Availability of new loans to factories shows modest signs of improvement February 26, 2012 THE AVAILABILITY of credit to British manufacturers has picked up modestly at the start of this year, according to industry group EEF. A balance of three per cent of factories reported that the availability of new lines of borrowing has improved in 2012, the group said today. Yet the EEF maintains that lending still needs [...]
Cost of living raises debt burden for households February 26, 2012 THE RISING cost of everyday living has tightened the “debt noose” around the necks of millions of Britons, a debt counselling charity will announce today. Nearly a quarter of households’ disposable income (23.8 per cent) goes towards interest payments on loans, on average, the Consumer Credit Counselling Service (CCCS) found at the end of last [...]
Figures to shed light on outlook for UK’s stores February 26, 2012 RETAILERS will be looking for signs of green shoots this week, with the release of two important gauges for the UK high street. The CBI’s distributive trades survey will shed light tomorrow on the current fortunes for British shops. And a separate survey on Wednesday, from GfK NOP, will reveal if consumer confidence is continuing [...]
ECONOMISTS’ VIEWS: ARE RETAIL SPENDING AND CONSUMER MORALE ON THE UP? February 26, 2012 DAVID MILLER | CHEVIOT ASSET MANAGEMENT “As inflation pressures dissipate, the lack of wage growth becomes less of a problem – people realise they have money to spend and get their confidence back. Yet it’s too early for a recovery to be apparent” MICHAEL HEWSON | CMC MARKETS “It’s going in the right direction. When [...]
BEST OF THE BROKERS February 26, 2012 HAYS Citigroup has downgraded the global recruitment company from “hold” to “sell” following first-half results last week, which saw earnings before tax of £63m in line with estimates. The broker is sceptical about Hays’ UK business, saying that it lacks strategic direction. Though it lifts its target price to 75p on earnings upgrades, the rating [...]
Italy bond yields fall February 24, 2012 Vulnerable debtor Italy sold the top planned amount of bonds at a 4.5bn euro (£3.8bn) auction on Friday and the yield on a two-year zero coupon bond fell to its lowest since May, boosting market sentiment ahead of a more demanding debt sale next week. Analysts said the prospect of the European Central Bank offering [...]
FTSE buoyed by energy stocks February 24, 2012 Upbeat economic data across the Atlantic and strong energy stocks helped to keep the FTSE 100 on track today despite relative weakness in Europe. US blue chips added 0.4 per cent overnight after weekly jobless data showed the US labour market remained on the mend, with the Dow approaching levels not seen since before the [...]
UK GDP drop confirmed February 24, 2012 Britain’s economy shrank in the fourth quarter of last year despite higher consumer spending and strong export growth as businesses slashed investment, official data showed on Friday. The Office for National Statistics confirmed earlier estimates that the economy shrank by 0.2 percent quarter-on-quarter, growing by 0.7 per cent on the year – a slight downward [...]
William Hill targets international expansion February 24, 2012 Britain’s biggest bookmaker William Hill said it would look to expand internationally to take advantage of countries legalising gambling as it reported full-year earnings which were marginally ahead of previous guidance. The company, which has over 2,370 betting shops and takes over one million bets a day, said operating profit for the year to December [...]
Lloyds reports £3.5bn loss February 24, 2012 Lloyds said 2012 revenue would fall and pushed back a key financial target as the part state-owned British bank joined rival Royal Bank of Scotland in posting a hefty loss for 2011. Lloyds reported an annual loss of £3.54bn, having made a profit of £281m in 2010. “We expect the external environment to remain challenging [...]