Inflation held up by steeper food prices June 14, 2011 INFLATION is widely expected to balloon past five per cent in the coming months, after rising food costs held the consumer price index to a two-and-a-half year high of 4.5 per cent in May. May’s steady rate on the CPI “represents just a temporary pause in an upward trend which could take inflation to 5.5 [...]
Summer feel-good factor sees morale soar on high street June 14, 2011 SUMMER’S feel-good factor saw consumer confidence bounce back last month, a Nationwide survey revealed today. The leading barometer of morale on the British high street jumped 11 points, from 44 in April to 55 in May. “Despite recording one of the biggest monthly jumps ever, the index still sits nine points lower than the same [...]
House prices drop sharply in April despite mortgage approvals pick up June 14, 2011 HOUSE prices plummeted by 1.1 per cent from March to April, government figures revealed yesterday. Yet a separate survey showed an increase in approved mortgages for the month, providing some sign of rising activity in the market. The monthly drop in April’s prices largely offset the 1.2 per cent jump recorded in March, according to [...]
Sarkozy blames speculation June 14, 2011 FRENCH president Nicolas Sarkozy lashed out at commodity speculators yesterday, arguing that tighter controls would prevent spiralling global prices. Sarkozy, head of the G20 group of the world’s leading economies, said he wants to see new rules requiring minimum cash deposits with a central authority for all commodities derivatives deals, not just those on formal [...]
China hikes again to cool inflation June 14, 2011 China’s May industrial output jumped 13.3 per cent from a year earlier, topping forecasts for a 13.2 percent gain, government data showed yesterday. On top of a 34-month high of 5.5 per cent in the consumer price index, the figures were sufficient to convince the central bank to tighten monetary policy. The reserve ratio requirement [...]
Morale slips in London businesses June 14, 2011 Business confidence in London has faded in the second quarter of the year, according to a survey by accountants group ICAEW released yesterday. Morale dipped to an index score of 15.2, from 20.6 in the first quarter, but remains slightly above the UK-wide average of 13.7. Despite the downbeat sentiment, turnover grew by 4.3 per [...]
US retail sales hit by Japan quake June 14, 2011 US retail sales fell in May for the first time in 11 months as auto sales took a hit from the damage wrought by Japan’s earthquake. Sales were down 0.2 per cent. Meanwhile, producer prices rose 0.2 per cent in the month, less than expected.
Virgin Money recruits an old hand as chair June 14, 2011 JONATHAN Agnew, the former chairman of Nationwide Building Society, is set to become the new chairman of Virgin Money, as soon as his appointment is approved by the FSA. Agnew (pictured) will take over the leadership of a company that has been without a figurehead for the last year since the death of its chief executive [...]
WPP sets aside £200m for new acquisition drive June 14, 2011 ADVERTISING giant WPP is to step up its acquisition drive this year, setting aside a £200m war chest to expand into new media in emerging markets. Chief executive Martin Sorrell has tended to focus his expansion on small and medium sized agencies in rapidly expanding markets including Brazil, India and China. The amount earmarked for [...]
Nokia to take a thin slice out of Apple’s pie June 14, 2011 APPLE has settled an ongoing patent row with troubled phone maker Nokia, with analysts speculating that Steve Jobs’ firm could part with up to two per cent of the price of each iPhone it sells. The terms of the settlement will see Apple pay a one-off sum as well as contributing ongoing royalty fees. Details [...]
