FTSE nears seven-year high as M&S boosts retail sector April 6, 2011 BANKS helped drive Britain’s top shares to a near seven-week high yesterday following a Portuguese debt auction, while Marks & Spencer rose on better-than-expected sales, lifting sentiment in retailers. The FTSE 100 ended up 34.07 points, or 0.6 per cent, at 6,041.13, its highest closing level since 18 February. Lex van Dam, hedge fund manager [...]
Shop price inflation eases April 6, 2011 Shop price inflation slowed in March as grocers offered discounts on food, a survey showed, providing some relief to consumers hard-pressed by rising taxes and higher fuel prices. Prices on the high street were still up 2.4 per cent from a year ago, but inflation eased from February’s 27-month high of 2.7 per cent, the [...]
CHINA HIKES RATES April 5, 2011 INTEREST rates in China were hiked for the second time in 2011 yesterday. Benchmark one-year deposit rates rose 0.25 per cent to 3.25 per cent and one-year lending rates went up 0.25 per cent to 6.31 per cent. The central bank has tightened policy since food price inflation soared upwards last year, provoking widespread concerns.
Chinese rate hikes will build pressure on its Pacific partners April 5, 2011 TODAY the interest rate hike announced by the Chinese central bank will kick in. This follows yesterday’s announcement by the People’s Bank of China (PBoC) that the benchmark one-year lending rate will increase to 6.31 per cent from 6.06 per cent. At the same time, the one-year deposit rate will rise to 3.25 per cent [...]
Brits sacrifice holidays, says Thomas Cook March 29, 2011 Thomas Cook, Europe’s second biggest travel firm, said UK bookings had slowed as cash-strapped Britons sacrifice their annual two weeks in the sun. “Cumulative summer bookings remain ahead in most markets, although the rate of booking intake has slowed noticeably in the UK as a result of continued economic uncertainty,” the company said yesterday. Thomas [...]
Inflation across OECD member states hits new 27-month high of 2.4 per cent March 29, 2011 CONSUMER prices across member states of the Organisation for Economic Co-operation and Development (OECD) rose by 2.4 per cent in February compared with 2.2 per cent in January — the highest rate since October 2008. This increase was driven by food and energy inflation which reached three per cent and 10.1 per cent respectively. Excluding [...]
Inflation worries hits Germany March 29, 2011 German consumer confidence will decline for the first time in ten months in April, researchers GfK said yesterday. Spiralling energy and food price pressures were cited for the uncertain outlook. However, German inflation remained stagnant at 2.1 per cent in March, official data showed.
Porridge helps Pret a Manger stay hot March 29, 2011 Sandwich chain Pret a Manger has said sales of hot food such as porridge were helping it to thrive in tough consumer environment as it posted a 37 per cent rise in its 2010 core earnings. The chain, majority owned by private equity firm Bridgepoint , said it planned to open more than 30 shops [...]
Inflation and spending up in US March 28, 2011 US consumer spending rose for an eighth straight month in February as households tapped savings to cover higher food and energy prices, the Commerce Department revealed yesterday. Spending was up 0.7 per cent, higher than economists expected, after a 0.3 per cent increase in January. Inflation accelerated at its fastest pace since June 2009. Meanwhile, [...]
Wake up and smell the instant coffee March 24, 2011 CHRISTMAS?2010 will be remembered as Britain’s last big spending splurge. What better way to end almost two decades of unsustainable, debt-fuelled largesse than with a massive turkey dinner and tonnes of presents? Supermarkets could barely believe it as families spent more than ever before on rich food and booze; John Lewis notched up record sales. [...]