Business coalition warns over public debt and slower growth December 3, 2012 THE UK will grow at a slower rate than expected next year while inflation will prove stickier than previously thought, according to British Chambers of Commerce (BCC) forecasts published today. Ahead of chancellor George Osborne’s Autumn Statement, expected tomorrow, the BCC warns that public sector borrowing will total £104.1bn in the current fiscal year – “around £12bn [...]
Spain accepts a bank bailout of €37bn from ESM December 3, 2012 THE EUROZONE edged closer to its proposed solution to the debt crisis yesterday, as Spain revealed that it had formally requested a banking bailout and Greece’s debt buyback plan impressed its foreign lenders. Spanish economy minister Luis de Guindos revealed that the state has asked for €37bn (£30bn) from the European Stability Mechanism (ESM) as [...]
Recovery hopes boosted by easing of manufacturing fall December 3, 2012 MANUFACTURING in the Eurozone contracted for a 16th straight month in November, data revealed yesterday, yet the pace of decline eased to its slowest in eight months. And factories are also suffering outside the single currency, with the manufacturing sector also shrinking in the UK. Yet British factories’ performances contracted at a much slower rate [...]
Banks charge for Swissie holdings December 3, 2012 Switzerland’s largest banks are to charge fees and pay negative interest rates on Swiss franc deposits made by rivals to encourage them to limit their holdings of the currency. “We invite our customers to keep cash balances as low as possible to avoid negative credit charges,” Credit Suisse said in a note to clients yesterday. [...]
Car sales down in France December 3, 2012 New car registrations in France slumped 19 per cent on last year in November, figures out yesterday showed. Sales have been falling year-on-year for the past nine months. The US fared better, with car sales near a five-year high at 15m vehicles, as the market rebounded from a storm-ravaged October.
Irish consumer confidence rises December 3, 2012 Irish consumer confidence improved for the second month running in November, a survey showed yesterday, but its authors warned that a tough austerity budget later this week could test the sense of optimism. The KBC Ireland/ESRI Consumer Sentiment Index recovered to 63.8 in November from 60.9 in October, lifted by a significant improvement in consumers’ [...]
Waitrose rise in sales sparks hope for Xmas December 3, 2012 WAITROSE, the upmarket supermarket chain owned by John Lewis, said shoppers stocking up their pantries with Christmas staples helped drive sales up 7.8 per cent in the week to 1 December. Heston Blumenthal-branded Mulled Cider Gammon and Cropwell Bishop Potted Blue Stilton were among the best-sellers, with sales of the latter up 34.5 per cent. [...]
HMV sells its live music business Mama to Lloyds arm in £7m deal December 3, 2012 HMV, the troubled entertainment retailer, yesterday sold off a further chunk of its live music business for £7.3m to help slash debts, and said more disposals would follow. The group confirmed that LDC, the private-equity arm of Lloyds Banking Group, has bought out the Mama Group, which owns some of the UK’s best known live [...]
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Ex-investment banker is Cupid for City singles December 3, 2012 LONELY City hearts searching for love this Christmas, look no further than ex-investment banker Salima Manji to play Cupid and gently tug on the heartstrings. Having worked at JP Morgan, Credit Suisse and the now-defunct Dresdner Kleinwort, Manji left the City to set up a matchmaking supper club for singles, the London Dinner Club, and [...]
