US retail sales return to growth in October despite shutdown November 20, 2013 US retail sales are up again in October, and well ahead of analyst estimates. They jumped by 0.4 per cent, after seeing no growth last month (revised up from a 0.1 per cent fall). Paul Dales, senior US economist at Capital Economics, says that the number is "a very decent result at a time when [...]
Labour rejects recommendations to overhaul benefits for under 25s November 20, 2013 The Labour party has distanced itself from a report which calls for, among other things, overhauling out-of-work benefits for the under 25s. The influential Institute for Public Policy Research (IPPR) on Wednesday published the report "No more NEETs: A plan for all young people to be learning earning." The report made three key recommendations which [...]
Just four commuters use Boris’ £60m Emirates Airline cable cars November 20, 2013 One of London's great white elephant projects – the Emirates Airline cable cars – were used by just four regular commuters in the week from Saturday 13 October. With a capacity of 2,500 people an hour, the link between the O2 in Greenwich and the ExCel centre at the Royal Docks operates well below that [...]
UK mortgage lending hits five year high November 20, 2013 Gross mortgage lending in October has risen to £17.6bn according to Council of Mortgage Lenders (CML) data. This represents an increase of 36.6 per cent year-on-year and nine per cent month-on-month and was the highest monthly gross mortgage lending seen since October 2008. The housing market is being supported by improving consumer confidence, increasing employment [...]
Diageo quenches thirst for bourbon with new premium brands November 20, 2013 Alcohol giant Diageo has said it does not need to buy spirits producer Beam Inc and is set to launch two new premium bourbon brands, Orphan Barrel and Blade & Bow. Commenting on whether Diageo would seek to acquire the maker of Jim Beam and Maker's Mark, chief executive of officer, Ivan Menezes said, "we [...]
Royal Mail rival lands 63 per cent profit increase November 20, 2013 UK Mail group has reported 63 per cent increase in half year pre-tax profits. The private postal company reported profit before tax of £11.9m and post tax profit of £9.3m. The improving economy and rises in parcel revenue were major factors contributing to the company's bumper profits. Group revenues reached £243.4m compared with £225.7m, in [...]
Police search house of Co-op’s Crystal Methodist November 20, 2013 Police have searched the property of former Co-op Bank chairman Paul Flowers. The Methodist minister dubbed the "Crystal Methodist" after being filmed allegedly buying a number of illegal substances, Flowers has since been suspended as a minister. "Officers executed a search warrant … as part of their investigation into alleged drugs offences arising from a [...]
Cineworld CEO to resign ahead of chain expansion November 20, 2013 Cineworld CEO Stephen Wiener is to move on from the chain on 31 March next year, after 18 years leading the company. The cinema chain operates 79 sites, and in October announced that while it would be closing or selling two recently acquired Picturehouse cinemas, it would be opening "up to and possibly 25 new [...]
Shareholders back Nokia’s €5.4bn handset division selloff November 19, 2013 Nokia has announced that shareholders have overwhelmingly backed the €5.44bn (£4.5bn) sale of its devices and services division to software giant Microsoft. At an emergency general meeting Nokia chairman Risto Siilasmaa said that 99 per cent of the company’s shareholders had already voted in support of the sale – which is designed to inject much [...]
BlackRock’s Fink erases US gains with warnings of great rotation reversal November 19, 2013 BlackRock CEO Lary Fink says that investors such as pension funds will rotate assets out of equities as the year ends. We are going to start seeing pension funds selling equities and buying bonds. If people are going to have a formula as to how they do asset allocations, they have to stick with it. [...]
