Strong Chinese loans prop up Asian markets February 17, 2014 A MAJOR boost to Chinese lending in January buoyed Asian markets yesterday, even following Japan’s disappointing fourth quarter GDP data. The Peoples’ Bank of China announced that 1.32 trillion yuan (£128.36bn) was distributed in new loans during January, the highest in over nearly four years, easily beating more bearish forecasts. The news follows better than [...]
Indian government pushes last budget before fresh elections February 17, 2014 PALANIAPPAN Chidambaram, India’s finance minister, announced the country’s last budget ahead of an upcoming election yesterday. Chidambaram said that the country’s budget deficit would come in at 4.6 per cent of GDP in the year to March, below his original target of 4.8 per cent. The Indian economy has struggled with slower growth and rising [...]
Insolvency fees could be fixed February 17, 2014 INSOLVENCY practitioners trying to salvage value within collapsed firms will no longer be able to charge an hourly rate, to ensure creditors get a fair deal, under plans put out to consultation by the government yesterday. The Insolvency Service said fees should instead be flat-rate amounts or a percentage of the value the practitioners manage [...]
Greece sees 11th straight month of deflation as price drops slow February 17, 2014 GREEK inflation remained negative in January for the 11th month running, but over the past 12 months prices fell more slowly than analysts had expected. The EU-harmonised consumer price index came in at minus 1.4 per cent from minus 1.8 per cent a year earlier, and following expectations of a 1.6 per cent fall. Deflation [...]
Bumper year for Brit as profits soar by 20 per cent to £101.7m February 17, 2014 SPECIALIST insurer Brit has delivered solid results for 2013 in its second year of trading after refocusing the business. Profit after tax was £101.7m for the year, up by 20 per cent from £84.7m in 2012. The insurer cited strong underwriting performance as the reason for a bumper 2013. Group chief executive Mark Cloutier said [...]
New Chunnel routes to lift passenger numbers February 17, 2014 EUROTUNNEL said more than 14m passengers a year could be using the rail link to the Continent by 2020, as demand is lifted by new, faster routes into Europe. The Channel Tunnel operator said yesterday that Eurostar traffic could rise from last year’s record of 10m passengers if plans for extra services are followed through. [...]
Gulf rig outfit taps London for $100m of cash February 17, 2014 GULF Marine Services yesterday announced plans to float on the London stock market in a deal valuing the oil services company at $1bn. The company, which is headquartered in Abu Dhabi but has offices near Aberdeen, said it expects to raise $100m in an initial offering of shares, which it will use to purchase a [...]
Better Capital writes down two firms and sells Reader’s Digest February 17, 2014 BETTER Capital, the company led by private equity veteran Jon Moulton, yesterday said it would have to write down the value of companies held in one of its portfolios after poor trading. The company said that office supply company Spicers would see lower revenues this year than last year due to problems at its distribution [...]
Londoners still in the dark over inheritance tax February 17, 2014 OVER two-thirds of affluent Londoners are ignorant about inheritance tax, despite being the group most likely to be hit by the tax, a new study out yesterday shows. The current tax threshold, which is set at £325,000 for this tax year, was correctly identified by just 38 per cent of well-heeled respondents polled in London. [...]
Yorkshire Building Society set to spend millions refunding fees February 17, 2014 ADMINISTRATION fees for mortgage arrears paid by Yorkshire Building Society (YBS) customers in the past four years are set to be refunded. The Financial Conduct Authority (FCA) announced yesterday that the building society will voluntarily pay back the fees and any interest paid, after an FCA suggestion that some had been charged incorrectly. Customers will receive [...]
