Surprise weakness in June lending despite growth July 29, 2013 LENDING figures for June dipped below expectations yesterday, with a smaller rise in consumer credit than expected, despite the fledgling recovery indicated by recent growth. The Bank of England recorded a £489m increase in consumer credit, compared to £781m of additional lending in May. The average monthly rise in 2013 has been around £700m, suggesting [...]
What the other papers say this morning – 30 July 2013 July 29, 2013 FINANCIAL TIMES US funds return to European banks US money market funds have nearly doubled their allocations to European banks over the past 12 months, in a sign of improving investor sentiment towards the region. In the first half of the year, the 10 biggest US money market funds allocated about 15 per cent of [...]
July sales best in half a year July 29, 2013 UK FIRMS reported the best month for sales volumes since January this month, according to the CBI’s latest distributive trades survey, released yesterday. According to the responding businesses, 43 per cent said volumes were up on a year earlier, while only 26 per cent said hey were down. The atmosphere was particularly buoyant for motor [...]
Assembly talks up Crossrail 2 July 29, 2013 BUILDING a second Crossrail route running from south west to north east London will generate up to £49bn for the capital’s economy, a report by the London Assembly’s transport committee claims today. It said a new rail service stretching out to the suburbs would also open up new areas for housing. But it conceded that [...]
Online crime left unreported July 29, 2013 ONLINE crime is rarely reported to the authorities and specialist police units need more funding to deal with it, according to a report released today by MPs. Evidence on submitted to the home affairs select committee also ridicules the government’s claim that E-Crime costs the UK £27bn a year, saying the figure is unreliable. Committee chair Keith [...]
Light shone on UK labour data July 29, 2013 DESPITE the flat economy of recent years, the UK’s private sector still managed to create 3.6m jobs in 2011, the most recent year in which figures were available. While 3.6m jobs were created in the year, 3m were destroyed, helping stop the unemployment rate from deepening. Pre-crisis, four million were created annually, while 3.7m disappeared. [...]
Omnicom and Publicis defend ad merger plan July 29, 2013 SHARES in Omnicom and Publicis rose in response to the advertising giants’ merger plans yesterday – but so did shares in rival WPP, on hopes that the London-listed company will benefit from client losses stemming from the landmark tie-up. Publicis boss Maurice Levy insisted yesterday that the pair’s biggest clients support the deal. “Sure, [...]
Bankers could lose part of bonus under EU proposal July 29, 2013 BANKERS could see part of their bonus wiped out if their employer’s capital position falls below certain levels, according to a proposal from the EU’s banking regulator. Under existing EU rules up to half of a bonus can be paid in cash, with the rest in shares that the employee can cash in over several [...]
Bernanke will testify in court July 29, 2013 FEDERAL Reserve chairman Ben Bernanke has been ordered to testify in a high profile court case centred on the US government’s multi-billion bailout of AIG. Bernanke will give evidence in a case brought by AIG’s former chief executive Hank Greenberg. Judge Thomas Wheeler threw out the government’s plea to exempt Bernanke. “The court cannot fathom [...]
Deloitte mulls appeal as tribunal confirms MG Rover shortcomings July 29, 2013 A TRIBUNAL ruled yesterday that Deloitte fell short of ethical standards when advising MG Rover and four of its directors ahead of the car company’s collapse in 2005. Deloitte lost its appeal against the Financial Reporting Council’s ruling and is facing an unlimited fine, to be set out as early as today, as well as [...]
