Mortgage lending and consumer credit weak July 29, 2011 Mortgage approvals for house purchase and consumer credit continued to herald weak consumption ahead, official data showed on Friday, despite both rising more than expected in June. The Bank of England said mortgage approvals numbered 48,421 in June, up from 46,418 in May and the highest number since May 2010. Analysts had forecast a reading [...]
Starbucks raises guidance as wealthy customers splash out July 29, 2011 Starbucks raised its fiscal year forecast above Wall Street’s estimates, banking on its relatively well-heeled customers visiting more often and shaking off price increases. The world’s biggest coffee chain, which is coming off a years-long restructuring that involved closing poorly performing stores to rekindle growth, on Thursday reported better-than-expected fiscal third-quarter earnings. Seattle-based Starbucks joined [...]
BSkyB operating profit up 23pc July 29, 2011 Satellite broadcaster BSkyB has seen a 23 per cent rise in operating profit to £1.07bn. The figures came as the company announced that it is returning £750m to shareholders angered by the recent fall in share prices. BSkyB is raising its dividend 20 per cent to 23.28 pence per share. It also grew its customer [...]
Spain calls early elections as Moody’s threatens cut July 29, 2011 Spain’s left-leaning government has surprised markets by calling early elections for November this year, adding to investor nerves over its financial plight. The move is seen as a way to gain further ground for the Socialists, which have seen their poll ratings improve as pressure on the country’s finances increases. Analysts said prime minister Jose [...]
Virgin and Resolution ‘circle Northern Rock’ July 28, 2011 Businessmen Richard Branson and Clive Cowdery, founder of insurance takeover specialist Resolution, are expected to be among the bidders for nationalised bank Northern Rock, people familiar with the matter said. Branson’s Virgin Money and Cowdery’s Resolution were likely to make first-round expressions of interest in Northern Rock this week to UK Financial Investments, the organisation [...]
FTSE pegged back as US debt dominates July 28, 2011 The FTSE 100 started on the back foot in early trading as the saga surrounding the US debt crisis continued to pile pressure on world markets. A glut of major corporate results revealed mixed fortunes as giants like BT, Centrica and AstraZeneca reported. With US politicians still tussling over whether to raise the country’s debt [...]
Barclays launches £500m infrastructure debt project July 28, 2011 Barclays Capital has set up a £500m fund that will invest in the debt of infrastructure projects, the latest asset manager to offer an alternative to equity-focussed funds in the sector. Private equity-type funds investing in the debt rather than equity of infrastructure assets are looking to fill the void left by banks tightening their [...]
Retail sales fall at fastest rate in a year July 28, 2011 Retail sales fell at their fastest pace in a year and stores expect a further deterioration in August, as hard-hit consumers clamp down on spending, a survey by the Confederation of British Industry showed. The CBI distributive trades survey’s reported sales balance fell to -5 in July from -2 in June, the lowest reading since [...]
BT profit shored up by cost savings July 28, 2011 BT lifted pre-tax profits by a fifth in its first quarter as efficiency savings offset falling sales. Pre-tax profit was £533m on reduced revenue of £4.76bn for the quarter to end-June, BT said. BT, which competes with Virgin Media and TalkTalk in retail telephony and broadband and also sells wholesale to rivals, added 251,000 broadband [...]
National Express restores dividend as profit surges July 28, 2011 British transport group National Express resumed dividend payments and said it was eyeing acquisitions after its underlying pre-tax profit rose by 26 per cent in the first half and margins improved. The company, which operates buses and coaches in the UK, Spain and North America, said underlying profit for the six months to end June [...]
