GE predicts emerging markets growth October 6, 2013 General Electric vice chairman John Rice said yesterday that despite the shaky global economy, he expected the firm’s infrastructure businesses in emerging markets to post 10-15 per cent growth in the next five to 10 years. China would continue to have “healthy double digit” growth in the coming years said Rice on the sidelines of [...]
Mobiles leading spending spree for online ads October 6, 2013 COMPANIES spent a massive £3bn on online advertising to reach UK consumers in the first half of the year, up 17.5 per cent from a year earlier. A report by PwC and the Internet Advertising Bureau found that mobile advertising also grew 127 per cent from the same period in 2012, making up £429.2m of [...]
The Ritz reveals five-star profit as hotel value is lifted to £735m October 6, 2013 THE VALUE of the iconic Ritz hotel in Piccadilly has been lifted to £735m after a record year where it earned the highest revenue in its 107-year history. The landmark building, owned by Sir David and Sir Frederick Barclay, upped the price of its fixed assets after receiving “several unsolicited approaches” to buy it, according [...]
Johnston Press is in talks over debt mountain October 6, 2013 STRUGGLING publisher Johnston Press has entered negotiations with its lenders over its £306.4m debt. Johnston Press has reportedly hired Rothschild, the investment bank, to coordinate discussions with creditors including Barclays and Royal Bank of Scotland. The conversations with lenders could include a refinancing package would see the banks taking warrants in the company, giving them [...]
Recovery boosts confidence and profits in City October 6, 2013 FINANCE firms are doing increasing amounts of business with each other as confidence in their strength and in the economic recovery sets in, according to a report out today from PwC and the Confederation of British Industry (CBI). Optimism in the sector over the last quarter rose at the fastest rate since 1996, with upbeat [...]
France’s finance minister says he will abandon new corporate levy October 6, 2013 FRANCE will scrap plans for a new corporate tax which had been criticised by business leaders and instead temporarily increase existing taxes, finance minister Pierre Moscovici said in an interview with local media yesterday. The government had announced in its 2014 budget bill last month a change in corporate tax policy by removing an annual [...]
Consumer spending rises ahead of prices for sixth straight month October 6, 2013 CARD transactions rose ahead of inflation for the sixth month running in September, according to an analysis of Barclaycard’s 33.7m customers released yesterday. Consumer spending grew by three per cent in comparison to the same month last year, with restaurants seeing a big increase in trade, up 11.2 per cent. The figures match suggestions that [...]
Atlantic deal on trade held back by US shutdown October 6, 2013 A MAJOR trade deal, which could boost the UK economy by £100bn over the next decade, has been put in jeopardy by the shutdown of the US federal government. Discussions with the aim of constructing an enormous free trade agreement between the EU and US, were stalled over the weekend as funding for American negotiators [...]
Eurozone banks’ asset quality review could be hitting lending October 6, 2013 EUROZONE banks are so focused on the upcoming Asset Quality Review (AQR) that they are holding back lending just to perform better in the test, Ernst and Young warned today. Analysts believe the upcoming AQR, to be carried out by consultancy Oliver Wyman on behalf of regulators, has become so important to lenders that it [...]
Research finds growth above historical trend October 6, 2013 THE BRITISH economy is growing at a pace above its long-term average trend, according to an index of business conditions by an international accountancy firm. The latest report on business trends from BDO also points to an economic boost, reaching the highest level under the current government so far. The headline figure rose to 100.7, [...]