OUTPUT RISES AT FASTEST PACE FOR 15 YEARS July 20, 2010 OUTPUT of UK manufacturing firms rose at the fastest rate for 15 years in the three months to July thanks to stronger demand for UK goods and restocking, the CBI said yesterday. A net 24 per cent of manufacturers reported rising rather than falling output. But firms expect the pace of growth over the next [...]
Borrowing at a record high July 20, 2010 GOVERNMENT borrowing climbed to a record high in June, highlighting the severity of the task facing the coalition government. The public sector net cash requirement (PSNCR) was £20.9bn last month, more than had been forecast and the highest since records began in 1984. Analysts had expected a fall to around £15bn. The public sector net [...]
Tight credit conditions kept lending subdued last month July 20, 2010 BRITISH firms and households still face tight credit conditions despite an overall improvement in economic activity, the Bank of England’s Trends in Lending report revealed yesterday. Net lending to businesses fell for the third consecutive month in May and by £2.3bn, worse than April’s £1.1bn. But the annual decline eased to 8.1 per cent from [...]
US housing starts hit 8-month low July 20, 2010 US housing starts hit their lowest level in eight months in June providing fresh evidence of a double-dip in the American property market, data showed yesterday. The Commerce Department said that housing starts fell by five per cent to a seasonally-adjusted annual rate of 549,000 units, the lowest level since October. But building permits figures [...]
Bank of Canada hikes rates July 20, 2010 The Bank of Canada hiked its benchmark overnight rate by 25 basis points to 0.75 basis points yesterday, while at the same time marginally downgrading its growth forecasts for 2010 to 3.5 per cent from 3.7 per cent and for 2011 to 2.9 per cent from 3.1 per cent.
UK mortgage lending up in June July 20, 2010 UK mortgage lending rose by 15 per cent in June to an estimated £13.1bn from £11.4bn in May, according to figures from the Council of Mortgage Lenders published yesterday. Gross lending was also seven per cent higher compared to June last year, when mortgage lending stood at £12.2bn. However, lending in the first half of [...]
Cenkos founder resigns July 20, 2010 ONE OF the City’s best known stockbroking veterans hung up his braces yesterday after 40 years in the industry. Andy Stewart said he had resigned as non-executive deputy chairman of Cenkos, the broker he founded in 2005, with immediate effect. He did not give a reason for the move, but had already stepped down from [...]
Flybe signs a £3.3bn deal for 140 jets July 20, 2010 SMALLER passenger jets were the order of the day at the Farnborough Air Show yesterday as regional airline Flybe signed a bumper deal with Brazil’s Embraer worth $5bn (£3.27bn). Exeter-based Flybe signed a deal for 140 new aircraft with Embraer yesterday, including a firm order for 35 Embraer 175 planes worth $1.3bn. The agreement gives [...]
Ryanair to stick with profit target July 20, 2010 Irish airline Ryanair kept its full-year profit forecast yesterday which analysts said it looked to outperform comfortably after first-quarter earnings beat expectations and fares rose. Europe’s biggest low-cost carrier said net profit for the three months to the end of June fell 24 per cent on disruption caused by a volcanic ash cloud. It maintained [...]
CITY VIEWS: COULD FARNBOROUGH AIRSHOW BE A TURNING POINT FOR THE AVIATION INDUSTRY? July 20, 2010 DARIUS AMINI | DE FACTO “The companies aren’t going to be able to produce the planes until next year, but the sales should give the industry a little boost. I think there might be some consolidation of companies in the industry in the future, but there will always be a market for budget airlines especially [...]
