Loans to businesses increase September 29, 2011 LENDING to non-financial companies increased over August, though banks reduced their holdings of corporate securities by a greater amount, the Bank of England announced yesterday. Businesses borrowed £800m more in August than in July. However, overall lending from banks fell by £2.7bn as banks reduced their holdings of corporate securities. The Bank of England’s figures [...]
Major economies leading confidence dip across EU September 29, 2011 ITALY, France and the UK reported the largest declines in economic confidence in September, the European Commission reported yesterday. The economic sentiment indicator declined by 3.4 points in the EU and Eurozone, falling to 94.0 and 95.5 respectively. Italy, France and the UK suffered sentiment declines of 5.1, 3.5 and 3.4 points respectively, taking the [...]
RETAIL SENTIMENT SLIDES ON CONTINENT September 29, 2011 RETAILERS in both Germany and Italy are suffering from the weakening economy, according to yesterday’s purchasing managers’ index from Markit. Germany’s retail PMI declined from 53.9 in August to 51.4 in September, approaching the “no change” level of 50. Italy’s increased from 42.4 to 44.9 indicating a slower rate of decline. “Households looked to rein [...]
Positive US jobless data gives hope September 29, 2011 US ECONOMIC growth for the second quarter was revised up while initial jobless claims dropped, according to US data out yesterday. The Bureau of Economic Analysis revised second quarter annualised growth up from one per cent to 1.3 per cent. Economists are warning that much of the increase on the previous quarter, which recorded growth [...]
German unemployment falls to lowest level since reunification 21 years ago September 29, 2011 UNEXPECTEDLY strong hiring by German businesses pushed unemployment to record lows, figures out yesterday from the Federal Labour Office revealed. A seasonally adjusted fall of 26,000 over the last month greatly exceeded the 8,000 predicted by economists. That takes the total unemployment level down 231,000 over the year to September, to 2.79m – the first [...]
Insolvency down as large firms perform strongly September 29, 2011 FEWER businesses failed in August than in any month since February, Experian revealed today. Experian’s insolvency index shows the rate of insolvencies fell to 0.08 per cent of businesses. That compares to a rate of 0.07 per cent in August 2010. In absolute terms 1,391 firms became insolvent in the month, an increase of 12.37 [...]
Nokia to axe 3,500 jobs as cost cuts bite September 29, 2011 EMBATTLED phonemaker Nokia yesterday announced it will slash 3,500 more jobs, including the closure of a major factory in Romania. The cuts are on top of at least 4,000 job losses announced earlier this year. Chief executive Stephen Elop is desperately trying to spin the wheel of the Titanic in the face of falling profits and [...]
Vodafone pens deal with Swiss network September 29, 2011 Vodafone has extended its partnership with Swisscom in a bid to support its business and international customers and to keep down purchasing costs. Vodafone said the partnership with Switzerland’s dominant phone company would enable them to jointly procure phones, network equipment, service platforms and other necessary infrastructure. It would also help the two companies to [...]
Mitie clinches MoJ contracts September 29, 2011 OUTSOURCING group Mitie said yesterday it has won two new contracts with the Ministry of Justice worth up to £455m. Mitie said the facilities management work for courts in the south of England as wells as for Brixton and Isis prisons will run for five years, with a possible two-year extension. The deal follows on [...]
Sales increase at Theo Fennell September 29, 2011 THEO Fennell, the Aim-listed jeweller worn by Naomi Campbell and Elton John, has posted a nine per cent rise in sales in the first half of 2011, but remains cautious ahead of its peak trading period. The company has launched a number of new collections in preparation for the peak Christmas sales period, but said [...]
