Miles not in favour of QE2 August 15, 2011 SENIOR Bank of England rate-setter David Miles has dismissed calls for more quantitative easing, despite the UK’s stuttering recovery and market instability. “There could be circumstances under which I would judge the right policy would be to embark on further asset purchases but that’s not how I’ve seen things thus far,” Miles told Dow Jones [...]
New York’s factories in fresh fall August 15, 2011 AMERICA’S economic prospects took a hit yesterday, as it was revealed that New York state’s factory sector contracted for the third straight month. The Empire State regional manufacturing index worsened to -7.7 this month, down from -3.8 in July. “The index has now been below zero for three months in a row and, in falling [...]
Japan’s GDP data points to recovery August 15, 2011 JAPAN’S economy contracted 0.3 percent in the three months to the end of June, slower than the decline in the previous quarter, as output recovers from the devastating earthquake and tsunami in March, Cabinet Office data showed yesterday. The quarter-on-quarter contraction was smaller than the median estimate for a 0.7 per cent decline and follows [...]
Londoners hit by low mortgage approvals August 15, 2011 FALLING mortgage approvals have hit Londoners harder than people from any other region of the UK, according to a group of surveyors. Purchase approvals in the capital dropped 13 per cent on a non-seasonally adjusted basis in July after a push to meet lending targets in June, when approvals rose by 12 per cent. Across [...]
Inflation to stay above 4pc August 15, 2011 INFLATION in the UK could have slowed further in July, yet is expected to spike again in late summer and during autumn. July’s consumer price index (CPI) and retail price index (RPI) figures are set for publication this morning, with some analysts forecasting a fall to 4.1 per cent in the CPI, and for the [...]
Michael Page in boost from Asia August 15, 2011 RECRUITER Michael Page yesterday reported a jump in pre-tax profits, fuelled by a buoyant jobs market in Asia, but warned the UK outlook remains grim. The company saw international business overall outstrip the performance in the UK. Sales in Asia Pacific climbed 43 per cent to £76.7m, in the six months to 30 June. Meanwhile [...]
Same-store sales drop at H&M August 15, 2011 H&M, the world’s second-largest clothes retailer, said yesterday that its like-for-like sales fell six per cent in July as it suffered from weak consumer sentiment in Europe, its most profitable region. Sales at the group rose by three per cent in total, but comparables were poor once the 240 new stores opened over the past [...]
Companies step up share buy-backs August 15, 2011 The recent sell-off in the markets has prompted companies to increase the pace of their share buy-backs, suggesting that the industry views the recent upheaval in the markets as an opportunity rather than a crisis. WH Smith said yesterday that it was extending its buy-back programme up to £55m “in the light of the exceptional [...]
Virgin Media sells £340m UKTV stake August 15, 2011 VIRGIN MEDIA yesterday said it is selling its 50 per cent stake in UKTV to US operator Scripps Networks Interactive for up to £340m. The deal means Virgin, which sold Bravo and Virgin 1 to rival Sky last year for £160m, no longer owns any TV content. The firm, which has been mulling a sale [...]
Cameron puts riots down to moral collapse August 15, 2011 DAVID Cameron yesterday pledged to put the “broken society” back at the top of the coalition’s agenda, as he sought to flesh out the government’s response to the worst riots seen in Britain for generations. The Prime Minister, who was speaking in his Witney constituency, promised a “social fightback” to revitalise communities and said he [...]
