JD Sports sees profits rise despite £700k hit from looting September 21, 2011 Sportswear retailer JD Sports Fashion, whose shops were widely targeted by looters during last month’s riots in several cities, posted a 21 per cent rise in first-half profit and said it was well positioned for future growth. The firm, which trades as JD Sports, Size, Bank, Scotts and Chausport, said on Wednesday stock totalling 700,000 [...]
Consumer confidence hits four-month low September 21, 2011 Consumer confidence slipped to a four-month low in August as the economy remained in the doldrums, the monthly Nationwide survey showed – though the building society said it was a relief that the drop was not bigger. Many big English cities were hit by their worst rioting in decades last month, and global economic uncertainty [...]
Lloyds of London sinks to £697m loss triggered by disasters September 21, 2011 The Lloyd’s of London insurance market crashed to a first-half loss of £697m, weighed down by record claims from natural catastrophes including the March 11 Japanese earthquake and tsunami. The loss compares with a profit of £628m a year earlier, and reflects a total of £6.7bn in claims absorbed during the first half, making it [...]
Global economy put on red alert September 20, 2011 THE GLOBAL economy has hit a “dangerous new phase”, the International Monetary Fund (IMF) warned yesterday, as it slashed growth forecasts for nearly every corner of the world. The UK’s economy will grow by just 1.1 per cent this year, the IMF expects, knocking 0.4 per cent off its projections from June. And stock market [...]
Greek aid talks fail to agree plan September 20, 2011 LAST-DITCH talks to prevent Greece from running out of money will drag on into next week after international leaders again failed to strike a firm deal with politicians in Athens. The markets are today expected to take a dim view of the delay, created when a two-hour conference call between officials from the European Commission, [...]
Huhne: energy prices will fall September 20, 2011 A CRACKDOWN on energy companies will boost competition, secretary of state Chris Huhne claimed yesterday, promising that consumers will be “better off in 2020 thanks to our low carbon policies.” Huhne has recently dismissed rising energy prices by calling on Britons to shop around for better deals. “We are determined to get tough with the [...]
Chancellor must ignore siren voices September 20, 2011 HOW fast the world can change. A year ago, the data and corporate surveys suggested we would be undergoing a square root shaped recovery. The collapse of 2008-09 looked like it would be followed by a mini rebound in 2010-11 (with annual growth of up to 2 per cent), before a return to quasi-stagnation. This [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 20, 2011 FINANCIAL TIMES TESCO BANK FACES MORTGAGE DELAY Tesco faces a fresh delay to the roll-out of Tesco Bank, with mortgages unlikely to be launched until early next year. Britain’s biggest retailer by sales had been expected to introduce mortgages this autumn but, having bought out Royal Bank of Scotland’s 50 per cent share in their [...]
Hedgies in US downgrade probe September 20, 2011 Securities regulator the SEC is believed to have sent subpoenas to hedge funds and other trading firms as it probes possible insider trading before the US government’s long-term credit rating was cut last month. Securities and Exchange Commission officials demanded more information about specific trades made shortly before Standard & Poor’s downgraded the country’s rating [...]
Full Tilt accused of Ponzi scheme September 20, 2011 Prosecutors yesterday accused the Full Tilt Poker website of running a Ponzi scheme that defrauded gamers out of $440m (£289m). “Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440m since April 2007,” the office [...]
