Food costs help to power 16th month of retail price deflation September 2, 2014 Shop prices fell again during the year to August with the lowest food inflation on record, according to an industry body this morning. Figures released by the British Retail Consortium (BRC) and Nielsen today show that shop prices overall fell by 1.6 per cent – the 16th month of deflation on record. Although the pace [...]
Construction sector celebrates strongest conditions since 2007 September 2, 2014 THE CONSTRUCTION sector is still expanding as house builders get started on a growing number of projects, according to a survey of the industry released yesterday. Although analysts expect a modest slowdown for the economy as the year comes to an end, builders reported the second-strongest conditions since 2007 in August, according to data firm [...]
Moelis snaps up US politician Eric Cantor for vice-chair role September 2, 2014 Former US Congressman Eric Cantor is set to join New York investment bank Moelis, becoming vice-chairman and managing director, after an embarrassing rejection from politics by his own local supporters. The boutique firm announced yesterday that Cantor could “provide strategic counsel” to the group and its clients, after 13 years as an elected Republican representative. [...]
Massive iPhone demand to lift Chinese exports September 2, 2014 THE LAUNCH of Apple’s new iPhone will be so significant that it will add a percentage point of growth to Chinese export growth, according to analysts’ estimates yesterday. Researchers at Bank of America Merrill Lynch say that the release will be so significant it could boost mainland China’s exports by around one per cent for the [...]
A third of new KPMG partners women – but chair wants more September 1, 2014 Consultancy giant KPMG yesterday announced 52 new partners, pushing the total number over 600 and improving the firm’s gender balance at senior levels. A third of the new promotions are women – in comparison to only 15 per cent of KPMG’s existing partners. The firm said that it made particular efforts to bring in more [...]
Tower Hamlets on top as London districts dominate high growth index September 1, 2014 Nine London boroughs are among the top 10 most dynamic local economies in the country, leading the rankings based on both their recent progress and potential. A report yesterday by accountancy network Grant Thornton ranked Tower Hamlets first on its high growth index, an analysis of the districts which have the strongest demographic and economic [...]
Growth slips to lowest in a year for UK factories September 1, 2014 BRITISH manufacturers reported the slowest growth in more than a year for August, hinting at a slowdown for the UK’s economic recovery in the second half of the year. Markit and the Chartered Institute of Purchasing & Supply’s purchasing managers’ index fell to just 52.5, the firms said yesterday. Although the figure is above the [...]
Italy and France’s manufacturers signal shrinkage as Europe slows September 1, 2014 MANUFACTURING firms in two of the largest Eurozone economies are shrinking, according to Markit’s latest purchasing managers’ index (PMI) data. France’s reading came in at 46.9 for August, and Italy’s at 49.8, both below the neutral 50 level. While Spain and Germany’s scores are higher at 52.8 and 51.4 respectively, both have fallen in recent [...]
Size of Help to Buy mortgages getting smaller September 1, 2014 The average size of a Help to Buy mortgage is falling, with the typical loan now nearly £10,000 lower than the limit imposed by one of Britain’s biggest banks. According to Mortgage Advice Bureau (MAB), the average Help to Buy loan now runs to £140,138, down by more than £6,000 from the average in May. [...]
Dreary Eurozone outlook raises pressure on Draghi August 31, 2014 The policymakers of the European Central Bank (ECB) will meet again this week, faced with an increasingly dismal economic outlook and a growing chorus of disapproval. Grim figures released on Friday confirmed that consumer price inflation in the euro area dropped to just 0.3 per cent in August, the lowest level in nearly five years. [...]