Inflation dives to slowest rise since late 2009 July 17, 2012 INFLATION hit the brakes in June, as falling oil prices and high street discounting dragged consumer price growth to the slowest pace since December 2009, according to data released yesterday by the Office for National Statistics (ONS). CPI grew 2.4 per cent in the year to June, approaching the Bank of England’s two per cent [...]
Treasury to underwrite £40bn of investment in infrastructure July 17, 2012 THE TREASURY today revealed plans to underwrite infrastructure investment and subsidise exports, in an attempt to buttress the faltering economy. UK Guarantees, as the plans are together known, will guarantee up to £40bn of “nearly ready” infrastructure projects, support up to £5bn of loans to export customers, and ensure the progression of around £6bn worth [...]
Budget grocers up market slice July 17, 2012 BUDGET supermarket chains Aldi and Lidl have raised their market share again, new figures showed yesterday. The latest Kantar Worldpanel survey revealed that Lidl and Aldi have 2.9 per cent each of the UK market, a record for the budget chains, which have been catching their rivals as austerity bites. Among the big four grocers, [...]
CITY VIEWS | ARE YOU WORRIED ABOUT SECURITY DURING THE OLYMPICS? July 17, 2012 OLLIE ROSEWELL IG INDEX It’s unfortunate they’ve had to bring the army in so late in the process; I would have paid G4S a bit more and managed them more closely, if it had been my decision. With so many people coming in and out of London, I think the inner city area, the transport [...]
A gunslinging row after Tyrie draws on King July 17, 2012 “WE protected the shareholders,” cried one regulator. “We were making clear the public’s anger,” called another. “But what were you actually regulating?” asked the MP. “Well, that isn’t our job,” came the inflammatory reply. So it came to pass that yesterday the Treasury select committee (TSC) dug a little deeper into the roles of the [...]
Former chancellor and a bishop to probe Libor-rigging scandal July 17, 2012 FORMER chancellor Nigel Lawson and the Bishop of Durham are among the five peers yesterday appointed to the parliamentary investigation into banks’ abuse of the London inter-bank offered rate (Libor). In recent years Lawson has become a leading proponent of the campaign to split bank’s retail operations from their investment banking arms. Other peers appointed to [...]
Gus O’Donnell leads race to be next Bank of England governor July 17, 2012 THE RACE to succeed Sir Mervyn King as the next governor of the Bank of England is heating up as potential candidates are embroiled in various scandals. Formerly the frontrunner, Paul Tucker’s odds slipped after the bad press associated with his contact with ex-Barclays boss Bob Diamond. Lord O’Donnell, the country’s most senior civil servant [...]
UK’s CSR in £200m Samsung deal July 17, 2012 BRITISH microchip firm CSR has sold its mobile phone technology division to South Korean electronics giant Samsung for $310m (£198.2m). The Cambridge-based company said its Bluetooth, WiFi and GPS location technology – which features in Samsung’s Galaxy smartphones, as well as Apple’s iPhone and iPad – is cutting edge. But the firm decided to sell because it was [...]
IG profits jump but betting firm seeks volatility July 17, 2012 SPREAD betting firm IG Group yesterday announced a 14 per cent rise in year-end pre-tax profit but admitted that increased stability in the financial markets could dent growth this year. “Most of what our clients are doing is trading on short term markets and it’s an increase in volatility that drives volume,” chief executive Tim Howkins [...]
Currie to head antitrust body … July 17, 2012 FORMER Ofcom boss Lord Currie has been chosen as the first chair of the Competition and Markets Authority – the UK’s new antitrust regulator. Currie will earn £185,000 a year for the three-day a week commitment, serving as chair of the body for a four-year term beginning this summer. The CMA is part of the government’s [...]
