Unity on QE2 as MPC mulls £100bn spree October 20, 2011 THE BANK of England’s new phase of quantitative easing (QE2) could rise to £100bn in purchases, minutes to its October meeting revealed. All nine members voted for a £75bn rise in the asset purchase programme, believing a recession in the Eurozone to be likely, which would damage the UK’s economic growth prospects. The outlook for the [...]
Employment growth falls as demand recovery stalls October 20, 2011 GROWTH slowed in consumer spending, manufacturing and investment over the last month according to the Bank of England’s agents’ summary of business conditions, out yesterday. The official survey measures the state of the economy across the country and informs the monetary policy committee (MPC) in making its interest rate decisions. Consumer demand growth is sluggish [...]
PwC: job losses keep deficit plan on schedule October 20, 2011 GEORGE Osborne’s spending plans are keeping closely to schedule because of the unexpectedly rapid cuts in public sector jobs, according to a PwC report out today. This time last year the Office for Budget Responsibility forecast 400,000 state jobs would be lost by 2015-16. But local authorities anticipated this before the 2010 election, and began [...]
Bank offices raided over Euribor probe October 20, 2011 BANK offices in London and Europe were raided yesterday in a shock move by European authorities investigating whether the institutions fixed the region’s Euribor interbank lending rate. RBS and Deutsche Bank were among the major banks raided, according to informed sources, as offices in London and Paris were targeted by European Commission competition investigators. The [...]
Aviva cuts 950 Europe jobs as profits wane October 20, 2011 AVIVA will cut nearly 1,000 jobs from its European operations and bring Ireland within its UK business to revive the group’s profitability. Aviva said it would reduce its headcount in Ireland by about 770 – close to half its 1,770 staff – as well as 180 from its European regional operations over the next two [...]
Home Retail hit by Argos sales decline October 20, 2011 HOME Retail Group chief executive Terry Duddy yesterday called for the chancellor to do more to help cash-strapped families as falling sales at the company’s Argos chain took their toll on the share price. Denying the company’s business model was “broken”, Duddy fired a broadside at George Osborne, challenging him to increase tax relief for [...]
Greggs rolls out to motorways October 20, 2011 GREGGS the bakers is planning to open new shops in motorway service stations as part of an ongoing expansion of the brand. It has sealed a deal with Moto Hospitality with the first trial store to open at a site in Cheshire. The company, the UK’s largest baker, will open up to 30 outlets to [...]
Sports Direct profits up as it eyes 2012 boost October 20, 2011 SPORTS Direct, Britain’s biggest sporting goods retailer, said revenues rose in recent weeks and added it is looking to events such as next year’s London Olympics to keep sales rolling in 2012. The firm, controlled by Newcastle United owner Mike Ashley, said total sales rose 11.5 per cent for the nine weeks to 25 September [...]
ANALYST VIEWS: HOW SERIOUS IS THE SALES BLOW AT HRG? October 20, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN For now, investor concern continues to be fully vindicated. Profits have missed already lowered forecasts, with Argos suffering. The company remains in a very difficult place, with downbeat management outlook comments likely to foster further profit downgrades. Consensus opinion is a sell. PHILIP DORGAN | PANMURE GORDON We find it [...]
Oddbins toasts return to high street trading October 20, 2011 WINE specialist Oddbins will from today start trading from 37 revamped shops with a new range of 475 wines. The company plunged into administration in March but some shops were bought by Whittall’s Wine Merchants, a subsidiary of Raj Chatha’s EFB Group. Under the new management the shops remained open but are now relaunching. The [...]
