Travelodge warns that abuse of levies threatens London’s hotel sector July 29, 2013 Hotel chain Travelodge has warned that the Community Infrastructure Levy (CIL) is putting the capital's hotel sector under threat (release). CIL was introduced by the previous Government with the intention of ensuring financial clarity for developers in a bid to ensure developments make a fair contribution to infrastructure whilst providing an alternative solution or replacement [...]
US manufacturing expansion sees unexpected decline in pace July 29, 2013 The newest figure from the Dallas Fed manufacturing business index shows a fall from 6.5 to 4.4 in July. Economists had been forecasting a rise to 7.3 (release). Texas factory activity continued to expand in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state [...]
US pending home sales fall 0.4 per cent in June July 29, 2013 US pending home sales have fallen 0.4 per cent in June, from a 5.8 per cent rise (revised from 6.7 per cent) in the previous month. That's a nasty revision, and this month's figure is worse than the 0.1 per cent decline expected. pending
New EU bonus rules mean bankers can be paid in bonds to promote long-termism July 29, 2013 A new European Union law which will cap bonuses from 2014 will also allow bankers to be paid in bonds. Current rules allow bonuses to be up to 50 per cent cash, with the remainder in shares that can not be immediately sold. The new rules will allow bankers to be paid in bonds known [...]
Business group says that employment tribunal fees will encourage businesses to hire July 29, 2013 As changes to the legal system come in today, business group the Institute of Directors argues that the introduction of user fees for employment tribunals will help businesses to hire. Alexander Ehmann, head of regulatory policy at the Institute of Directors, said: The introduction of fees for employment tribunals will have a direct effect on [...]
Feel-good factor drives up retail sales for first time since February as heatwave hits Britain July 29, 2013 Retail sales have risen for the first time in five months, according to the CBI's latest monthly distributive trades survey (release). Reported sales grew to 17 in July from 1 previous, beating analyst estimates of a rise to 10. The survey of 60 retailers saw year-on-year high street sales this month grow at a stronger [...]
Barclays shares slump as it confirms regulator talks to fix balance sheet July 29, 2013 Shares in Barclays have dropped by more than 3.5 per cent today as it confirms that it is in discussions with the Prudential Regulatory Authority (PRA) "regarding its financial and capital management plans" (release). The 9.46 announcement appears to have had little impact on the bank's shares, which dropped on the open. The statement has [...]
Italian business confidence beats estimates in July July 29, 2013 Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8. The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased [...]
Ryanair profits fall by over 20 per cent in first quarter but still expects to hit targets July 29, 2013 The low-cost airline Ryanair has announced that its post-tax profits fell by 21 per cent in the first quarter to €78m (£67m) (release). Passenger numbers grew by three per cent to 23.2m in the same period with revenue up five per cent to €1,342m (£1158m). Ryanair's CEO, Michael O'Leary, said: As ever, our outlook remains [...]
IMF thinks the dollar is overvalued by as much as 10 per cent July 26, 2013 The IMF has said that it considers the dollar is mildly overvalued by as much as 10 per cent more than its fundamentals suggest. The organisation said that it expects US growth of 1.7 per cent in 2013, and 2.7 per cent in 2014. Risks to the US economic outlook are said to be modestly [...]
