US GDP up 2.8 per cent January 27, 2012 The US economy grew by 2.8 per cent during the final quarter of 2011, according to figures released by the US Department of Commerce. This is up from 1.8 per cent during the third quarter. Data showed the world’s largest economy grew at its fastest pace in nearly two years at the end of last [...]
Osborne to hand treasury new powers over BoE January 27, 2012 The finance ministry will have new powers to order the Bank of England to pump money into the financial system in any future banking crisis. “When taxpayers’ money is at risk in a crisis this legislation gives the Chancellor the power to direct the Bank of England to act,” Osborne said in a speech to [...]
Ford revenues up but profits slip January 27, 2012 Car manufacturer Ford has reported that fourth quarter operating profit fell to $1.1bn (£700m), down $189m (£120m) on the same period last year, as the firm failed to meet analysts’ targets. This is despite quarterly net income of $13.6bn (£8.65bn), a $13.4bn (£8.46bn) increase from fourth quarter 2010. Revenues shot up thanks to a one-off [...]
FTSE slips as investors eye US growth data January 27, 2012 THE FTSE 100 slipped in early trading as investors looked to Greece for signs of progress on a deal to save it from default and to the US where key GDP figures are due for release. Greece and its private creditors made progress in talks on restructuring its debt yesterday with some indication given that [...]
Concordia passengers offered compensation January 27, 2012 Several of Italy’s consumer groups have signed an agreement with Costa Cruises to offer about 11,000 euros (£9,200) to each of the more than 3,000 passengers aboard the Costa Concordia when it hit a rock and capsized near the Italian island of Giglio on January 13, a statement from the consumer groups said. The company [...]
De La Rue trading in line as cost cutting continues January 27, 2012 Banknote printer De La Rue has said trading is in line with its expectations as cuts costs to get the business back on track. The company said its currency division has made “good progress” since its interim results in September. De La Rue designs produces more than 150 currencies. The firm has a plan to [...]
Hornby issues profit warning January 27, 2012 Toy maker Hornby, renowned for its train sets, has issued a profits warning after disappointing Christmas sales. The company said “fragile consumer confidence” had taken its toll. Sales growth for the financial year has been lower than hoped and, as a result, full-year profits are now likely to miss expectations. But Hornby said its new [...]
LSE hits revenue forecasts thanks to Italian banks January 27, 2012 The London Stock Exchange comfortably beat quarterly revenue forecasts with a 17 per cent rise, boosted by interest on short-term loans to Italian banks. The British exchange reported income of £196m in the three months to December, its third quarter, compared with a forecast for £181m. Treasury income from its Italian clearing house of £33.5m [...]
PM WAGES WAR OVER TOBIN TAX January 26, 2012 DAVID Cameron mounted a fresh offensive against proposals for a Tobin tax yesterday, adding to growing concerns in some sections of Brussels that the UK will eventually hold a vote on leaving the EU. The Prime Minister told a hall of delegates at Davos that the tax policy was “simply madness” at a time when [...]
Hester to get 3.6m RBS shares January 26, 2012 ROYAL Bank of Scotland (RBS) last night bowed to government pressure and cut chief executive Stephen Hester’s bonus to £963,000. The award was made in the form of 3.6m shares which, based on Wednesday’s closing price of 26.75p, comes in just under the symbolically important £1m level. Some politicians had called for the part-nationalised firm [...]
