Growth key to UK’s credit rating March 24, 2011 BRITAIN’S triple-A credit rating could be in doubt if strong growth fails to deliver the government’s deficit reduction targets, the ratings agency Moody’s said yesterday. “Slower growth combined with weaker-than-expected fiscal consolidation could cause the UK’s debt metrics to deteriorate to a point that would be inconsistent with a AAA rating,” Moody’s said in a [...]
CITY VIEWS: WHAT DID YOU MAKE OF THE BUDGET? March 24, 2011 JULIAN PHILLIPS | MITSUI SUMITOMO “Osborne already set out his plans earlier this year and he should stick to them. He did outline some good proposals for businesses and drivers. The budget is better long term because it will take a while for regulatory changes to kick in.” COLIN FANTHAM | XCHANGING “The 1p off [...]
Premier plays down North Sea oil charge March 24, 2011 UK OIL explorer Premier Oil talked down the effect of the government’s shock North Sea fuel profit tax yesterday, as it reported record profits of $129.8m (£80.5m). The firm has $1bn of tax allowances linked to its purchase of Oilexco, which it bought out of administration in 2009, chief executive Simon Lockett said, meaning it [...]
FACT CHECKER March 24, 2011 THE CLAIM: THE SHOCK RISE IN SUPPLEMENTARY TAXES FOR OIL FIRMS FROM 20 TO 32 PER CENT WILL MAKE PETROL PRICES AT THE PUMPS RISE The chancellor said he will pay for a new fuel price stabiliser and 1p fuel tax cut with a massive hike for companies producing oil in the UK – from [...]
High-energy industries hit by carbon price floor March 24, 2011 ENERGY policy changes introduced in the Budget will heap costs on energy-intensive industries, pressure groups warned yesterday. Energy-intensive manufacturers of products such as steel, glass and paper will see their costs soar as the carbon price floor rises from £16 per tonne of CO2 today to £30/tonne by 2020. Jeremy Nicholson, director of the Energy [...]
Germany drives Eurozone forward March 24, 2011 Business activity in the Eurozone continues to grow, fresh data revealed yesterday. The purchasing managers’ index came in at 57.5 for March – down from 58.2 in February, but still recording robust economic growth. “The data suggest that Eurozone GDP rose 0.8 per cent in the first-quarter of the year, but a rise of perhaps [...]
Drop in US durable goods orders March 24, 2011 US durable goods orders decreased by $1.9bn (£1.17bn), or 0.9 per cent, to $200bn last month after an upwardly revised 3.6 per cent in January, the Commerce Department said yesterday. Meanwhile, initial claims for state unemployment benefits slipped 5,000 to a seasonally adjusted 382,000. The four-week moving average of unemployment benefits dropped to its lowest [...]
Bank’s Dale: inflation could stick March 24, 2011 Bank of England rate setter Spencer Dale yesterday defended his vote for higher interest rates. Inflation pressures could prove to be more stubborn than expected, Dale said.
OSBORNE WATCHING OIL FIRMS LIKE A HAWK March 24, 2011 CHANCELLOR George Osborne said yesterday he will keep a close eye on the UK’s petrol providers to see that they pass on the 1p per litre cut in fuel duty to consumers. “We will be watching like a hawk to make sure that motorists get the benefit of the budget changes and make sure that [...]
Shock exit of Invensys boss hurts shares March 24, 2011 INVENSYS’ shares tanked yesterday after it announced the shock departure of its chief executive Ulf Henriksson. The engineering company sank to the bottom of the FTSE 100 leaderboard amid speculation Henriksson had finally been axed for appearing to fuel speculation last November that Invensys was a possible target for China Southern Rail. The indiscretion caused [...]
