Deficit down in November as Treasury defies slow growth December 21, 2011 GOVERNMENT borrowing fell in November, putting the coalition on track to hit its deficit reduction targets, figures published by the Office for National Statistics yesterday showed – though the slowing economy could hit the target next year. The deficit came in at £18.1bn last month, £2.3bn lower than in November last year. Current spending accounted [...]
UK economy faces sluggishness at home and abroad, warns Bank December 21, 2011 THE UK economy is slowing across the board, according to the Bank of England’s business conditions summary, published yesterday. Construction output declined in November, the Bank’s agents found, and growth also slowed in manufacturing, business services, and exports. Uncertainty in the economic situation is in part to blame – “employment intentions had softened recently, with [...]
LATE BOOST FROM CHRISTMAS SHOPPING December 21, 2011 RETAIL sales jumped sharply last week, reversing the negative trend that has defined much of 2011, according to data out yesterday from the British Retail Consortium (BRC). Sales rose 2.3 per cent on the week before, and 2.6 per cent on the same week of last year. Heavy promotions and discounts led to the jump, the [...]
Airlines lose appeal over EU carbon tax December 21, 2011 US airlines have lost a legal fight to block the EU’s plans for carbon permits, which are due to come into force on 1 January. Industry group Airlines for America said it was considering an appeal after the European Court of Justice said the scheme to charge airlines for carbon emissions on flights to and [...]
Phoenix finance boss leaves as it sees cash generation in line December 21, 2011 SHARES in insurance group Phoenix got a small fillip yesterday, after the company said cash generation for the year would be smack bang in the middle of its estimated range. The firm, originally a Hugh Osmond vehicle, said it would generate around £800m in operating cash in 2011 – a £66m rise from last year’s [...]
Stockbrokers face toughest time since 1970s, says Arden’s chair December 21, 2011 SHARES in stockbroker Arden Partners soared yesterday after the firm said it had made a pre-tax profit this year, compared to a £500,000 loss in 2010. Revenue slipped from £13m to £12.4m and underlying profits were also down to £1.2m during the period from £1.3m, but Arden booked an overall profit before tax of £600,000. [...]
OLYMPUS OFFICES AND HOMES RAIDED December 21, 2011 DOZENS of black-suited investigators raided the office building of three small Olympus subsidiaries yesterday, one of 20 sites searched in a probe of a $1.7bn accounting scandal that threatens the Japanese camera-maker’s survival. Other teams were seen waiting to be buzzed inside a luxury condominium – the home of a former company president. Picture: REUTERS
Shoppers lose sweet tooth for Thorntons December 21, 2011 CHOCOLATE maker Thorntons has warned that full-year profits will fall short of expectations, blaming weak consumer confidence and frenzied discounting among rival retailers in the run-up to Christmas. Shares plunged 37.5 per cent after the confectionary chain said it now only expects to break even for the year to 30 June 2012, before taxation, exceptionals [...]
Mulberry bags chief from rival Hermes December 21, 2011 LUXURY handbag and leather goods maker Mulberry has poached Bruno Guillon, the managing director of French rival Hermes, to help drive the group’s international expansion into Asia and the US. Guillon, 46, will become the brand’s first non-British chief executive, joining in March next year after 10 years at the family-owned fashion house Hermes, where [...]
Barratts to cut 170 jobs before Christmas Eve December 21, 2011 BARRATTS Priceless, the ailing footwear company, will shut 18 stores before Christmas, resulting in the loss of 170 jobs, its administrators said yesterday. Deloitte, which has been trying to find a buyer “for all or part of the rest of the business” as a going concern, said five Barratts shops and 13 Priceless stores will [...]
