Manufacturers say trading is getting worse November 1, 2012 DISMAL trading for British manufacturers kept the sector’s purchasing managers’ index (PMI) firmly in negative territory in October, with the gloomy conditions reflected across the world. Just a week after the UK economy was shown to have grown one per cent in the quarter to the end of September, Markit and CIPS’ PMI reading for [...]
House prices edge back up but market is still in the doldrums November 1, 2012 HOUSE PRICES climbed during last month, Nationwide revealed yesterday, bouncing back after the slip in September and months of weakness in the housing market. The Nationwide house price index grew 0.6 per cent last month, after the 0.4 per cent slip into September. Earlier slips mean the index is still 0.9 per cent lower than it [...]
Think tank says Britain should prepare for no growth this year November 1, 2012 THE UK should not expect economic growth this year, despite a surprise one per cent expansion in the latest quarter, according to research out today. The National Institute for Economic and Social Research predicts a 0.1 per cent contraction during 2012, as the Olympics boost is subsumed by a broader slump. However, this is slightly [...]
US gets employment boost as consumer confidence rockets November 1, 2012 US EMPLOYERS added a slew of employees to their payrolls between September and October, data revealed yesterday. And America also received a boost from a key measure of consumer confidence, which rose to a four year high. The Conference Board’s index of morale rose to 72.2, up from 68.4 in September. Meanwhile total US non-farm private employment [...]
Czech rates cut to record low November 1, 2012 The Czech Central Bank yesterday moved interest rates to a record low of 0.05 per cent in a bid to help pick the country out of a long-running recession. The cut means the bank has slashed rates from 0.5 per cent in the space of two months. Officials are also considering further measures aimed at [...]
Builders call for cut in VAT November 1, 2012 The government should slash VAT on home improvements to five per cent, said materials supplier Wickes today, in order to chop the wedge between “cowboy builders” and honest tradesmen. Wickes says that pricing pressures are driving consumers to hiring less reputable builders at prices that those who pay tax cannot offer. A five per cent VAT rate [...]
QE may last until jobless hits 7.25pc November 1, 2012 Boston Federal Reserve president Eric Rosengren yesterday called on the Fed to carry on purchasing assets until the unemployment rate came down to 7.25 per cent. The headline rate was 7.8 per cent in September, but weekly new unemployment insurance claims seem to be trending downwards. New claims fell 9,000 over the last full week [...]
BT savings plan offsets blows from recession November 1, 2012 A COST-CUTTING drive boosted BT’s profits in its second quarter, despite regulation and the economic downturn hitting sales. The telecoms giant put the fall in turnover down to “regulation, recession and rain” after a wet summer meant more engineers repairing infrastructure instead of rolling out new services. It also booked an £85m payment due to [...]
US corporate results round-up November 1, 2012 Avon slashes payout after earnings drop AVON slashed its dividend by nearly 74 per cent yesterday, while also announcing measures to cut costs by at least $400m within three years in moves designed to shore up its finances while its new chief executive officer works on a turnaround. The company also reported a steep plunge [...]
Starbucks ups forecast for 2013 as its profit beats expectations November 1, 2012 RELENTLESS demand for cappuccinos and lattes fuelled a higher than expected fourth quarter profit for Starbucks. The coffee chain, the largest in the world, last night reported net profit of $359m (£222.6m), for the three months to the end of September, up from $358.5m for the same period a year ago. Overall, revenue rose 11 [...]
