chinese and Russian shoppers September 10, 2015 Furniture giant Ikea reported another record year yesterday after enjoying strong demand for its flat-pack furniture across all markets. The Swedish company reported an 11 per cent increase in full-year sales to a record €31.9bn (£23.2bn) compared with the previous year. Sales at stores open more than a year grew by 5.1 per cent in [...]
European Central Bank chief economist Peter Praet says low interest rates reflect “economic malaise” September 10, 2015 The European Central Bank's (ECB) chief economist Peter Praet has that low interest rates are due to "economic malaise" in the euro area and across world. He said the central bank's hand was forced by uncomfortably low inflation across the single currency bloc, as well as persistent weakness in the economy. "Low interest rates are ultimately [...]
Eurozone inflation beats expectations rising 0.3 per cent in May September 10, 2015 Eurozone prices rose for the first time in six months in May – ending a series of disappointing readings which had suggested the euro area risked falling into a damaging deflationary spiral. A flash estimate by the bloc's official statistics agency said euro area inflation was 0.3 per cent in May, beating analysts' estimates, and up from [...]
Interest rates: Bank of England’s monetary policy committee urges caution on China as it votes 8-1 to hold interest rates in September September 10, 2015 Economic turbulence in China and developing markets prompted a “wait and see” approach among the UK’s nine-strong committee of rate-setters, according to minutes of their three-day meeting released today. The monetary policy committee (MPC) said it was too early to judge what impact a slowdown in China and emerging markets might have on the [...]
Industrial production up in Spain but down in France September 10, 2015 Industrial production has jumped in Spain as its economy continues with its recovery, but it has dipped in France, raising further growth concerns for the Eurozone’s second biggest economy after it stalled in the three months to June. Production in Spain climbed 0.6 per cent in July and is now 5.2 per cent greater than [...]
Chinese economy: Premier Li Keqiang says China will reach economic targets September 10, 2015 China is on track to meet its economic targets for the year, despite fears of slowdown, the Chinese Premier Li Keqiang has said. Speaking at the World Economic Forum in Dalian, China, Li said there was not a risk of a hard landing due to government actions, despite a series of poor economic data and [...]
Halifax: Reluctant sellers push UK house price growth up again September 10, 2015 Another day, another confirmation that UK house prices are rocketing, after new figures showed prices were nine per cent higher in the three months to August than they were during the same period last year. To be fair, that was still lower than the impressive 9.6 per cent rise in June – but higher than [...]