Economist views: what is your take on the state of public finances? December 21, 2010 PHILIP SHAW | INVESTEC Today’s figures are a reality check which help justify the extent of the government’s fiscal consolidation. ANDREW LILICO | POLICY EXCHANGE This may be a rogue month for results. But without deficit reductions, things can soon turn for the worse. SIMON WARD | HENDERSON It is troubling that we’ve had two [...]
Deutsche Bank to pay $554m to settle US tax shelter fraud case December 21, 2010 DEUTSCHE Bank admitted criminal wrongdoing for taking part in fraudulent tax shelters that let clients hide billions of dollars, and agreed to pay $553.6m (£357.6m) to settle the case, US prosecutors said yesterday. Deutsche Bank said it had already set aside money to cover the fine and that it will not affect profits. The settlement [...]
Barclays chief: Inflation is good December 21, 2010 Incoming Barclays chief executive Bob Diamond told Sky News “a whiff of inflation would be good news for the economy,” yesterday. Inflation rose to 3.3 per cent last month, and inflation expectations have jumped to 3.9 per cent. And 61 per cent of people think rising prices will weaken the economy. “Inflation erodes the value of [...]
House prices to decline in 2011 December 21, 2010 HOUSE prices will fall by two per cent next year, the Royal Institution of Chartered Surveyors (RICS) said today. While house prices are projected to slip, a drop in supply to the market will stop prices tumbling further, it said. And transactions are unlikely to pick up, with little more than 900,000 expected to take [...]
Chinese ready to help euro December 21, 2010 CHINA is willing to step in to prop up the euro “if necessary”, a Chinese minister said yesterday at the China-EU High Level Economic and Trade Dialogue. Vice-premier Wang Qishan (pictured) said that China would take “concerted action” to prevent the collapse of the main currency in Europe, which is the biggest importer of Chinese [...]
Lib Dems gear up for a bumpy ride with Cable on the ropes December 21, 2010 EVEN as the story of business secretary Vince Cable’s indiscretions broke late on Monday, campaigners linked with the the office of Liberal Democrat deputy leader Simon Hughes were frantically sending out press releases. Surely an example of an impressive scale-up of the famously scatty Lib Dem media operation? Er, not quite. “Don’t use King’s Stairs [...]
Alexon warns on profits as the big freeze hits its sales December 21, 2010 WOMENSWEAR retailer Alexon yesterday said the UK’s big freeze had hurt the past three weeks’ trading and could wipe up to £1.5m off its full-year profit forecast. The retailer said sales fell 19.9 per cent for the three weeks to 18 December in stores open for more than a year – leaving it with a [...]
BAA re-opens runway and apologises for chaos December 21, 2010 AIRPORT operator BAA last night re-opened the southern runway at Heathrow airport in a bid to end the snow chaos that has left thousands of passengers stranded. Airport bosses hope the move will help them to reduce the delays and cancellations caused by the weather, with 700 flights axed yesterday and only a third of [...]
Has the snow hit your Christmas shopping? December 21, 2010 MATT HAWKER | ZENITH BANK “I wasn’t really affected as I did most of my shopping early – although I have done less shopping online than other Christmases.” GRAEME IRWIN | ALEXANDER DAVID SECURITY “No, I’m an old fashioned shopper so tend to buy presents and take them home from work with me. I’ve done [...]
Weather is just the final straw December 21, 2010 IT isn’t just the snow that has stymied Alexon. True, the combination of closed stores and customers staying at home has been an immediate issue. But for too long Alexon’s clothes haven’t been the indispensable buy needed to haul shoppers in during the recession. It has also been crippled by millions of pounds of lease [...]
