ECB pumps in more liquidity and keeps interest rate on hold October 6, 2011 The European Central Bank will provide further liquidity for the Eurozone banking system after leaving its main interest rate unchanged at 1.5 per cent at the last monetary policy meeting chaired by Jean-Claude Trichet. Trichet announced a €40bn (£38.4bn) covered bond purchasing programme, two year-long refinancing facilities and a promise to keep shorter unlimited facilities [...]
Bank of England ups QE by £75bn October 6, 2011 The Bank of England has raised its quantitative easing fund by £75bn. A total of £200bn had originally been earmarked for the scheme, which aims to breathe new life into the economy. The decision to expand its asset purchase programme to a total of £275bn highlights the precarious state of Britain’s economy as global growth [...]
Halfords sales hit by petrol price hikes October 6, 2011 Rising petrol prices have hit Halfords after it said fewer people were using cars which had dented its sales. The retailer, which has 466 stores, said like-for-like sales declined 2.8 per cent in the 13 weeks to 30 September, compared to a 1.1 per cent decline in the previous three months. Sales of car maintenance [...]
House prices down in September October 6, 2011 House prices unexpectedly fell 0.5 per cent in September and were 2.3 per cent lower in the three months to September compared with a year ago, a survey by mortgage lender Halifax showed. Analysts had expected a rise of 0.2 per cent on the month, for a three-month annual fall of 2.1 per cent. September’s [...]
Ted Baker bucks high street gloom October 6, 2011 Designer clothing brand Ted Baker posted strong first-half results led by growth in its overseas and online businesses, and raised the interim dividend 13.5 per cent. The fashion retailer, which began as a menswear brand in Glasgow in 1987, said it remained cautious of the second half given the uncertain macroeconomic environment. “Whilst we have [...]
Greggs reports sales rise October 6, 2011 High street baker Greggs posted a slight acceleration in sales growth in its third-quarter, showing resilience in the face of severe macroeconomic headwinds. Greggs, which sells bread, sandwiches, savouries and cakes to over 6 million customers a week from 1,540 shops, said sales at stores open over a year rose 0.8 percent in the 13 [...]
Cameron: Economic threat as serious as 2008 October 5, 2011 The threat facing the global economy is as serious as in 2008, Prime Minister David Cameron said – adding that Britain’s deficit-cutting plans would pay off in the end. Speaking at the annual conference of the Conservative Party, Cameron said that Britain would not get “sucked into endless bailouts” of countries in the European single [...]
Service sector in boost October 5, 2011 The services sector unexpectedly picked up pace in September, though firms’ expectations for the next 12 months are bleak, a survey of purchasing managers showed. The Markit/CIPS services purchasing managers’ index rose to 52.9 in September from 51.1 in August, bouncing back from its biggest one-month fall in a decade and moving away from the [...]
UK economic growth revised down October 5, 2011 Britain’s economic growth in the second quarter of this year has been unexpectedly revised down to 0.1 per cent casting further doubt on the strength of its stuttering economic recovery. The Office for National Statistics said that a major recalculation of its historical data also showed that Britain’s 2008/09 recession was shorter but deeper than [...]
SuperGroup shares plunge after shock profit warning October 5, 2011 Fashion retailer SuperGroup has warned that its profits will be dented by between £6m and £9m after problems revamping a key warehouse. The company, which has the Superdry brand, said that some stock had not been hitting the shelves because of the glitch. Shares in the firm plunged by around 25 per cent after the [...]
