Soaring cost of living hits households February 20, 2011 HOUSEHOLD finances have taken a massive hit this month, according to a Markit index which saw inflation surge to an all time survey high. The cost of living measure showed 85 per cent of households reporting a rise in prices, Markit revealed today. Mortgage holders were particularly downbeat, as price pressures increase the chance of [...]
Albanese between rock and hard place February 20, 2011 It seems Rio Tinto chief executive Tom Albanese can’t win. After navigating the mining group through choppy financial waters to report record profit, lower debt and a $5bn buyback last week, Albanese’s firm was derided as “pathetic” and “boring” by the market. While a share buyback is generally the last refuge of a board that’s [...]
Move toward interest rate rise expected February 20, 2011 THE Bank of England is moving closer to a hike in interest rates, it is expected to reveal this week. The latest voting record of the Bank’s monetary policy committee (MPC) could expose more members voting for the 0.25 per cent rise when it is revealed on Wednesday, according to some analysts. Two MPC members [...]
ECONOMISTS’ VIEWS: IS AN INTEREST RATES RISE IMMINENT? February 20, 2011 VICKY PRYCE | FTI CONSULTING “The MPC is getting nearer a rise in interest rates. This is inevitable eventually. But it is not clear that recent economics news has made a rate rise more imminent. The data on input prices will have encouraged the hawks. But the Q4 GDP and labour market figures will have [...]
Steel starts the year on the up February 20, 2011 BRITISH steel production rebounded in January, manufacturers’ group EEF revealed today. Production was 35.4 per cent higher last month than in December, reaching 201,152 tonnes. “The uplift in January output was heartening and is a reflection of the continuing improvement in UK manufacturing output generally, said UK steel director Ian Rodgers. “Nevertheless, we still have a [...]
Firms to grow yet taxes bite February 20, 2011 BUSINESSES will strengthen and the economy grow in 2011, according to a confidence index released today. While business morale fell for the fourth consecutive quarter, the decline has slowed this year — and financial performance indicators stand at their highest rates since 2008, accountants’ group ICAEW said. Private industry will create 100,000 new jobs in [...]
Davies calls for women to take 20pc top jobs February 20, 2011 LORD Davies of Abersoch’s review on gender equality in UK boardrooms will call on companies to ensure at least 20 per cent of all directorships are held by women within two years, sources familiar with the report said yesterday. The government-commissioned report, due to be published on Thursday, will also demand that a quarter of [...]
Why I don’t believe rates should be going up February 20, 2011 The Bank of England releases its latest minutes this week and so the great rate debate continues. Will anybody have joined Andrew Sentance and Martin Weale in voting to hike? Many argue raising domestic rates can’t curb imported inflation but Sentance points out it might strengthen sterling, which would help. In practice, every currency analyst [...]
Merkel party in crushing defeat February 20, 2011 GERMAN chancellor Angela Merkel’s Christian Democrats suffered a crushing defeat in a regional election in the city-state of Hamburg yesterday. The rout, the party’s worst post-war result, will cost the CDU three seats in the upper house, or Bundesrat, and will make it harder for her coalition to pass laws. The unexpectedly large scope of [...]
Centrica profits to spark anger February 20, 2011 CENTRICA, the UK’s biggest energy supplier, is expected to generate a storm of controversy this week by announcing pre-tax profits for last year of £2bn. Results on Thursday are likely to show Centrica’s firm British Gas made £740m in profits last year, up from £595m the year before. Ofgem, the industry regulator, is due to [...]
