Pound gains as retail sales perform well in June July 18, 2013 (Source: ONS) Retail sales are up 2.1 per cent in the year to June, above the 1.6 per cent growth economists had been forecasting. The pound is performing better on the news. The growth into quarter 2 (0.9%) will therefore contribute approximately 0.1 percentage points to gross domestic product (GDP) when estimated from the output [...]
Copper shines brightest at Anglo American July 18, 2013 FTSE 100-listed miner Anglo American today unveiled a mixed production update for the second quarter, with copper output up 14 per cent and nickel down 22 per cent. While the surge in copper production beat forecasts, iron ore production slipped by one per cent, missing expectations of a slight increase. In contrast, both Rio Tinto [...]
UK decline drags down Mothercare sales July 18, 2013 MOTHER and baby retailer Mothercare today reported a 3.4 per cent decline in first quarter group sales, with its UK division impacted by the increasingly promotional nature of the market. UK like-for-like sales fell by 0.9 per cent, despite a 14.6 per cent increase in online sales. The British retailer closed 13 unprofitable stores in [...]
ECB’s Asmussen says that jobs should be at the centre of policymaking July 18, 2013 The European Central Bank's (ECB) Jorg Asmussen has said that the crisis which currently grips the Eurozone is not a product of the common currency, but of international business models and practices. He said that "austerity versus growth" is the wrong debate, and that fiscal consolidation will remain on the table, and that jobs should [...]
Sports Direct’s profits surge 40 per cent July 18, 2013 BRITISH retailer Sports Direct today unveiled a 40 per cent rise in pre-tax profits to £207.2m, in what chief executive Dave Forsey called a "record-breaking year for the group and for British sport". The sporting goods vendor posted a 20.9 per cent increase in revenue to £2.19bn. Online revenue grew by 52.1 per cent, now [...]
London is now UK’s uncontested entrepreneurial powerhouse July 18, 2013 IF small businesses are the future, then London’s place at the heart of the British economy is assured. Figures today reveal that 17 out of the top 20 UK areas for new business creation were located in London in the past year – and remarkably, that Silicon Roundabout was by the far the leading centre [...]
OBR says timebomb is ticking for ageing UK July 17, 2013 THE SPIRALLING cost of pensions, health and social care for the elderly mean the UK faces tens of billions of pounds in spending cuts or tax hikes, the government’s fiscal watchdog warned yesterday. The Office for Budget Responsibility (OBR) said that the changing age of the population would put the public purse on an unsustainable [...]
Gas prices may fall by quarter thanks to shale July 17, 2013 GAS PRICES in the UK could fall by as much as a quarter if the country successfully exploits its shale gas reserves, according to a government-commissioned report released yesterday. The most optimistic scenario plotted by consultants predicts that the gas price will drop by more than 25 per cent by 2030, potentially saving families hundreds of pounds [...]
Welfare state needs reform to avoid a long-term fiscal crisis July 17, 2013 THERE is no better way to get depressed than to study the Office for Budget Responsibility’s long-term forecasts for the British economy. I’m sorry to have to write about this on such a beautiful summer’s day, but it’s a disturbing and crucially important story. The biggest danger is that our ageing population will push up [...]
Unemployment down but more time spent jobless July 17, 2013 THE NUMBER of people without jobs who are looking for work fell by 57,000 between March and May, against the previous three months, the Office for National Statistics (ONS) revealed yesterday. Yet the number of people who are unemployed for more than a year or two is on the rise. In the same space of [...]
