Record UK borrowing as debts hit £1 trillion January 24, 2012 GOVERNMENT borrowing slowed in December, figures from the Office for National Statistics (ONS) showed yesterday, with new borrowing falling on an annual and monthly basis. The government borrowed £13.7bn last month, down from £17.9bn in November and £15.9bn in December 2010. That takes borrowing for the financial year so far to £103.3bn, down £11.3bn on [...]
Simon Ward: Pay Treasury with cash from QE’s income January 24, 2012 BANK bailouts and quantitative easing have both provided the government with a financial boost worth tens of billions of pounds, according to analysis from economist Simon Ward from Henderson Global Investors, published yesterday. Ward argues the government’s favoured measure – public sector net borrowing (PSNB) excluding financial interventions – gives too gloomy a view of [...]
What do you think of the UK’s GDP figures for the end of 2011? January 24, 2012 THIS morning, the government will release GDP figures for the final quarter of 2011, giving forecasters the chance to predict how the economy is going to fare in 2012. So this week for our Voice of the City poll with PoliticsHome.com, we’re asking for your reaction to these latest figures. Panel members will receive an [...]
Nordea dividend cut as profit falls January 24, 2012 Nordea, the Nordic region’s biggest bank by value, posted fourth-quarter operating profit that topped forecasts thanks to strong trading results, but trouble areas in Denmark and shipping led to bigger-than-expected credit losses. Operating profit for the period fell four per cent to €1.03bn. Nordea’s net loan losses in the fourth quarter were €263m compared with [...]
KPN lowers its 2012 forecasts January 24, 2012 Dutch telecom firm KPN has cut its core profit expectations for 2012 and scrapped a share buyback programme to pour money into its struggling domestic business. KPN, the largest telecommunications provider in the Netherlands, which has been trying to reverse falling revenues, profits and market share in its domestic fixed-line and mobile businesses, warned yesterday [...]
SNOW POLO AND PIGLET RACING FOR SUPER-RICH January 24, 2012 THERE’S MORE than one top-level summit for bankers in Switzerland this week. At the ski resort of Klosters, The Capitalist hears several members of the business elite have been taxing their champagne-addled brains by betting on racing piglets. At least they would have done if fog hadn’t scuppered the trotters’ Derby. Instead, guests at the [...]
More suitors woo Lloyd’s firm Hardy January 24, 2012 THE BATTLE to buy Lloyd’s of London insurer Hardy Underwriting is hotting up, after a pair of new bidders entered the fray. Montpelier Re and Mitsui Sumitomo are said to have expressed an interest in buying the firm and join a list of potential suitors that includes Lloyd’s rival Canopius, Bahrain based Arig and the [...]
PZ Cussons warns tension in Nigeria could dent profits January 24, 2012 SOAP maker PZ Cussons warned yesterday it was likely to report disappointing full-year profits, pointing to political upheaval in Nigeria, challenging trading conditions in Australia and high raw materials costs. Shares in the maker of Imperial Leather soap fell as much as 4.8 per cent after it reported an 11.7 per cent drop in first-half [...]
General Motors chooses Aegis’s Carat for $3bn advertising plan January 24, 2012 GENERAL Motors said yesterday it had picked Carat, part of British advertising group Aegis, to handle its global media planning and buying, in a blow to incumbent Publicis. The GM account, which spends $3bn a year on advertising according to analysts, puts Carat at the helm of all GM duties for consumer-facing media, which includes [...]
NUFFIELD HEALTH EXPANDS GYM PORTFOLIO January 24, 2012 HEALTH charity Nuffield Health yesterday added to its existing portfolio of fitness centres by snapping up Greens Health & Fitness, a chain of 15 gyms previously owned by the De Vere Group. Nuffield now runs 66 consumer and 200 corporate fitness sites across the UK, including the centre on Cousin Lane behind Cannon Street station [...]