CBI factory orders balance hits six-month low May 23, 2012 Factory orders deteriorated more than expected this month, as exports fell, the CBI’s monthly industrial trends survey showed. The Confederation of British Industry survey’s total order book balance fell to -17 this month from -8 in April, below expectations for a reading of -10, and its lowest reading since December. The export order book balance [...]
Ocado sales growth accelerates May 23, 2012 Online British supermarket Ocado posted an acceleration in sales growth in its second quarter, raising hopes it has got to grips with bottlenecks at its distribution centre that led to a string of profit downgrades last year. Shares in Ocado, whose range includes products supplied by upmarket grocer Waitrose jumped 6.8 per cent on Wednesday [...]
FTSE down amid Eurozone gloom May 23, 2012 Miners led the FTSE down in early trading as a two-session rally hit the buffers. Fears that Eurozone leaders have lost control of the bloc’s fast unravelling finances sapped investor confidence. A summit in Brussels today will thrash out possible ways to tackle the latest phase of the crisis including France’s idea for the issuing [...]
Retail sales slide May 23, 2012 Retail sales fell at their fastest monthly pace in more than two years in April, after a record drop in fuel sales and a weather-related drop in clothing sales, official data showed. The weak start into the second quarter highlights the ongoing weakness of the economy and may raise speculation about another cash boost from [...]
PTT trumps Shell’s bid for Cove May 23, 2012 Thailand’s PTT Exploration and Production has trumped Royal Dutch Shell’s bid for Mozambique-focused explorer Cove Energy by offering £1.22bn ($1.9bn). The move shows the growing international interest in East African gas finds. Cove management said just hours ahead of a deadline for investors to accept Shell’s bid, it now backed PTT’s 240 pence per share [...]
Nationwide mortgage lending jumps by 44pc May 23, 2012 Nationwide, Britain’s biggest customer-owned financial services group, reported a 44 per cent increase in loans to home buyers in its last fiscal year, including a sharp rise in the number of mortgages provided to first-time home buyers. Gross residential mortgage lending rose to £18.4bn in the year to 4 April, up from £12.8bn the year [...]
Burberry profit jumps by a quarter May 23, 2012 British luxury brand Burberry posted a 26 per cent jump in profit as expected and said it would invest up to £200m in new outlets and expanding existing stores in London, Chicago and Hong Kong. The 156-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, said on Wednesday [...]
Fraud office set to drop key case May 22, 2012 ANTI-FRAUD investigators could be forced to drop a long-running probe into property tycoon Vincent Tchenguiz after admitting they have made a series of mistakes. The Serious Fraud Office said it is “urgently” reviewing Tchenguiz’s status as a suspect after he was arrested in an inquiry into the collapse of Iceland’s Kaupthing Bank. Yesterday Tchenguiz’s barrister [...]
Deficit row as IMF calls for growth May 22, 2012 THE IMF heaped praise on George Osborne’s deficit reduction plans yesterday, but warned that the coalition might have to change tack if the economy worsens much further. IMF boss Christine Lagarde expressed delight at the austerity measures, saying “when I think back to May 2010, when the UK deficit was at 11 per cent and [...]
Higher public spending pushes up UK borrowing May 22, 2012 GOVERNMENT borrowing jumped in April as spending increased unexpectedly, official figures showed yesterday, although the takeover of the Royal Mail pension fund’s assets skewed the data in the month. The Office for National Statistics (ONS) officially recorded a budget surplus of £16.5bn in April, compared with a deficit of £16.9bn in March and £9.06bn in [...]