Downing Street holds firm over Sunday laws after Labour attack August 14, 2012 THE GOVERNMENT denied last night it is using relaxed Sunday trading laws during the Olympics and Paralympics as a “Trojan horse” to push through permanent measures, despite senior Tories suggesting a rethink. Labour shadow business secretary Chuka Umunna hit out at the government yesterday after communities secretary Eric Pickles said longer Sunday opening hours would [...]
Groupon hits all-time low as growth falters August 14, 2012 SHARES in online discount firm Groupon tumbled to an all-time low in trading yesterday as investors deserted the company in reaction to worse than expected sales on Monday night. Groupon’s share value fell 27 per cent to close at $5.51, less than a fifth of its peak following its highly-publicised initial public offering last November. [...]
Pearson sets up own college to award degrees August 14, 2012 PEARSON will open a higher education college next month, paving the way for the FTSE 100 firm to expand into a growing market. The owner of Penguin Books and the Financial Times yesterday announced Pearson College, which will initially offer an undergraduate degree in Business and Enterprise from bases in London and Manchester, with students [...]
Investors eye stimulus as GDP falls again in troubled Eurozone August 14, 2012 THE EUROZONE’S economy shrank in the second quarter, official data showed yesterday, although powerhouse Germany continued to grow at a slow pace. But markets actually rose on the poor figures as investors hoped the fall in output would pile more pressure on Eurozone leaders to stimulate the economy. The German DAX jumped 0.87 per cent [...]
Discount chains lead sales jump August 14, 2012 GROCERS enjoyed a sunny summer with sales growth almost across the board, but led by discount supermarkets, said analyst Kantar Worldpanel yesterday. Grocery sales at the UK’s main stores grew 3.9 per cent as a whole in the 12 weeks to 5 August, compared to a year earlier, reaching nearly £24bn in total. Though discounters [...]
Lloyds sells off £1bn portfolio August 14, 2012 LLOYDS Banking Group has agreed to sell a £1.05bn portfolio of private equity-linked investments to Coller International Partners, it announced last night. Coller is buying the portfolio for £1.03bn in cash. The deal includes the transfer of undrawn commitments that are expected to be worth £220m at completion. The loss-making portfolio, which Lloyds is selling [...]
Leaders weigh up Spanish bailout August 14, 2012 SPANISH Prime Minister Mariano Rajoy yesterday refused to rule out the prospect of his country requiring a full bailout, while senior EU official Olli Rehn claimed that Spanish authorities have an “open mind” over a possible rescue package. Rehn, the European economic and monetary affairs commissioner, said Brussels “stands ready to act”.
Standard Life’s profits expand ahead of reform August 14, 2012 INSURANCE giant Standard Life yesterday reported an unexpectedly large jump in profits and said it expects to grow even more thanks to forthcoming regulatory changes. Chief executive David Nish told City A.M. that the imminent implementation of the retail distribution review – which will outlaw commission payments to financial advisers – will benefit Standard Life [...]
NAB growth is slowed by UK’s weak outlook August 14, 2012 FUNDING costs and bad debts have both risen in the UK, National Australia Bank (NAB) said yesterday, weighing on group profits in the third quarter. The bank, which owns the Yorkshire and Clydesdale banks, reported profits of A$1.4bn (£0.94bn) in the three-month period. That represents flat performance compared with the previous six months, but is [...]
London taxi maker hit by errors in its accounts August 14, 2012 SHARES in Manganese Bronze slid by a third yesterday after the London black cab maker admitted it had a £4m hole in its accounts. Engineering firm Manganese Bronze, which is 20 per cent owned by Chinese car group Geely, has delayed its half-year results due to the accounting errors caused by the implementation of a [...]
