Green Bank to start lending from April 2012 May 23, 2011 Green Investment Bank (GIB) will start lending money to fund low-carbon energy projects from April 2012, a year earlier than initially planned, Deputy Prime Minister Nick Clegg said. “Possible early priorities for the bank are offshore wind, waste, and non-domestic energy efficiency,” Clegg said in a speech to the Climate Change Capital advisory group in [...]
FTSE hit by China growth fears and eurozone crisis May 23, 2011 Commodity stocks took a hammering in early trading today as miners and energy related groups suffered from uncertainty in the global economy. The eurozone debt crisis continued to cast a shadow after Italy’s credit rating was downgraded by Standard & Poor’s from stable to negative. Chinese manufacturing data from HSBC showing a ten-month low also [...]
Banks miss small business lending targets May 23, 2011 Banks fell short of targets agreed with the government for lending to small firms in the first three months of this year, although they remained on track to hit their overall goals. Prime Minister David Cameron said the banks looked willing to fulfil their pledge after he indicated last week that they may face further [...]
British Land asset value rises May 23, 2011 British Land posted a 12.5 per cent increase in its net asset value per share and said it expected strong demand for prime office and retail property to continue. The property company confirmed a full-year NAV per share of 567 pence, from 504 pence a year earlier. Its underlying pre-tax profit was £256m, up 2.8 [...]
Ryanair profit up – but forecast flat May 23, 2011 Ryanair has reported a 26 per cent rise in annual profit to 401m euros £348m. But the airline says high fuel cost, and a lack of growth in capacity, will mean no increase in profit next year. It forecast a four per cent growth in passenger numbers in 2012, to 75m, and said that average [...]
Halfords sales rise after business relaunch May 20, 2011 Car parts retailer Halfords has seen sales and bookings rise following the rebrand and relaunch of its own-branded car maintenance business in February. Weekly online bookings have jumped 93 per cent year-on-year in the ten weeks to 9 May 2011, since Halfords refurbished all of their car maintenance centres and constructed a new Halfords Autocentres [...]
M&B shares fall after profit drop May 20, 2011 Pub and restaurant giant Mitchells & Butlers (M&B) shares fell more than 4.9 per cent as they reported a drop in half-year profits. Pre-tax profit for the 28 weeks to 9 April was at £43m, compared with £72m in 2010. Revenue was down by almost nine per cent to £946m, compared with last year. The [...]
Gap cuts annual profits forecast May 20, 2011 Fashion retailer Gap cut its annual profit forecast by 23 per cent as costs to make clothes soar. The figure dropped to $233m (£143.5m), compared with $302m in the first quarter of 2010. Costs of goods have risen even higher than initially estimated, Gap said. “We are disappointed in our quarterly performance, however remain invigorated [...]
Mortage lending down 14 per cent in April May 20, 2011 Mortgage lending fell 14 per cent in April compared with the previous month, according to the Council of Mortgage Lenders (CML). The £9.8bn lent was five per cent down on the same month last year. Seasonal factors, including an extra bank holiday, were blamed for the decline. The CML said Easter falling in April had [...]
Tepco chief quits after £9bn loss on quake crisis May 20, 2011 Tokyo Electric Power Co reported a net loss of $15bn (£9bn) to account for the disaster at its Fukushima nuclear power plant and it warned its future was uncertain. The company said President Masataka Shimizu, 66, will step down to take responsibility for the disaster and radiation leaks at the plant, making way for an [...]
