Tesco launches second inflation linked bond November 30, 2011 TESCO Bank yesterday launched a follow-up to its sell-out retail bond, offering investors a return of retail price inflation (RPI) plus one per cent over the next eight years. The inflation-linked bond will pay interest twice a year, with the full amount repaid at maturity even if RPI has fallen. Tesco’s latest issue comes a [...]
Osborne misses a great opportunity November 30, 2011 AS ever, it was Lewis Carroll who put it best in Alice Through the Looking Glass: “The rule is, jam tomorrow and jam yesterday – but never jam today.” Even that could be too optimistic: reading between the lines of yesterday’s mini-Budget, it is clear that the UK is out of money to an even [...]
Osborne misses a great opportunity November 29, 2011 AS ever, it was Lewis Carroll who put it best in Alice Through the Looking Glass: “The rule is, jam tomorrow and jam yesterday – but never jam today.” Even that could be too optimistic: reading between the lines of yesterday’s mini-Budget, it is clear that the UK is out of money to an even [...]
Workers to suffer falling real pay until late 2013 November 29, 2011 THE SQUEEZE on earnings will not stop until 2013, which means consumption will do little to help an economic recovery, according to the Office for Budget Responsibility’s forecasts published yesterday. Once inflation is taken into account, real earnings fell by 2.3 per cent in 2011 – “a post-war record”, said OBR boss Robert Chote. Consumption [...]
Banks, businesses and unions give their views on the Autumn Statement November 29, 2011 THE BRITISH BANKERS’ ASSOCIATION The BBA is the leading trade association for the UK banking and financial services sector, speaking for over 200 member banks DIRECTOR GENERAL ANGELA KNIGHT “This Autumn Statement makes a serious addition to the large sums already being lent to the business community by the banks. With the Eurozone crisis putting [...]
Five ways to get the UK economy back in the black November 28, 2011 IT’S time for the UK to get real. The country is deeply in debt. The coalition made deficit reduction the prime aim of its governing agreement. It was a great idea then. It is a great idea now. It needs delivery. First, let’s be bold with the banks. The UK private sector needs easier access [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 27, 2011 FINANCIAL TIMES PLEA TO BRUSSELS OVER AUDIT SHAKE-UP The heads of several midsized audit networks have issued a last-ditch appeal to the European Commssion not to dilute sweeping proposals aimed at reducing the dominance of the four biggest accountants and improving audit quality. In a joint interview with the Financial Times, the chief executives called [...]
John Lewis takings down from this time last year November 27, 2011 E-TILLS ARE RINGING FOR CYBER MONDAY JOHN LEWIS said retail sales fell 1.2 per cent last week compared with the same week last year, as consumers continue to face severe pressure from high inflation and muted wage growth. The department store group posted sales for the week ending 26 November of £98.7m, jumping 15.9 per [...]
LORD MAYOR STEPS UP SECURITY FOR AMBASSADORS’ RECEPTIONS November 24, 2011 IT HAD to be the Queen. “No-one else has that level of police presence,” said one City observer when he noted a convoy of four police motorbikes and two impressive cars making its way towards the Walbrook Building in stately fashion. But no – it was Lord Mayor David Wootton, who had stepped up his [...]
Compass sees earnings lift on US success November 23, 2011 COMPASS Group, the world’s biggest caterer, has seen its full-year profits rise after fattening up its US business with new contract wins, which helped offset tough conditions in Europe and Japan. The caterer, which provides meals for everyone from schoolchildren to members of the Chicago White Sox baseball team, posted a five per cent rise [...]