Interest rates will be low for long time yet July 25, 2010 INTEREST rates will need to stay at their historic low of 0.5 per cent until 2014 to offset the coalition government’s ambitious austerity measures, leading economic forecaster the Ernst & Young ITEM club will say today. Though consumer price index (CPI) inflation will remain above target over the next 18 months, it will be necessary [...]
Consumers lose confidence as job worries persist July 25, 2010 CONSUMER confidence has dipped for the first time in more than a year, according to an official survey. The quarterly poll for the British Retail Consortium (BRC) asked consumers how they felt about their job prospects and personal finances. It showed the confidence index fell two points to 78 in the last three months – [...]
Hometrack survey adds to evidence of a double-dip in the UK housing market July 25, 2010 HOUSE prices fell for the first time in 15 months in June, according to the monthly Hometrack national housing survey published today. The survey showed that house prices fell by 0.1 per cent last month, trimming the annual increase to 2 per cent, mostly as a result of slumping demand and a flood of properties [...]
Three-quarters of small firms confident in growth July 25, 2010 SMALL businesses are increasingly confident in their trading despite wavering growth, claims research out today. Almost three-quarters feel positive about conditions in the last three months, compared to 63 per cent at the start of the year. However, average turnover dropped from a two-year high last quarter, figures compiled by Bibby Financial Services said. One [...]
ECONOMIST VIEWS: WAS SECOND QUARTER GDP AS GOOD AS IT WILL GET? July 25, 2010 HETAL MEHTA | E&Y ITEM CLUB “The second quarter is likely to represent the high point as fiscal tightening and a renewed slowdown in global activity constrains a more robust recovery. This preliminary estimate does not radically change the basic picture of a patchy recovery that will only pick up speed gradually.” SIMON HAYES | [...]
The father of the UK’s transport business sees recovery on the way July 25, 2010 Stagecoach’s chief executive Brian Souter has seen it all in the 30 years since he founded the bus and rail operator – but even he admits the industry is undergoing a difficult period. The transport sector, which is only just emerging from a painful recession, is about to face more pain. Chancellor George Osborne’s emergency [...]
Russia prepares for giant sale of assets July 25, 2010 RUSSIA is understood to be planning its biggest sell-off of state assets since the early 1990s as it seeks to raise over $29bn (£18.8bn) to plug budget gaps over the next three years. According to finance ministry sources quoted by Reuters, the plan to sell minority stakes in 10 major companies in 2011-2013 had been [...]
Time to embrace carbon trading opportunity July 25, 2010 REDUCING carbon emissions is a long-standing objective within the European Union for obvious reasons. But, given the current economic climate, policy makers are now stressing the need for the UK to move to a low carbon economy not only to protect the environment but also to foster long-term, sustainable growth to help our country recover [...]
BEST OF THE BROKERS July 25, 2010 AUTONOMY Nomura gives Autonomy a “buy” rating and said that although it is unlikely to see a clean fourth quarter, it still believes the group can achieve its full year guidance. Nomura said it registered management’s comments, highlighting that 50 per cent of the company’s business is operating in “decoupled” markets. IMPERIAL TOBACCO Citigroup said [...]
Asprey boss leaves luxury jeweller July 25, 2010 The chief executive of Asprey, jeweller to the Royal Family, is understood to have quit the company as it undergoes a turnaround process. Robert Procop is believed to have left after two years with the Bond Street retailer, which was rescued from insolvency in 2006 by investment houses Sciens Capital and Plainfield Capital. Procop joined [...]
