UK public finances go into surplus thanks to tax receipts August 19, 2011 The public finances posted an overall surplus in July as higher taxes and the bank levy boosted government receipts, bringing overall borrowing this fiscal year down and bringing the government closer to its targets. The Office for National Statistics said that public sector current budget swung to a surplus last month and net borrowing stood [...]
Jupiter to give first interim dividend August 19, 2011 Fund manager Jupiter has pledged its maiden interim dividend after pre-tax profits more than doubled in half-year to end-June despite a slowdown in the pace of new business as shaky stock markets rattle investors. Jupiter, one of the UK’s largest retail investment fund managers with most of its assets invested in equity, will pay a [...]
Stagecoach to return £340m to shareholders August 19, 2011 Bus and retail group Stagecoach said it would return around £340m to shareholders and was on course to meet profit expectations for the current year. The Scotland-based transport group said shareholders would receive 47 pence for each share they hold under the proposals, which it said would give the group a “more appropriate and efficient [...]
Bank of America to axe 3,500 jobs August 19, 2011 Bank of America is cutting 3,500 jobs this quarter according to an internal memo, as the biggest US bank grapples with its $1 trillion (£607BN) problem-loan portfolio and growing economic concerns. The job cuts at Bank of America, expected to be completed by the end of September, are the latest in a series of lay-offs [...]
Weale: Quarter three growth should show improvement August 18, 2011 Britain’s economy is likely to expand by more in the third quarter than it did in the second three months of the year, and a second round of quantitative easing is not needed now, Bank of England policymaker Martin Weale said on Thursday. Speaking to BBC Radio Scotland, Weale said he had ditched his call [...]
Global growth fears drain confidence from markets August 18, 2011 Renewed fears over spluttering global economic growth dragged back world markets with commodity and financial stocks suffering in the increasingly bleak climate. Morgan Stanley cut its forecast for global growth, citing “recent policy errors” in the US and Europe, plus prospects of further fiscal tightening in 2012. MSCI’s world equity index fell 0.8 per cent [...]
Mortgage lending subdued August 18, 2011 Mortgage lending shows no sign of picking up, according to the latest figures from the Council of Mortgage Lenders (CML). Gross new lending, for both house buyers and those remortgaging, fell by one per cent in July to £12.6bn. That was also six per cent down from the figure for July last year. The CML [...]
Retail sales rise less than forecast in July August 18, 2011 Retail sales barely grew in July, data showed, in yet another sign that cash-strapped consumers cut back spending, underscoring the risks for the fragile economic recovery. The Office for National Statistics said sales volumes including automotive fuel grew by just 0.2 percent last month, leaving retail sales unchanged from last year’s level. Analysts had forecast [...]
S&P reaffirms France Triple A status August 18, 2011 Standard & Poor’s head of France said that the agency was confident of maintaining France’s AAA credit rating unchanged with a stable outlook. “We are confident in this stable AAA rating,” Carole Sirou told RTL radio, adding that the grade was not dependent on specific budgetary commitments but a “trajectory, a commitment.”
Savills profit rise fuelled by resilient London property market August 18, 2011 British property broker Savills said global economic volatility would curb activity in Europe and Asia though markets for the best properties remained resilient. Prime London residential property was a safe haven for investors amid the current economic turmoil, which had created a two-tier British market, Savills said. Values for the best property in Hong Kong [...]
