As London firms report low visitor numbers, is hope for an Olympic business boost dead? July 31, 2012 YES Nica Burns So London has a big hit – the Olympics. A brilliant show, with a cast of outstanding performers – drama, fulfilled and shattered dreams, laughter and tears. It’s a once in a lifetime and we’re riveted. We’re either going to see the events, or we’re watching them on a screen. We’ve listened [...]
RAPID RESPONSES July 31, 2012 Banking guidance [Re: Our decisive central bank has been neutered by regulatory confusion, yesterday] I agree with Lord Flight and, as a former financial regulator, recognise the limitations of all regulation. Too much is unrealistically expected. It’s an impossible task to protect fools from their own folly. In my view, the FSA has too wide [...]
Eurozone inflation static as unemployment hits high July 31, 2012 Inflation in the Eurozone remained steady for the third straight month in July, offering little comfort to consumers at a time when the number of people out of work continues to climb and the unemployment rate hit a record high. Consumer prices in the 17 nations sharing the euro rose 2.4 per cent in July [...]
Watchdog objects to InterContinental online tie-ups July 31, 2012 Britain’s consumer watchdog has objected to deals struck between InterContinental Hotels Group and online travel agents Booking.com and Expedia, saying that they restrict online agents’ ability to discount hotel room rates. The Office of Fair Trading (OFT) said that its provisional view was that Booking.com, Expedia and InterContinental had infringed competition law and that its [...]
Italian police seize Barclays documents in rates probe July 31, 2012 Police have seized documents at the Milan offices Barclays as part of an Italian probe into possible manipulation of Euribor lending rates, judicial sources and consumer groups said today. The search took place last Friday and was ordered by prosecutors in the southern city of Trani, the sources said. Barclays has been fined over $450 [...]
GKN profit rise driven by auto unit growth July 31, 2012 British car and plane parts maker GKN has said its first half profit rose a third, driven by solid growth at its automotive business on the back of robust luxury car sales. GKN, which makes auto components as well as airframes for Airbus and Boeing, this morning said its pre-tax profit rose 33 per cent [...]
Xstrata copper volumes down, but sees growth July 31, 2012 Miner Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for the [...]
EDF to open up UK nuclear projects for partners July 31, 2012 French state-controlled utility EDF is considering looking for more partners for its nuclear projects in Britain to help it share costs and limit its debt burden, its chief financial officer said on Thursday. EDF, along with junior partner Centrica, plans to build four new 1,600-megawatt European pressurised water reactors as Britain looks to reform its [...]
UBS Q2 profit shrivels as trading revenue drops July 31, 2012 UBS said on Tuesday net profit shrank to 425m Swiss francs (£276.4m) from 1bn francs on sharply lower trading revenue and a drop in commissions and fees from clients. The Swiss bank was cautious in its outlook, saying it would continue to explore avenues to improve efficiency, without detailing further measures. The bank, which employed [...]
BP results show strain of Russia, US spill July 31, 2012 BP delivered the worst of a poor set of quarterly results among top oil companies today, slashing $5bn (£3.18bn) off the value of US assets and undershooting expectations with its operating result. The British oil company is struggling under the weight of litigation over the 2010 US Gulf oil spill and a row with its [...]
