London house prices too high for first-timers March 15, 2010 LONDON continues to lead the fragile national housing market recovery with asking prices in the capital rising 0.3 per cent in March to stand at 8.7 per cent higher than they were a year ago. According to the house prices and affordability index from FindaProperty.com, the average London property is now on the market at [...]
Recession teaching kids to save March 15, 2010 Young children have been hard hit by the recession but have learned the importance of saving, new research from YouGov commissioned by HSBC and the Personal Finance Education Group. The report found 43 per cent of those children interviewed had heard adults say they cannot buy something because of the recession more than once a [...]
Stall in US production as Fed meets on rates March 15, 2010 US industrial production braked sharply in February, held back by severe winter storms that slammed parts of the country, while manufacturing activity in New York state stalled this month, figures showed yesterday. Analysts said the data did not alter their views that the factory-led economic recovery remained on track, given weather disruptions and the fact [...]
Risk of another GDP decline, warns the MPC’s Kate Barker March 15, 2010 Britain’s economy may contract again for one quarter, but is unlikely to return to recession, according to Bank of England policymaker Kate Barker. Barker said the harsh winter weather hit retail sales at the start of this year but that February’s business surveys had painted a more upbeat picture of the economy, in an interview [...]
Fizzy drinks ousted by mineral water in ONS inflation gauge March 15, 2010 Canned fizzy drinks are out and small bottles of mineral water are in, according to the Office for National Statistics (ONS) in its latest annual rejig of the “shopping basket” of goods it uses to calculate inflation. The ONS has also ditched pitta bread in favour of garlic bread and included cereal bars in the [...]
Airlines hit by record slump in passengers March 15, 2010 AIRLINES saw the biggest drop in passenger numbers since World War Two last year, as the global recession wreaked havoc on the fortunes of the industry. According to figures published by the Civil Aviation Authority (CAA), 218m passengers passed through UK airports in 2009 – plunging 7.3 per cent on volumes recorded in 2008. The [...]
ANALYST VIEWS: WHAT DO YOU THINK THE FUTURE HAS IN STORE FOR THE AIRLINE INDUSTRY? March 15, 2010 HOWARD WHEELDON | BGC PARTNERS In the short term, I expect small yet hugely important signs of recovery. We should be under no illusions that the industry will return to its former strength in the next few years; that said, it would be foolish to assume it is an industry in terminal decline. It will [...]
Continental to scrap free in-flight meals March 15, 2010 CONTINENTAL Airlines yesterday unveiled plans to save around $35m (£23.3m) a year by axing its free in-flight meal service on shorter economy flights in the US. Continental was the last among its major competitors to hang on to the free meal concept in economy class, after the pressures of the economic downturn forced many to [...]
Gatwick staff facing redundancy March 15, 2010 GATWICK Airport is underway with a workforce restructuring programme under new private equity owner Global Infrastructure Partners (GIP), which could lead to as many as 120 staff losing their jobs. Gatwick is understood to have demanded that the members of its commercial and development divisions reapply for their jobs, though new chief executive Stewart Wingate [...]
FCUK to sell Nicole Farhi March 15, 2010 FRENCH Connection is selling its loss-making Nicole Farhi brand and closing most of its US stores, completing a restructuring aimed at returning it to profitability. It said was selling Nicole Farhi to US private equity firm OpenGate Capital for up to £5m in order to make it leaner and more profitable. And it will close [...]
