State Farm pays out $5bn in storm claims September 25, 2011 STATE Farm Insurance has paid $5bn (£3.23bn) to its customers for weather-related catastrophes – damage to cars, homes and other property so far this year – the largest US insurer of homes and cars said yesterday. That payout has been increased by wildfires, tropical storms and hurricanes during the summer, which came after last spring’s [...]
Eurozone leaders carry on muddling through September 25, 2011 AS the weeks go by, the chances of a Greek default are getting higher. The vast majority of guests on my CNBC show agree: something has to give. The sovereign debt crisis is here to stay, and there will be many more conference calls to come. So what are the various potential outcomes? And how [...]
Electric car sales sluggish September 25, 2011 Electric car sales remain sluggish, despite government incentives to encourage their uptake, according to new research from automotive intelligence firm JATO Dynamics. Just 599 electric vehicles were registered in the UK in the first half, with road-users unconvinced by subsidies amounting to around €6,400 (£5473) over the typical five-year life of a vehicle. However, sales [...]
Factories: cut more red tape September 25, 2011 MANUFACTURERS will today urge the government to substantially reduce the burden of regulation that weighs on the industry. While the coalition has “shown positive ambitions” to cut red tape, it must begin “meaningful” action, factory group EEF will state. The government will release today an update on the progress of its “one in, one out” [...]
Inflation hits businesses by £10bn a year September 25, 2011 BRITISH businesses are losing £10.6bn a year due to stubbornly high inflation, research released this morning has revealed. Low interest rates and strong inflation are eroding companies’ bank deposits, according to accountancy group UHY Hacker Young. “While many larger corporations may have treasury departments responsible for managing the company’s cash, most small businesses cannot afford [...]
Gloomy outlook getting worse as confidence falls September 25, 2011 CONFIDENCE data from around Europe will be released over the course of this week, with analysts expecting the worst. Figures to be announced in the UK include the Confederation for British Industry’s (CBI) distributive trades survey, out tomorrow, which measures short-term trends in UK retail and distribution. Weak or falling sales are expected by economists. [...]
Investors defy equities crash in savings drive September 25, 2011 BILLIONS in losses over the summer have not put off retail investors as private buyers sought to take advantage of the current lows in the market, according to new research from Capita Registrars. Small investors lost £20bn in shares from May to August, but still bought £1.3bn-worth over the three month period — the largest [...]
ANALYST VIEWS: WILL CONFIDENCE BOUNCE BACK SOON? September 25, 2011 SAMUEL TOMBS | CAPITAL ECON “No – conditions may be deteriorating further. We expect figures from surveys like the CBI’s Distributive Trades Survey, which comes out in the UK tomorrow, to maintain the gloomy tone. And while August’s household borrowing figures, released this Thursday, may reveal a rise in mortgage approvals, we predict a fall [...]
CITY MOVES | WHO’S SWITCHING JOBS September 25, 2011 West Pioneer Properties The developer and operator of shopping centres and mixed use developments in west and south India has appointed Chris Hough as a non-executive director. Hough, 52, has a career spanning 34 years, both in the UK and overseas. Hough has worked on the Broadgate development and the Imperial War Museum, and has [...]
BEST OF THE BROKERS September 25, 2011 WILLIAM HILL Numis told investors to “hold” William Hill shares. It said the bookmaker’s plans for mobile services, social media and in-store self-service terminals could help offset pressure from the weak economic outlook. However, risks remain as its efficient core operations may leave little room to react to cyclical business pressures. Also, it warned of [...]
