Travelodge in revenue boost despite riots September 13, 2011 BUDGET hotel chain Travelodge yesterday reported a rise in revenues even though riots across London cost the firm £1m in lost sales and cancellations. Revenues from its 480 hotels were up 15 per cent in June, July and August. The firm cut prices by five per cent, taking the average room rate down to £42. [...]
National Express buys up US bus group for £126m September 13, 2011 TRANSPORT group National Express said it had acquired US student bus company Petermann Partners for $200m (£126m) from Macquarie Global Opportunities to help grow its business in the United States and Canada. National Express said it expected to complete the deal in the fourth quarter of 2011, subject to regulatory approvals. “It’s a great strategic [...]
Best Buy profit hit by growing online retailers September 13, 2011 ELECTRICALS retailer Best Buy’s second-quarter profit plummeted by 30 per cent as consumer spending continues to be squeezed and online competitors gain momentum. The company said sales were almost flat despite a string of promotions. For the quarter to 27 August, Best Buy reported a profit of $177m (£111.5m), down from $254m in the same [...]
IMF warning over credit bubble risks September 13, 2011 PREVENTING severe disruption to financial services that could spill over and damage the “real” economy should be the focus of macroprudential policies, the International Monetary Fund (IMF) said yesterday in its global stability report. Policymakers need to understand the series of shocks that can lead to a build-up of systemic risk, the report said. Regulators [...]
OECD joblessness stays high September 13, 2011 DEVELOPED countries are failing to cut unemployment, according to figures released yesterday by the Organisation for Economic Cooperation and Development (OECD). July’s figures show unemployment at 8.2 per cent for the 34-country group – unchanged for five consecutive months. The Eurozone is faring even worse, with unemployment sticking at 10 per cent. Significant changes were [...]
Slow export recovery prompts calls for government to support SME trade September 13, 2011 IMPORTS went up faster than exports in July, according to figures released yesterday by the Office for National Statistics. Exports went up by two per cent on June’s figures. and imports increased by 3.8 per cent. That leaves the trade deficit in goods unchanged at £8.9bn and the surplus in services at £4.5bn. Falls in [...]
15 million saving nothing for their old age pensions September 13, 2011 ONE THIRD of UK workers do not have a private or company pension, according to data from Prudential out today. The lack of pension plans means they are missing out on £15,000 of tax relief over their working lives, or an average of £334 per year. Forty-one per cent of women do not contribute, while [...]
Posen claims QE needed to avoid lasting damage September 13, 2011 MONETARY policy committee (MPC) arch-dove Adam Posen argued the case for further loosening in a speech to businesses in the south west yesterday. Posen (right) pointed to the Bank of England’s forecasts that inflation is about to peak and that the present danger is weak economic growth. “If we do not undertake the stimulative policy [...]
French CPI above expectations September 13, 2011 French consumer prices increased by 0.5 per cent in August and 2.2 per cent over the last year. That is above expectations, raising the possibility of an upward revision of inflation figure for the whole Eurozone. Meanwhile Spanish inflation came in at 0.1 per cent for August and three per cent annually. Inflation in the [...]
US SMEs facing tougher times September 13, 2011 Confidence has fallen for six consecutive months among small businesses in the US, say new statistics from the National Federation of Independent Businesses. The Small Business Optimism Index fell 1.8 points to 88.1. Companies surveyed cite “poor sales” as the most important problem, as increasing numbers of firms reported lowered expectations of future sales; 34 [...]
