VOICE OF THE CITY June 12, 2012 THIS week we’re asking our Voice of the City panel, run in association with PoliticsHome.com, to give us their opinion on last weekend’s Spanish bailout. We want to know whether members of our panel – made up of business and finance professionals across the City – think Europe was right to provide Spain with a [...]
Small firms fear US slowdown June 12, 2012 Job creation remains weak in the US, undermining hopes that the economy is recovering strongly according to a survey published yesterday by small business organisation NFIB. Only seven per cent of small businesses think that now is a good time to expand their facilities, and increasing numbers are reducing inventory holdings rather than increasing them [...]
Consultation on tax abuse rule June 12, 2012 The government yesterday launched a consultation on plans for a general anti-avoidance rule (GAAR) intended to clamp down on what it sees as “artificial and abusive avoidance schemes.” The GAAR is expected to apply to main direct taxes, like income tax, corporation tax and national insurance, as well as stamp duty land tax and potentially [...]
Insurers bolster property loans June 12, 2012 The volume of new property loans in Britain is set to balloon to £50bn a year by 2016, as more insurers enter the real estate lending market, according to research by property consultancy Savills. The new loan market will rise from the £27.5bn seen last year, in large part thanks to the likes of AXA, [...]
Spirit’s shares drop on lack of royal wedding June 12, 2012 SHARES in Spirit Pub Company lost almost six per cent yesterday despite the firm reporting like-for-like sales growth in its third quarter. The pub group said it was up against “tough prior year comparatives” when drink sales were boosted by the warm weather and royal wedding weekend. But Spirit said it continues to “significantly outperform [...]
Bombardier stock soars on big order from Warren Buffett firm June 12, 2012 SHARES in Bombardier jumped yesterday on news that the Canadian planemaker had won what analysts said was the biggest business jet order in its history. NetJets, a private jet-sharing company owned by Warren Buffett’s Berkshire Hathaway, said it would buy up to 425 new business jets from Bombardier and from US plane-maker Cessna Aircraft in [...]
May Gurney expects austerity drive to help its order book June 12, 2012 MORE British local authorities are likely to outsource work as government austerity forces them to cut costs, infrastructure and maintenance firm May Gurney said yesterday, creating opportunities for the private sector. May Gurney, which helps maintain Britain’s roads, rail and utilities services, said a need for local authorities to address funding gaps but protect frontline [...]
ANALYST VIEWS | DOES SPIRIT’S TRADING UPDATE BODE WELL FOR ITS FULL YEAR RESULTS? June 12, 2012 JAMES DAWSON CHARLES STANLEY On balance, this update should be viewed as supportive rather than significant progress. We believe the strategy to focus on maximising value as entirely logical and still see further potential with this estate. DOUGLAS JACK NUMIS Trading is still on track and ahead of our consensus-in-line full year forecast. With the [...]
ING agrees to pay $619m fine for violating US state sanctions June 12, 2012 ING Bank has agreed to pay $619m (£398m) to settle US government allegations that it violated US sanctions against Cuba, Iran and other countries. It was the biggest ever fine against a bank for sanctions violations, officials said. US authorities said ING moved $1.6bn illegally through banks in the US from the early 1990s through [...]
Lafarge to cut costs and debt June 12, 2012 LAFARGE, the world’s biggest cement maker, yesterday unveiled plans to cut costs by €1.3bn (£1.04bn) over the next four years and bring its net debt pile below €10bn as early as possible next year. The group, whose debt totalled €12.4bn at the end of March, is targeting savings of at least €400m this year and [...]
