Mortgage lending subdued August 18, 2011 Mortgage lending shows no sign of picking up, according to the latest figures from the Council of Mortgage Lenders (CML). Gross new lending, for both house buyers and those remortgaging, fell by one per cent in July to £12.6bn. That was also six per cent down from the figure for July last year. The CML [...]
Retail sales rise less than forecast in July August 18, 2011 Retail sales barely grew in July, data showed, in yet another sign that cash-strapped consumers cut back spending, underscoring the risks for the fragile economic recovery. The Office for National Statistics said sales volumes including automotive fuel grew by just 0.2 percent last month, leaving retail sales unchanged from last year’s level. Analysts had forecast [...]
S&P reaffirms France Triple A status August 18, 2011 Standard & Poor’s head of France said that the agency was confident of maintaining France’s AAA credit rating unchanged with a stable outlook. “We are confident in this stable AAA rating,” Carole Sirou told RTL radio, adding that the grade was not dependent on specific budgetary commitments but a “trajectory, a commitment.”
Savills profit rise fuelled by resilient London property market August 18, 2011 British property broker Savills said global economic volatility would curb activity in Europe and Asia though markets for the best properties remained resilient. Prime London residential property was a safe haven for investors amid the current economic turmoil, which had created a two-tier British market, Savills said. Values for the best property in Hong Kong [...]
Anglo American, Xstrata and BHP agree mine expansion August 18, 2011 Anglo American, Xstrata and BHP Billiton have approved a $1.3bn (£787m) expansion of the Cerrejon mine, home to one of the world’s largest coal deposits, in Colombia. The diversified miners said they would invest equal amounts in the project that will increase production and export capacity by 8 million tonnes per annum (mtpa) to 40 [...]
Foster’s rejects SABMiller bid for second time August 18, 2011 Australian brewer Foster’s rejected a $10bn (£6bn) offer from rival SABMiller for the second time as shareholders hold out for a better offer from the global brewing giant. SABMiller announced yesterday it would go directly to shareholders to gain about half of Australia’s beer market, with a repeated offer of A$4.90 a share. Foster’s on [...]
More misery August 17, 2011 STUBBORNLY high inflation and unemployment have pushed Britain’s misery index to record levels, according to official data released yesterday. The misery index – used by economists to estimate the unhappiness spread by joblessness and the rising cost of living – almost certainly jumped to a fresh high last month, as an extra 37,100 people joined [...]
Jupiter to take Minerva private August 17, 2011 EMBATTLED property developer Minerva is to leave the London Stock Exchange after most of its investors accepted a cash takeover offer that values the firm at £202m. Jupiter Properties 2011, a special purpose vehicle set up by Area Property Partners and Delancey, yesterday said it had approval from 91 per cent of Minerva investors. This [...]
Osborne must heed the Misery Index August 17, 2011 FOR years now, American elections have featured discussions of the Misery Index, a simple indicator which sums the unemployment and inflation rates. The higher the index, the angrier the electorate. In 1976, Jimmy Carter famously made a big deal of the index, arguing that Gerald Ford had no right even to seek the presidency given [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 17, 2011 FINANCIAL TIMES ASAHI IN $1.3BN ALCOHOL DEAL Asahi is poised to agree the NZ$1.5bn (£800m) acquisition of Independent Liquor, the Australasian drinks group, in a deal that would represent the acquisitive Japanese brewer’s largest takeover to date. Barring a last minute hitch, Asahi will strike a deal for the Auckland-based group today, according to a [...]
