Porsche posts record revenues September 29, 2010 German sports car maker Porsche saw car sales in Europe and North America edge higher for the full-year, but the company said it sold 3.5 per cent fewer cars in its German home market in the 12 months through the end of July. Its overall car sales gained 8.8 per cent as sales in China [...]
Cluff Gold chief steps back September 29, 2010 Algy Cluff yesterday stepped down from his role as as chief executive at Cluff Gold to become executive chairman. Cluff, who yesterday reported the firm’s maiden profit of $6m (£3.8m), previously owned the Spectator magazine. Peter Spivey, currently chief operating officer, will take over as chief executive from January next year. Spivey will be based [...]
Borrowing dip in August September 29, 2010 MORTGAGE approvals fell in August to their lowest level in six months, while consumers also chose to continue to pay down debts, the latest figures from the Bank of England (BoE) showed yesterday. The Bank said 47,372 mortgages were approved in August down slightly from the July figure of 48,619. Meanwhile, approvals for remortgaging stood [...]
Cheer as supply of money rises September 29, 2010 M4 money supply, the amount of cash in circulation in the UK economy, grew by £12.8bn in August, after a £0.2bn fall in July, official statistics published yesterday revealed. This represented a three-month annualised growth of 4.5 per cent. The data showed that in August, money holdings of private non-financial corporations (PNFCs) gained 0.9 per [...]
Productivity bounces back in UK September 29, 2010 UK output per worker increased 1.4 per cent year-on-year in the second quarter of 2010, compared with 1.1 per cent growth in the previous quarter, official figures showed yesterday. Output per hour worked, an alternative measure of labour productivity, showed that hourly productivity across the whole economy also increased 1.4 per cent year-on-year, up from [...]
Euro ties to hit UK growth September 29, 2010 STRONG ties with the Eurozone mean that British growth will be hit by the forecast slowdown in the 16-country currency union, according to Ernst & Young’s latest quarterly Eurozone Forecast (EEF) published today. “Our latest forecast shows the UK growing by 1.6 per cent this year and 2.1 per cent next year. However the heightened [...]
Consumer confidence fell in September September 29, 2010 BRITONS lost confidence in September as fears of a double-dip recession intensified, indicating that last month’s improvement was merely a blip, according to the GfK consumer confidence survey published today. Nick Moon, managing director of GfK NOP Social Research, said: “September’s slump suggests the rise in consumer confidence in August was a false dawn, as [...]
ECB: Sovereign debt still a risk to banks September 29, 2010 The EU’s banking sector faces further setbacks before it recovers from the financial crisis, the European Central Bank (ECB) said in its annual report on banking stability yesterday. The bank said there is still a risk that the Eurozone’s debt problems could again spill over into the financial sector, and that many institutions still rely [...]
Moody’s expected to strip Spain of top credit rating September 29, 2010 SPAIN is expected to loose its triple-A credit rating by the end of this week after a three-month review of the country’s finances by ratings agency Moody’s. The ratings agency put Spain’s debt on review for a possible downgrade at the end of June saying it would decide whether to downgrade the country’s rating after [...]
France hopes for strong growth in 2011 and ducks swingeing cutbacks September 29, 2010 FRANCE will curb civil service spending and scrap tax breaks but otherwise rely on faster economic growth to replenish public coffers in 2011, according to a budget bill that some economists said lacked ambition. Wary of voter dismay over pension reforms ahead of elections in early 2012, President Nicolas Sarkozy is seeking to honour deficit-reduction [...]
