House prices fall 1 per cent in 2012 January 3, 2013 UK house prices fell by 1 per cent on average in 2012, with London bucking the trend and recording the strongest annual price change. According to the Nationwide house price index out this morning, house prices slid 0.1 per cent in December, with the average house price sitting at £162,262. According to its quarterly data, [...]
Next lifts profit guidance on strong sales January 3, 2013 Clothing retailer Next this morning upped its profit forecast on the back of strong pre-Christmas sales. It now expects profit to come in at between £611m and £625m, up from previous guidance of between £590m and £620m. Next cited better-than-expected cost control measures, markdowns and gross margins for the hike. Strong pre-Christmas sales boosted Next, [...]
Markets fly but hangover feared January 2, 2013 MARKETS around the world rallied yesterday after the US agreed an eleventh-hour deal to limit fiscal cliff tax increases and spending cuts, giving equities a much needed boost. The deal averted sharp rises in income-tax for a majority of Americans, but failed to reach any conclusion over cutting the budget deficit, leading analysts to warn the [...]
FTSE rally eludes UK grocery giants January 2, 2013 SUPERMARKET chains Morrisons and Sainsbury’s failed to make the most of UK investors’ New Year optimism yesterday after analysts raised fears that their performance had been less than stellar over the crucial Christmas trading period. Morrisons was one of just three fallers in the FTSE – closing down two per cent – after house broker [...]
Republican deal sets up a new US budget battle January 2, 2013 US REPUBLICANS have threatened to use the debt ceiling as a political tool once again in March, after yesterday’s budget deal included huge tax hikes with little spending reform. The US has once again hit the legal limit for the total it can borrow – set at $16.4 trillion (£10.1 trillion) – and government could [...]
The optimists come out to play for the first day of 2013 January 2, 2013 For those hardy souls returning to work yesterday after the Christmas break the financial markets provided some welcome and slightly unexpected cheer. Talks in the US aimed at averting a stalemate on the so-called fiscal cliff succeeded (just) and a bill that many Republicans dislike because it contains too few spending cuts passed through the [...]
Analyst Views | What does this mean for the world economy? January 2, 2013 KEVIN BURROWES PWC UK banks will breathe a sigh of relief today as the threat of the biggest economy slipping back into a recession diminishes.” KIT JUCKES SOCIÉTÉ GÉNÉRALE 2013 GDP growth is now likely to be 2–2.5 per cent, and the chances of [second half] growth exceeding three per cent are significant.” DAN MORRIS [...]
What the other papers say this morning January 2, 2013 FINANCIAL TIMES BofA raises lending after years of cuts Bank of America is ramping up mortgage and corporate lending after two years of focusing on capital levels and cost-cutting. Chief executive Brian Moynihan said the company should overtake JPMorgan Chase in direct-to-consumer mortgage lending in the next six months and he had directed bankers to [...]
Zipcar makes getaway with $500m in boot January 2, 2013 CAR-SHARING company Zipcar was yesterday bought by rental giant Avis Budget for $500m (£307m), handing the established company the leading position in the fast-growing car club business. Zipcar offers an alternative to car ownership by allowing its members to use thousands of vehicles in cities across the world, with usage charged on an hourly basis. [...]
What’s the secret of Zipcar’s success? January 2, 2013 Q How do customers hire a car using Zipcar? A Users book a vehicle online for any period from one hour upwards. They unlock it using a phone app or membership card and return it to the parking space before their time is up. Q How much does it cost to drive one of the [...]
