M4 lending slows in June July 29, 2010 THE flow of money to non-financial companies – a gauge of the effectiveness of the Bank of England’s £200bn asset purchase programme – slowed markedly in June. M4, excluding intermediate other financial corporations, rose by just 0.2 per cent on the month, the lowest since January, taking the three-month annualised rate down to six per [...]
Consumer confidence falls again July 29, 2010 Consumer confidence fell for the fifth successive month in July, according to the latest barometer from GfK NOP published today. The overall consumer confidence index dropped three points to -22 with falls in consumers’ expectations for their personal finances over the next year, the current general economic situation and the economy over the next 12 [...]
BAE Systems stays bullish despite cuts July 29, 2010 BAE SYSTEMS remains bullish in the face of looming government spending cuts, after posting a 14 per cent rise in first-half earnings yesterday to swing back into profit. The firm’s chief executive Ian King said: “The group anticipates a challenging trading environment as governments look for cost savings to address budgetary pressures and enhance value [...]
Rolls Royce to raise dividend after profit rise July 29, 2010 ENGINE and turbine maker Rolls-Royce reported a stronger than expected 4.5 per cent rise in first half profit yesterday, and said a tight lid on costs had allowed it to raise full-year forecasts and dividend payments. The British behemoth posted an underlying first-half pre-tax profit of £465m, up from £445m a year ago. Revenues climbed [...]
PartyGaming and Bwin set to join forces July 29, 2010 BRITAIN’S PartyGaming and Austria’s bwin unveiled a deal yesterday to create a £2.1bn online gaming business, positioning them to profit from any forthcoming deregulation in the lucrative US market. The deal to create the world’s biggest listed online gaming company could kickstart a flurry of M&A activity in a fragmented sector that is seen as [...]
Metro Bank arrives on the UK high street July 29, 2010 THE WORLD and his dog queued up outside Metro Bank’s first branch in Holborn yesterday morning for the opening of the UK’s first high street bank for over a century. Metro, which freely admits it will not offer the best rates for savers, is counting on a dedicated customer service and convenience-based approach to lure [...]
TGI FRIDAY’S IN BUYOUT DEAL July 29, 2010 Restaurant chain TGI Friday’s is poised for UK expansion after hospitality group Carlson bought out its British partner for £60m. Carlson, which already operates TGI in the US and across the globe, bought the 60 per stake it did not already own from private equity group AAC Capital Partners. Carlson said it is investing $100m [...]
Rank profit up as bingo makes a comeback July 29, 2010 BRITISH bingo hall and casino operator Rank Group reported an increase in first-half pre-tax profit yesterday as its Grosvenor Casinos and Mecca Bingo halls attracted more customers. The company, which operates 35 casinos and 103 bingo halls in Britain, made a pre-tax profit of £25.1m compared with £24.7m the year before. Overall customer numbers increased [...]
CITY VIEWS: DO YOU THINK NEW START-UP BANKS HAVE A CHANCE OF July 29, 2010 ANDREW FRANCIS | MUNICH RE “The new start-ups are not likely to take major market share, but they probably will see an increase in customers who will move for customer service reasons because the big banks are lacking in that area. I doubt people will move because the start-ups have better rates.” CAROLYN BEGG | [...]
Carmakers in slow lane as US sales drag July 29, 2010 A strong crop of results from carmakers Nissan, Hyundai and Volkswagen yesterday failed to dispel fears of slowing demand from major markets such as China and the US. A patchy recovery in the US is a big industry concern, in particular for Japanese carmakers, which rely heavily on that market for profits. And in Europe [...]
