Eurozone retail sales bounced in April June 7, 2011 Retail sales across the eurozone saw an unexpected bounce in April, despite rising inflation and a European Central Bank interest rate rise. Sales in the 17 countries using the euro rose 0.9 per cent month-on-month in April and 1.1 per cent compared with April 2010, following a decline in March, EU statistics office Eurostat said. [...]
There could be baa-bad news for retailers afoot June 6, 2011 DE-BLEAT-ING sheep numbers across the globe could have traders flocking into short positions on retail stocks later this year. Wool hit a 23-year high last week. Clothing retailers were decrying the increase yesterday, speculating on how long they can absorb the cost. The UK managing director of Hugo Boss Bernd Hake said that they would [...]
Vincent Tchenguiz interview: the Mayfair tycoon fighting to clear his name June 3, 2011 An afternoon with Vincent Tchenguiz, the property tycoon fighting to clear his name of fraud allegations linked to the collapse of Icelandic bank Kaupthing, makes you realise why cases like this take a team of accountants years to unravel. For nearly 90 minutes, I’m bombarded with figures and facts, allegations and claims. At one point [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 31, 2011 FINANCIAL TIMES UK CONSUMER RECOVERY SET TO BE SLOWEST IN 180 YEARS The UK economy is set to experience the slowest pick-up in consumer spending of any post-recession period since 1830, according to a Financial Times analysis of official forecasts. Families are expected to spend just slightly more by 2015 than they were before the [...]
Inflation goes up in OECD yet slows across Eurozone May 31, 2011 INFLATION has hit a 30-month high across member states of the Organisation for Economic Co-operation and Development (OECD), the group revealed yesterday, despite a slight easing of prices in the Eurozone. Consumer price inflation edged up to 2.9 per cent for the OECD in April, from 2.7 per cent in March, reaching its highest level [...]
CHINESE DROUGHTS FORCE UP FOOD PRICES May 31, 2011 DROUGHTS in China have placed even greater upward pressure on food prices, provoking a dilemma for the Chinese authorities, as they seek to control inflation. Pork prices have jumped in particular, further inflated by strong demand from May’s holidays. Food prices account for about a third of China’s consumer price index. Slower economic growth is [...]
Spanish inflation slowed in May May 31, 2011 Spanish inflation eased slightly in May, according to the harmonised European Union measure, released yesterday. Consumer price inflation (HICP) came in at 3.4 per cent, down from 3.5 per cent the previous month. Meanwhile, Belgian consumer price inflation held steady at 3.4 per cent. “Given further increases in food and core inflation, in combination with [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 19, 2011 FINANCIAL TIMES MOVE TO QUASH HERMÈS’ POISON PILL Minority shareholders in Hermès have sought to quash the luxury goods group’s poison pill defences devised by its controlling family, potentially bolstering LVMH’s protracted takeover push for its smaller rival. CHINESE SET A NEW STANDARD IN BUYING GOLD China overtook India to become the largest market for [...]
Royal Wedding and sunny weather boost retail sales May 19, 2011 Retail sales climbed more than expected in April, boosted by the extra holiday for the Royal Wedding and record temperatures, official data showed. The Office for National Statistics said sales volumes including automotive fuel rose 1.1 percent last month, well above analysts forecasts for an increase of 0.8 per cent, and the biggest rise for [...]
King’s letter is backed by Osborne May 17, 2011 BANK of England governor Mervyn King sent his sixth letter in 15 months to chancellor George Osborne this week, as inflation shows few signs of returning to its two per cent target. King is obliged to write a letter of explanation every three months as to why inflation remains more than one per cent above [...]