GlobeOp directors back TPG bid February 6, 2012 The independent directors of takeover target GlobeOp Financial Services have re-stated their support for an offer from US private equity giant TPG Partners after the prospect of a rival bid emerged. They said the £508m TPG bid represents “good value” after US firm SS&C Technologies, a rival to GlobeOp, said it has been performing due [...]
Retail morale is knocked by sluggish sales February 6, 2012 RETAIL sales have remained sluggish at the start of 2012, despite earlier reports that weak consumer confidence was turning a corner. Like-for-like sales were down 0.3 per cent in January compared to the same time last year, the British Retail Consortium (BRC) said this morning. “Customers parked their worries in December and spent, encouraged by [...]
House prices set to stagnate February 6, 2012 HOUSE prices rose in January, defying the trend of recent months, Halifax said yesterday, as it warned that values are set to stagnate this year. Average prices increased 0.6 per cent to £160,907, though they fell 0.9 per cent over the quarter and are down 1.8 per cent since January 2011. “Low interest rates have [...]
Retired homeowners are losing billions in weak property market February 6, 2012 RETIRED homeowners are losing out from housing market volatility, according to research published yesterday by Key Retirement Solutions (KRS). Over-65s own an estimated £749.45bn worth of property outright, and lost £7.185bn in the last three months as the housing market stalled – equivalent to £1,236 each. The market’s continuing poor performance means pensioners are down [...]
Company pension deficits show little sign of being filled, warns risk survey February 6, 2012 THE UK’S largest companies face a huge deficit in their defined benefit pension funds which shows no sign of being closed, Mercer’s pensions risk survey revealed yesterday. Combined deficits of FTSE 350 firms stood at £83bn on 31 January, the study showed, barely changed from the £84bn deficit recorded at the end of December. Asset [...]
Strong car registrations boost outlook for the UK February 6, 2012 RESILIENT car sales have provided a boost to the UK’s outlook, economists said yesterday. New car registrations edged up by 0.03 per cent last month, compared to January 2011, figures from the Society of Motor Manufacturers and Traders (SMMT) showed. “This is surprising because almost 200,000 cars were pre-registered by the industry in December 2011 [...]
TOP FED OFFICIAL HITS OUT AT LOW RATES February 6, 2012 Years of ultra-low interest rates, which the Federal Reserve is advocating, distort and damage the economy by hitting savers and paring back savers’ spending at a time when consumers are increasingly reluctant to borrow, St Louis Fed president James Bullard argued yesterday. As a result, current policies will fail, he said.
Warning of crisis over youth jobs February 6, 2012 Youth unemployment is threatening to become “a crisis we cannot afford”, said a report published yesterday. Over 250,000 young people have been unemployed for over a year according to Labour MP David Miliband, who chaired the commission, with a further 200,000 unemployed for over six months. “Some of the areas of the highest youth unemployment [...]
German factory orders bounce up February 6, 2012 Orders at German factories recovered more than expected at the end of 2011, due to strong demand from outside the Eurozone. New orders were up 1.7 per cent in December compared to November, when they tumbled by almost five per cent. A breakdown of the data showed that non-Eurozone orders bounced back by 12.3 per [...]
Randgold in dividend hike as profit lifts February 6, 2012 RANDGOLD Resources has seen its profits surge by 259 per cent, allowing it to double its dividend, it announced yesterday. The gold miner, whose main operations are in West Africa, attributed the figures to the strong performance of its Mali mines and rises in the price of gold. Randgold posted full-year profits for 2011 of [...]