US economy grew even faster than thought in third quarter November 29, 2012 US ECONOMIC growth for the third quarter was 2.7 per cent, on an annualised basis, data out yesterday revealed – up from the two per cent increase originally estimated. This came after growth running at just 1.3 per cent in the second quarter, the Bureau of Economic Analysis (BEA) said, with the increase coming from [...]
Net migration to UK sinks to eight-year low November 29, 2012 NET migration into the UK fell to its lowest total for almost eight years in the year to March 2012, data out yesterday revealed. In the year to March, 536,000 people came from abroad to live in the UK, according to estimates from the Office for National Statistics, down 42,000 on the year before, and [...]
PwC says £10bn overshoot may force Osborne into further cuts November 29, 2012 THE CHANCELLOR may be forced to reconsider his fiscal targets, PwC analysts said yesterday, as public borrowing looked likely to overshoot targets by around £10bn. Weaker than expected tax revenue has caused public borrowing figures to exceed the Office for Budget Responsibility’s expectations, the financial services giant said, and slower than expected trend growth could [...]
Who’s switching jobs November 29, 2012 Cordea Savills The international property investment manager has appointed Reynold Chan as business development director, Asia. Chan was most recently at Calista Consultants, and began his career in 1986 at Prudential providing real estate. He will be based in Hong Kong and report to Justin O’Connor, chief executive at Cordea Savills. BNY Mellon The investment [...]
Best of the Brokers November 29, 2012 CINEWORLD Canaccord has reiterated its rating for the cinema chain at “buy” and has upgraded its target price to 350p from 280p due to projected new sites and an increase in online usage. CHEMRING Espirito Santo has lowered its target price to 320p from 350p after the departure of chief executive David Price and disintegration [...]
Profits fall at B&Q owner November 29, 2012 Profits at DIY group Kingfisher fell by six per cent in the third quarter to £257m, due to a tough sales environment in the UK and France. The owner of the B&Q chain saw UK and Ireland sales fall by 3.8 per cent on a like-for-like basis. The firm is badly affected by the stagnating [...]
Dixons losses narrow November 29, 2012 Electrical retailer Dixons today announced that it has slightly reduced its pre-tax losses for the first six months of the year. The firm said it lost £22.2m for the 24 weeks to October 13, down from £25.3m for the same period last year. But the UK business, which largely operates under the Currys and PC [...]
UK house prices stagnating November 29, 2012 UK house prices were flat during November, according to figures released by the Nationwide building society. Its survey said the average house price remained at £164,000 this month, the same as in October but 1.2 per cent lower than at the same point last year. Nationwide’s chief economist Robert Gardner said: “The resilience of employment [...]
BP banned from work in America November 28, 2012 BP has been temporarily blocked from new government work in the United States for a “lack of business integrity” during the Gulf of Mexico oil spill, regulators said yesterday. The surprise ban comes just two weeks after BP admitted to 12 felony charges and paid $4.5bn (£2.8bn) in penalties related to the 2010 disaster, in [...]
Political interference hurts merger market November 28, 2012 THE GREEN shoots of growth in the merger and acquisition markets could be dampened down as the growing trend for active industrial policies making cross-border deals more complex, two top investment banks warned yesterday. The market has been sluggish through the financial crisis, but as firms have adapted to economic conditions they are now looking [...]