Home shortage drives prices up, says Nationwide May 31, 2012 House prices are stuck at a high level despite a lack of demand because of a low rate of building, Nationwide said yesterday, arguing that allowing more construction will reduce the pressure of housing costs on households. The building society’s data showed prices rose 0.3 per cent in May, but dropped 0.7 per cent on [...]
Red tape hindering economic growth, warns business group May 31, 2012 THE ECONOMY will barely grow this year if the government does not cut regulation and invest in infrastructure, the British Chambers of Commerce (BCC) warns today. Growth will come in at just 0.1 per cent this year, the business group declared, down from the 0.6 per cent it predicted in its previous quarterly forecast. Weak [...]
Nine-year low in Indian growth May 31, 2012 India’s economic growth slumped to its lowest level in nine years in the first three months of 2012, data showed yesterday, marking a dramatic slide in the fortunes of a country whose economy was boasting nearly double-digit growth before the global recession. GDP grew 5.3 per cent in the last quarter from a year earlier, [...]
Output pace slows down in Japan May 31, 2012 Japan’s industrial output rose 0.2 per cent in April, increasing for the second straight month, as exports hold up and government subsidies support demand for low-emission cars, official data showed yesterday. The rise was smaller than a median market forecast of a 0.5 per cent increase, figures from the Ministry of Economy, Trade and Industry [...]
OECD: Hope lies in new markets May 31, 2012 G20 governments should prevent further deterioration in their collective trade and investment policy stance and focus on promoting open markets to re-boot growth in the world economy, the OECD urged yesterday. “We know closing markets stifles growth and makes it harder to tackle unemployment. Countries must resist the temptation to implement inward-looking policies,” said OECD [...]
April showers dampen profits for Kingfisher May 31, 2012 KINGFISHER, Europe’s biggest home improvements chain, yesterday blamed miserable weather in April and a weakening euro, for a steep fall in first quarter profits. “We anticipated the first quarter would be challenging, compared with last year’s strong growth which was boosted by favourable spring weather and public holidays,” chief executive Ian Cheshire said. “But an [...]
Ex-Collins Stewart chair to lead board of accountant RSM Tenon May 31, 2012 TIM INGRAM, the former chief executive of Collins Stewart Hawkpoint, was yesterday announced as the new chairman of accountant RSM Tenon. Ingram will replace outgoing Adrian Martin, who said last month he would step down after just three months in the role. The appointment follows a troubled few months for the firm, which in January ousted [...]
Sanofi’s Dagenham plant seeks to revive its innovation heritage May 31, 2012 FRENCH drugmaker Sanofi has received planning permission to revitalise its once-celebrated East London manufacturing plant, set to close in 2013. The site in Dagenham currently employs 450 staff. The new plans, backed by the Mayor of London’s office, hope to create 2,500 new jobs. The plant opened in 1934 and developed a national reputation for [...]
Taylor Wessing revenues rise May 31, 2012 CITY law firm Taylor Wessing saw its UK revenues rise more than seven per cent in 2011-12, helping the firm lift its UK profits to £31m. UK turnover at Taylor Wessing hit £101m, up 10 per cent from the previous year, and profits per equity partner also grew – up 12 per cent to £601,000. The [...]
Fuller’s faith in London pride May 31, 2012 PUB group Fuller, Smith and Turner yesterday posted a five per cent full year revenue rise to £253m and said that its pre-tax profits grew three per cent to £30.3m. The company said like-for-like sales in accommodation, food and drinks were up by 7.4, 4.5 and four per cent respectively. While the new year has seen [...]
