GUNS N’ ROSES TO LEAD SPANISH ROCK LAUNCH February 16, 2012 EIGHT MONTHS after Music Festivals floated on Aim, founder Vince Power has announced the company’s first expansion funded by the IPO – a hard rock festival in Spain, to be headlined by Guns N’ Roses and Marilyn Manson. Costa de Fuego, named after the firepower of its 40 heavy metal acts, will take place over [...]
Retailers call for real action on regulation February 16, 2012 GEORGE Osborne must slash red tape to inspire confidence and boost economic growth, the British Retail Consortium (BRC) argued today in its submission to the chancellor ahead of next month’s budget. The promised bonfire of red tape has yet to emerge, businesses are being unfairly hit with higher taxes and schemes such as enterprise zones [...]
Exports boom as UK car output hits 16-month high February 16, 2012 CAR PRODUCTION jumped in January, according to the Society of Motor Manufacturers and Traders, as the industry helped boost UK exports. Output shot up 15.6 per cent to 127,382, with 83.4 per cent of those being sold abroad. Exports rose 12.9 per cent in the month to 106,189. “UK car production continues to drive manufacturing [...]
Global economic worries ebb on renewed US hopes February 16, 2012 THE WORLD economic climate remains gloomy, according to data out yesterday from the Ifo, but survey respondents are more optimistic about the second half of 2012. The climate indicator rose to 82.4 in the first quarter, up from 78.7 in the fourth quarter of 2011, as the US index climbed strongly from 69.5 to 87.9. [...]
Consumers are paying debts and saving more February 16, 2012 HOUSEHOLDS boosted savings and cut borrowing in the final quarter of 2011 despite the pressures of Christmas, research from ING Direct showed today. Cash savings rose by an average of £73 in the fourth quarter, following three consecutive quarters of decline. The extra saving took the median balance in accounts to £1,574. Most of this [...]
Rents jump as house loans are hard to access February 16, 2012 UK RENTS rose last month, in a rare January increase, as mortgages remained hard to come by, according to LSL Property Services’ buy-to-let index, out yesterday. Last month’s rise came in at 0.1 per cent, taking average rents in England and Wales to £712 per month. “Mortgage transactions remain at almost half their historic levels, [...]
CITY VIEWS: IS IT BECOMING UNAFFORDABLE TO RENT PROPERTY IN LONDON?* February 16, 2012 MIKE JOHNSON | 2 PUMP COURT “Renting in London is very expensive. I don’t live in London myself, so I’m not a sufferer, but it is a problem I’ve noticed among my friends. I think, in particular, with the Olympics coming up this summer in London there have definitely been price hikes when it comes [...]
Barrick hit by bleak outlook February 16, 2012 African Barrick Gold posted a 30 per cent increase in core profit for 2011 yesterday, as a rising gold price pushed margins to record levels, offsetting the impact of soaring costs across the industry and helping the miner treble its dividend. But the firm’s shares fell 13 per cent as investors disappointed by its outlook [...]
Kingfisher losses mount as soaring costs take toll February 16, 2012 KINGFISHER Airlines’ losses mounted in the third quarter, taking the total loss to $240m (£152m) this fiscal year, as the ailing Indian carrier was squeezed by high fuel costs, a weaker rupee and fierce competition. Kingfisher, controlled by liquor baron Vijay Mallya, has become a byword for the debt-laden Indian airline industry savaged by rising [...]
CITY MOVES | WHO’S SWITCHING JOBS February 16, 2012 US Bank US Bank Global Corporate Trust Services has named Tom Cubitt, senior vice president, as leader of the bank’s European corporate trust business, based in London. Cubitt is responsible for US Bank’s securitisation and structured finance trust and agency business. The firm has also appointed Breige Tinnelly and Emma Hanley to run the London-based [...]
