Sales slump at Old Mutual as turmoil reigns May 10, 2012 THE chief executive of Old Mutual yesterday warned over the health of the banking sector as the group posted a 10 per cent drop in quarterly sales. Anglo-South African Old Mutual recorded life insurance sales of £269m in the three months to March, beating the £262m expected. “The banking world generally has still got a [...]
Trinity Mirror’s shares jump as group shows signs of recovery May 10, 2012 TRINITY Mirror’s shares jumped 11.6 per cent yesterday as the publisher reported a strong performance online. Digital revenues increased by nine per cent in the quarter, including 24 per cent growth in the nationals division reflecting the relaunch of MirrorOnline. But total group revenues fell four per cent as advertising sales took an 11 per [...]
Coulson had £40,000 in News Corp May 10, 2012 DAVID Cameron’s former press secretary yesterday said that he held £40,000 of News Corporation shares while working at Downing Street. Andy Coulson, the ex-editor of the News of the World, also told the Leveson Inquiry that he attended meetings of the national security council and may have had access to top secret documents, even though [...]
Aberdeen sets sail with a new offshore asset May 10, 2012 ABERDEEN Asset Management has taken its understanding of offshore investments to a whole new level. Earlier this week, Charlie Martell embarked on a boat journey of epic proportions, and Aberdeen helped put the wind in his sails. Only metaphorically, you understand, because Charlie set off across the Pacific Ocean with not much more than a [...]
Inflation threat leaves interest rates on hold May 10, 2012 UNCOMFORTABLY high inflation stopped the Bank of England from announcing any more quantitative easing (QE) yesterday, despite the new recession increasing calls for further attempts to stimulate demand. The Monetary Policy Committee (MPC) held interest rates at 0.5 per cent for the 39th consecutive month, and decided not to increase the size of the asset [...]
Manufacturing rebound hints at recovery in the second quarter May 10, 2012 MANUFACTURING output rebounded in March, official figures showed yesterday, raising hopes that the economy may be emerging from recession. However, the month’s warm weather hit overall industrial production as energy consumption fell, and Nationwide data out today shows consumer confidence remains subdued, underlining the sluggish nature of any recovery. Factory output rose 0.9 per cent [...]
Construction up as private sales trump falling public demand May 10, 2012 ACTIVITY in the construction sector edged upwards in the first quarter of 2012, surveyors reported today, indicating a rebound may be on the way following the strong fall in output seen in official data. Twenty-three per cent of surveyors reported rising workloads, compared with 15 per cent who reported a decline, leaving a net balance [...]
Buy to let loans rise as market woes heal May 10, 2012 BUY to let lending jumped sharply in the last year, industry figures showed yesterday, though the sector remains far smaller than it was in its 2007 peak. Lending in the first quarter hit £3.7bn in 32,000 loans, according to the Council of Mortgage Lenders. This was up 32 per cent on the same period of [...]
Weak Chinese exports fuel growth fears May 10, 2012 CHINA risks a fresh downturn in demand for goods from its massive factory sector, with official data yesterday showing weaker than expected exports and stalling headline import growth last month signaling that government spending is the crucial factor keeping the economy moving. Annual growth in imports in April was just 0.3 per cent, far below [...]
US jobless data better but trade deficit widens May 10, 2012 THE NUMBER of Americans submitting new applications for jobless benefits edged down last week, official data showed yesterday, boosting hopes that the labour market remains on an upward trajectory. However Commerce Department data showed a widening in the trade deficit in March, suggesting economic growth was much slower in the first quarter than initially believed. [...]
