Greek lenders refuse to make concessions October 28, 2012 GREECE’S foreign lenders have refused to make any further concessions on changes to labour laws contested by a junior coalition partner, the country’s finance minister said yesterday, prolonging an impasse on a crucial austerity package. Athens has been locked in talks with its EU and IMF lenders on the austerity package for months, but a [...]
Boisdale restaurant chain returns to profit October 28, 2012 BOISDALE, the Scottish seafood and steak restaurant chain, swung back into profit in the year to April 2012 and almost doubled its turnover to £10.5m. Companies House filings showed the group made pre-tax profits of £235,000, up from a £585,000 loss in the year to April 2011. Boisdale described the results as a “Curate’s egg [...]
Rise in supply pushes house prices down October 28, 2012 HOUSE PRICES continued to slide in October, data from Hometrack revealed today, as an increase in supply outstripped a smaller boost to demand. The average house price slid 0.1 per cent in October, the data showed, after equal falls in August and September. This fall was driven by a 1.4 per cent increase in property [...]
Item says Cable’s business bank will crowd out private lending October 28, 2012 VINCE CABLE’S small business bank will have little impact on the economy, Ernst & Young’s Item Club warned yesterday, due to a lack of funds and competition with private lending sources. Small and medium enterprises (SMEs) face a funding gap of around £19bn over the coming year, according to Item estimates, but the government’s British [...]
Jobs miracle set to continue in spite of broadly flat economy October 28, 2012 THE UK’S employment statistics will continue to surprise over the next 12 months, a survey released today suggests. Businesses intend to keep boosting rolls over the coming year, according to a survey of 300 firms together employing some 1.4m staff, released today by the Confederation of British Industry (CBI) and recruiter Harvey Nash. Some 35 [...]
Companies say the recovery is back on track October 28, 2012 THE ECONOMY’S weak recovery has solid foundations, businesses said in a survey out today, but the same firms are much less optimistic about their own operation. Businesses’ confidence in the wider economy hit the highest level since April, with 43 per cent of firms reporting confidence in the recovery, and just 26 per cent giving [...]
City Moves | Who’s switching jobs October 28, 2012 TheCityUK Gerry Grimstone has succeeded Stuart Popham as chairman of the City representative body. He is chairman of Standard Life and a member of Deloitte’s board. Outgoing chairman Popham is vice chairman of Europe, Middle East and Africa (EMEA) banking at Citigroup. State Street William Slattery has been appointed head of the financial services firm’s [...]
Best of the Brokers October 28, 2012 BARRATT DEVELOPMENTS Rachael Applegate at Panmure Gordon has downgraded the builder to “hold”, citing the stock’s 100 per cent rise this year. She says “the rating is about right”. DEBENHAMS Matthew McEachran at N+1 Singer has increased his price target by 10 per cent to 135p, and says “buy” after a “comprehensive, confident” presentation from [...]
Confidence in UK economy may be short-lived after production data October 28, 2012 CONFIDENCE in the UK economy may take a knock this week, with manufacturing data unlikely to match the strong GDP news released last week. After last week’s upbeat news that the UK has officially exited recession, the manufacturing purchasing managers’ survey (PMI) due on Thursday is expected to show the sector contracted again in October. [...]
Presidential vote is focus for investors October 28, 2012 EARNINGS season may be only half over, but the focus on profits should subside this week as investors turn their attention to the coming presidential election and Friday’s jobs data – the last major economic indicator before the 6 November contest. More bellwether companies are set to report results in what will be another “peak [...]
