FTSE 100 weak on Eurozone concerns October 2, 2012 The FTSE 100 opened down this morning, losing yesterday’s strong gains, as concerns over the health of the European economy and whether Spain might apply for financial help weighed on sentiment. A mixed bag made up the loserboard. Property group LSL Property led the fallers, shedding 4.61 per cent in early deals. Intellectual property firm [...]
BCC: UK economy remains stagnant October 2, 2012 The UK economy has lost momentum, with domestic and export demand slowing, the business lobby British Chambers of Commerce said this morning. The survey, of 7,593 businesses across the UK, shows the domestic market stagnating and a fall in export activities thanks to domestic austerity and the Eurozone crisis denting confidence. Business confidence and investment [...]
Wolseley proposes £350m special dividend October 2, 2012 Plumbing giant Wolseley posted a 10 per cent rise in full-year profit this morning, proposing a special dividend of £350m. Trading profit for ongoing businesses at Wolseley, which operates the Plumb Centre and Ferguson chains in the UK, was £658m, 10.4 per cent ahead of last year. Revenue from ongoing businesses was 5.4 per cent [...]
Babcock confident on targets October 2, 2012 Defence services group Babcock said this morning trading in the first half of the year was positive, and it was on track to meet expectations for the full year. “Our businesses continue to experience buoyant market conditions, in both civil and military markets, as current and potential customers continue to seek increased efficiency and improved [...]
UK house prices slump in September October 2, 2012 UK house prices fell by 0.4 per cent in September, according to Nationwide. Figures from the lender showed that house values are now 1.4 per cent lower year on year, with the average house price sitting at £163,964. Robert Gardner, chief economist at Nationwide, said this morning that the Funding for Lending scheme should bolster [...]
Revlon celebrates 80 years of glamour October 1, 2012 Dita Teese swears by it and you’ll be hard pressed to spot Gwen Stefani not wearing it so you’ll be forgiven for thinking that red nail varnish has always been around. In reality, Revlon created the first one back in 1932, when the company launched. With the brand celebrating its 80th anniversary this year, it’s [...]
Axe falls on 133 shops as JJB gives up October 1, 2012 AROUND 2,200 staff at JJB Sports were made redundant yesterday after administrator KPMG finally closed down 133 of the stricken retailer’s stores and sold the remaining 20 shops to Sports Direct. The rival group, controlled by Newcastle United football club owner Mike Ashley, has bought the JJB brand, its stock, as well as the Slazenger [...]
Osborne hit by drops in credit and factory stats October 1, 2012 HOPES for a growing recovery in the UK economy were dented yesterday by two data releases that exposed weak lending rates and another contraction in the country’s manufacturing sector. Consumer credit and mortgage lending both unexpectedly sank in August, according to figures from the Bank of England, dipping by £134m and £276m respectively. Total lending [...]
Greece cuts again as sixth year of recession looms October 1, 2012 THE GREEK government announced more austerity measures yesterday as it battled to convince international creditors that it deserves the next tranche of its bailout cash. Its new draft budget predicts the economy will shrink by 3.8 per cent in 2013, its sixth consecutive year of recession. That represents a stark turnaround from EU estimates back [...]
A strange kind of green shoots: Welcome to the New Normal October 1, 2012 GREEN shoots in the economy are a bit like beauty: they are in the eye of the beholder. Such is the confused, contradictory state of the British economy that one can just as easily be bullish or bearish, depending on which facts one chooses to pick out. For every piece of good news, one can [...]
