UK unemployment total drops to 2.49m January 23, 2013 The number of unemployed people fell by 37,000 to 2.49m over the three months to November 2012, a drop of 185,000 on the previous year. The figure is the lowest since the three months to May in 2011. Official figures from the Office for National Statistics this morning showed that the number of people on [...]
WH Smith upbeat despite drop in sales January 23, 2013 WH Smith this morning posted a drop in sales over the Christmas period, although it said improved margins helped to underpin profits. The stationery and books retailer posted a five per cent drop in like for like sales over the 20 weeks to 20 January. In its high street stores, like for like sales fell [...]
Flybe axes 300 jobs in turnaround plan January 23, 2013 Airline Flybe is to cut around 300 jobs, or 10 per cent of its UK business, in a bid to cut costs. The job cuts, as part of a wider turnaround plan, will include a 20 per cent reduction in management headcount and a 10 per cent reduction in overhead and production headcount. The cost [...]
Unilever sales propelled by emerging markets January 23, 2013 Consumer giant Unilever this morning posted a 10.5 per cent jump in turnover, boosted by growth in emerging markets. The Anglo-Dutch group said sales for the full year came in at €51.3bn (£43bn), in line with forecasts. Emerging markets sales, which represent 55 per cent of turnover, soared 11.4 per cent, Unilever said. “These results [...]
New cuts as debt hits £1.1 trillion January 22, 2013 GOVERNMENT borrowing jumped again in December despite George Osborne’s efforts to bring the deficit down, as the chancellor yesterday ordered Whitehall to prepare for deeper spending cuts after the 2015 general election. Economists believe Osborne is now likely to overshoot his earlier borrowing forecasts by as much as £10bn, with many suggesting these latest figures [...]
King: keep UK’s target for inflation January 22, 2013 BANK of England chief Sir Mervyn King last night welcomed new ideas over the role of central banks in the post-crisis era, but warned against scrapping Threadneedle Street’s inflation-targeting remit. Incoming governor Mark Carney has floated the possibility of switching to a nominal GDP target, but Sir Mervyn – who steps down in June – [...]
Cameron pledges to deliver in-out referendum on the EU by 2017 January 22, 2013 DAVID Cameron will today promise an in-out referendum on Britain’s continued membership of the European Union by the end of 2017. “It is time for the British people to have their say. It is time to settle this European question,” he will say in his much-delayed speech on the EU, which will be delivered this [...]
City to gain as 11 EU states close in on financial tax January 22, 2013 ELEVEN EU countries were given the go ahead yesterday to start planning for a financial transactions tax (FTT) in an effort to squeeze more state revenues out of the sector. The charge is expected to hit trading activity in the countries that adopt it, potentially pushing more business towards the City as the UK is [...]
Barclays to cut hundreds of London bankers January 22, 2013 BARCLAYS is to cut hundreds of investment banking jobs in London next month, yesterday launching a consultation on the job losses. The bank is expected to shut controversial businesses including its tax planning arm and agricultural commodities trading units next month under a major review by new chief executive Antony Jenkins, aimed at improving the [...]
What the other papers say this morning January 22, 2013 FINANCIAL TIMES New hedge fund cuts fees One of the UK’s fastest-growing hedge funds is slashing fees, hoping it will spark a rethink of the industry’s high charges. The Core Macro fund from Cambridge-based Cantab Capital will employ similar trading strategies as funds from Man Group, Winton Capital and BlueCrest, three of the world’s biggest [...]