Church of England launches probe into link with Wonga July 25, 2013 THE CHURCH of England’s plan to take on payday lender Wonga took an embarrassing turn for the worse last night, as it was revealed to have invested in a venture capital firm – Accel Partners – that has itself given financial backing to Wonga. Archbishop of Canterbury Justin Welby was forced to launch an immediate review [...]
City fears UK’s growth will be unsustainable July 25, 2013 THE UK economy grew by 0.6 per cent in the second quarter, doubling its pace of growth and giving a boost to George Osborne, who hopes he is at last escaping the stagnation that has dogged the coalition since it took office in 2010. Services, manufacturing and construction all grew in the three-month period, a [...]
Economy grows but is still smaller than peak in 2008 July 25, 2013 EVERY sector of the British economy recorded growth in the second quarter of the year, but the economy still has a long way to go before it reaches its 2008 peak, official figures showed yesterday. GDP increased by 0.6 per cent in the three-month period, and is 1.4 per cent bigger than it was a [...]
We are expanding again – but the journey has barely begun July 25, 2013 FOR ONCE, economists managed to predict exactly yesterday’s second quarter GDP growth figures of 0.6 per cent. Such statistics should be treated extremely carefully: they are inevitably revised, sometimes dramatically. Yet it has been clear for months now that activity is thankfully returning, as is confidence, though the UK faces immense structural challenges. The economy [...]
What the other papers say this morning – 26 July 2013 July 25, 2013 FINANCIAL TIMES Berkshire Hathaway derided for deal Warren Buffett’s Berkshire Hathaway has been branded “foolish” by an insurance executive for blindly following underwriting decisions taken by Lloyd’s of London rivals. An unusual deal that Berkshire has struck with the insurance broker Aon is likely to “end in tears”, warned Richard Brindle, founder and chief executive [...]
Invensys talks down loss to UK July 25, 2013 INVENSYS yesterday said a possible takeover by Schneider would not represent a loss to British industry. Chairman Sir Nigel Rudd told a shareholder meeting the FTSE 250 firm “just happens to have a headquarters in the UK”, and that its backers are from across the globe. The engineering firm said trading was in line with [...]
Equitable Life savers lose out July 25, 2013 CUSTOMERS of the collapsed life insurer Equitable Life are set to miss out on compensation because of Treasury failings, according to a report released today by MPs. The public accounts committee says up to a fifth of eligible policy holders could miss out completely by the March 2014 deadline. “Between 200,000 and 236,000 people might [...]
Tourre defiant in US court case July 25, 2013 FORMER Goldman Sachs trader Fabrice Tourre yesterday denied wrongdoing in his securities fraud trial in New York. The trial has centred on an email in which he said: “The whole building is about to collapse anytime now,” on the state of financial markets in 2007. Tourre’s lawyers sought unsuccessfully to block the US Securities and Exchange [...]
Bridgepoint asks for time July 25, 2013 BRITISH private equity firm Bridgepoint has asked its investors for more time to invest its biggest buyout fund, the latest manager to seek an extension amid a slow recovery. Bridgepoint, the owner of sandwich chain Pret a Manger and MotoGP organiser Dorna, has sought a 12-month extension for its €4.8bn (£4.1bn) Bridgepoint Europe IV fund, [...]
Amazon swings to loss as string of US firms miss July 25, 2013 AMAZON shares took a tumble last night, after disappointing financial results for the second quarter were announced, showing a surprise loss and shrunken operating income The online retail giant swung to a net loss of $7m (£4.56m), falling short of analysts’ forecasts of a small profit and last year’s quarterly earnings of $7m. Operating income [...]
