Weak rise in retail sales in July disappoints stores July 30, 2012 British retail sales rose in July more slowly than stores had expected, dented by unusually rainy weather, a survey by the Confederation of British Industry (CBI) has showed. The CBI distributive trades survey’s July sales balance fell to +11 from an 18-month high of +42 in June. Analysts had forecast a fall to +15. Economists [...]
HSBC sets aside $2bn for US investigation and mis-selling July 30, 2012 HSBC’s chief executive has apologised for the embarrassing mistakes made on anti-money laundering controls as the bank set aside $2bn (£1.27bn) to cover the cost of US investigations and compensate UK customers for mis-selling. Europe’s biggest bank reported a 3 per cent dip in underlying profit and said it had made a provision of $700m [...]
Olympics are a great success but won’t solve economic crisis July 30, 2012 FOR those of us lucky enough to have been at the Olympic Park in Stratford yesterday or at one of the other venues, the scale and success of the Games was a wonder to behold. Tens of thousands of happy spectators from all over the world, brandishing flags of an extraordinary range of home nations, [...]
UK sets out terms for urgent Libor review July 30, 2012 Britain’s government set out on Monday terms for a fundamental revamp of a key interest rate rigged by a number of banks, including Barclays, saying urgent reform is required. The review will be conducted by Martin Wheatley, a top official at the Financial Services Authority regulator. It will look at how Libor is constructed, the [...]
Apple, Samsung patent trial set to kick off in US July 30, 2012 Jury selection is due to begin on Monday in the US in a high stakes patent battle between Apple and Samsung Electronics, the culmination of over a year of pre-trial jousting with billions of dollars in the balance. Apple and Samsung, the world’s largest consumer electronics corporations, are waging legal war around the world, accusing [...]
Reckitt reassures on earnings after rival’s problems July 30, 2012 Reckitt Benckiser is growing faster than its markets despite tough trading in southern Europe and some slowing in emerging markets, as the British consumer goods group focuses on its top brands and fastest-growing regions. Chief executive Rakesh Kapoor, who took over last September after Bart Becht’s shock decision to retire, today reported half-year earnings rose [...]
GE says Olympics bring in $100m in sales July 30, 2012 General Electric sold about $100m (£63.6m) of lights, power supplies and medical devices for the London Olympic Games, less than for Beijing’s massive build-out but still enough to justify the largest US conglomerate’s sponsorship, according to officials. Since signing on as a top-level Olympic sponsor in 2005, GE has generated about $1 billion in revenue [...]
Russian co-owners vote against TNK-BP $1bn payout July 30, 2012 The directors of a consortium of billionaires who co-own TNK-BP have voted against a proposal for the company to pay $1bn (£637 m) in 2012 dividends, putting pressure on BP to resolve conflict and ownership issues at the Anglo-Russian oil venture. British oil major BP and its oligarch partners jointly own the TNK-BP venture but [...]
Recession bites Ryanair profits July 30, 2012 Ryanair, Europe’s biggest budget airline, undershot analyst forecasts with a profit slide of 29 per cent in the three months to June as it grappled with a toxic mix of austerity, recession and stubbornly high fuel prices. The Dublin-based airline said the weak economic outlook for Europe would continue to restrain fare growth for the [...]
HOUSE PRICES ON THE SLIDE July 30, 2012 House prices across the country fell for the first time in seven months in July, with even resilient London and the south east of England seeing a slowdown in growth, claims research out today from Hometrack. Rising house prices in London and the south east have been offsetting the decline across the rest of the [...]
