National Bank of Greece suffers March 18, 2010 Higher provisions, slower loan growth and a one-off tax took 40 per cent off profits for National Bank of Greece (NBG) last year, with the country’s largest lender braced for a tough 2010 as the country grapples with its economic crisis. NBG said yesterday it made a net profit of €923m in 2009, below the [...]
Palm warns on revenues March 18, 2010 Palm warned yesterday that revenue for the current quarter would be far below Wall Street’s expectations, after tepid demand for its smartphones left wireless carriers with piles of excess inventory. Palm said that fourth-quarter revenue will be less than $150m (£98.3m). Palm has struggled to generate interest in its Pre and Pixi smartphones and is [...]
Treasury on track to trim debt forecast March 18, 2010 CHANCELLOR Alistair Darling got a much-needed boost yesterday after February’s public finances proved substantially better than expected, giving the Treasury room for manoeuvre at next Wednesday’s Budget, which may now see Darling able to trim his forecasts for record peacetime borrowing. Data from the Office for National Statistics (ONS) showed yesterday the government borrowed £12.4bn [...]
Mortgage lending edges up in February but lack of funding hampers recovery March 18, 2010 MORTGAGE lending saw a small boost last month with a six per cent rise compared to January, but remains six per cent lower year-on-year. Despite the month-on-month increase, the estimated £9.2bn in mortgage lending for February was the lowest for a decade, and economists warned the lending market remained in flux. Economist Paul Samter from [...]
Clarke denies chancellor hopes March 18, 2010 KEN Clarke yesterday said he had no ambition to become chancellor, in a bid to scotch suggestions he has designs on the job. Our panel of City and business professionals last week said Clarke would make a better chancellor than George Osborne, who will almost certainly take the office if the Tories win the election. [...]
Business lending in January slumps at fastest annual rate since records begin March 18, 2010 LENDING to businesses fell at its fastest annual rate in January since records began more than a decade ago, figures from the Bank of England (BoE) showed yesterday. The flow of net lending fell £6.5bn in January, nearly twice as fast as in December, the BoE said in its Trends in Lending report. That pushed [...]
MPC’s Sentance warns over inflation concerns March 18, 2010 MONETARY Policy Committee member Andrew Sentance yesterday warned strong global growth could push up inflation, via a knock-on effect from oil and commodity prices. Speaking to the British Chambers of Commerce, Sentance was positive about global recovery, but cautioned that with Asia and other emerging markets continuing to serve as an engine of world economic [...]
UK factory orders disappoint March 18, 2010 British factory orders fell faster than expected in March and firms were less optimistic about raising output in the coming months, the CBI’s monthly industrial trends survey showed yesterday. The Confederation of British Industry survey’s total order book balance edged lower to -37 from -36, below expectations for a reading of -32.
Eurozone trade gap narrows March 18, 2010 The eurozone’s non-adjusted trade deficit narrowed year-on-year in January as exports increased five times faster than imports, signalling rising external demand but still muted domestic consumption. The deficit of the 16-country area totalled €8.9bn (£7.9bn) in January, down from €12.1bn a year earlier as exports rose five per cent year-on-year and imports only one per [...]
US data indicates upturn March 18, 2010 The US economy is on a moderate growth path and inflation pressures are contained, data showed yesterday. Initial claims for state unemployment benefits fell 5,000 to 457,000 last week, the US Labour department said, suggesting the jobs market was improving, but only gradually. In another report, the department said the Consumer Price Index was unchanged [...]
