Retail sales up with gadgets boost October 20, 2011 Retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said. The ONS said sales volumes including automotive fuel rose by 0.6 per cent on the month after a fall of 0.4 per cent in August, giving an annual rise of [...]
Merrill falls to loss despite £3.9bn BofA profit October 18, 2011 Bank of America has posted a net $6.2bn (£3.9bn) third-quarter profit after selling assets and re-valuing assets and liabilities, but its investment bank, the former Merrill Lynch, made a loss as dealmaking suffered. BofA’s revenues rose six per cent year on year to $28.7bn, while the net profit signalled a huge turnaround from the $7.3bn [...]
CITI BUCKS GLOOM WITH PROFIT HIKE October 17, 2011 CITIGROUP bucked gloomy economic trends to post a surprise jump in profits yesterday. The boost came mostly from a drop in losses from bad loans, which fell by 41 per cent to $4.5bn (£2.86bn) in an unexpectedly bullish sign from US consumers. Chief executive Vikram Pandit declared the results “solid” in a “challenging economic environment” [...]
Businesses need to plan for the Olympics if they want the summer to run smoothly October 16, 2011 London 2012 TIME TO GET READY THERE’S no general piece of advice.” I’m with Transport for London’s no-nonsense commissioner, Peter Hendy, and if he has one message he wants people to grasp about public transport during next year’s Olympic and Paralympic Games, it is that every day and every part of town will be different. [...]
Mouchel set to breach its covenants October 13, 2011 British infrastructure and maintenance group Mouchel said yesterday it was in talks with its lending banks regarding expected covenant breaches caused by a profit warning last week, and named a new interim chairman after incumbent Bo Lerenius resigned. “The board is encouraged that the banks have been supportive and the discussions continue to be constructive [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 10, 2011 FINANCIAL TIMES TOUGH CARE HOME REGULATIONS PROPOSED The government is considering a series of tough regulations for residential care homes following the collapse this year of Southern Cross, the UK’s biggest home operator. The measures, outlined yesterday for consultation, include requiring companies to post capital upfront as a condition of their licence, and giving councils [...]
Cameron backs Liam Fox October 10, 2011 PRIME MINISTER David Cameron said yesterday that Liam Fox made “serious mistakes” in his dealings with Adam Werritty but backed his embattled defence secretary pending a full report into his conduct. Cameron’s comments came after an interim report on Fox’s ties with Werritty – a close friend who has no official post within the government [...]
Dexia saved as fire sale of assets begins October 10, 2011 A FIRE SALE of Dexia assets was underway last night after France, Belgium and Luxembourg agreed to spend €90bn (£78.45bn) on a bailout for the crippled bank’s ailing bonds unit. The break-up of the group will see Dexia Bank Belgium, the largely retail division, sold to Belgium for €4bn. Dexia is also seeking backing from [...]
Liam Fox under fire over “serious mistakes” October 10, 2011 Defence secretary Liam Fox made “serious mistakes” in his dealings with his friend Adam Werritty but still has the prime minister’s support, David Cameron has said. Fox’s future had been in doubt over media and political accusations of risking national security by granting high level access to Werritty, his former flatmate, who has no official [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 9, 2011 FINANCIAL TIMES WATCHDOG HITS FRENCH AUDITORS French auditors have been lambasted by the UK’s leading accountancy regulator for their performance during the Greek debt crisis. Stephen Haddrill, chief executive of the Financial Reporting Council, criticised the way French banks and insurers had been allowed by their auditors to post smaller losses on Greek government bonds [...]