Off-licence hits back at Games branding rules July 24, 2012 OFF-LICENCE chain Oddbins hasn’t so much tweaked the noses of London 2012 chiefs as clamped them in a vice and swung them from a wrecking ball. In a tongue-in-cheek attack on the strict branding laws designed to protect the Games’ official sponsors, Oddbins have offered a discount to anyone who proves they’ve shunned all of [...]
Inflation’s long squeeze on UK finances eases August 19, 2012 HOUSEHOLDS’ inflation expectations fell to a six-month low in August as the squeeze on finances eased to its lowest level in almost two years, according to a report out today from Markit. The decline in finances almost came to a halt in the private sector, recording a score of 47.2. On Markit’s index a reading [...]
Better outlook for companies July 23, 2012 BUSINESS confidence is on the up in July, after dipping sharply into January, according to a report from Lloyds TSB today. The balance of confidence – positive responses minus negative responses – grew to 12 per cent in July, compared to just eight per cent in January. But aside from January 2012, the figure has [...]
Northern firms drag down UK private sector June 10, 2012 BUSINESSES in the north of England fell further behind their southern rivals in May, helping to drag down growth in the UK private sector, figures out today show. The private sector remains in growth overall, with a purchasing managers’ index reading of 52.3 in May according to Lloyds TSB. However, it has slowed from 52.6 [...]
CITY A.M. | OUR SHADOW MPC VOTES 7-2 FOR NO NEW ACTION August 1, 2012 ALLISTER HEATH | CITY A.M. “No change – this recession can’t be resolved with ever looser monetary policy, and more asset purchases will have negative side-effects. Instead of endless monetary manipulation the government must allow the private sector to thrive through meaningful supply side reform.” CORIN TAYLOR | INSTITUTE OF DIRECTORS “The UK is in [...]
Long squeeze on pay eases as inflation slides July 16, 2012 HOUSEHOLDS’ spending power increased in June – the first rise in a year – as the long squeeze on incomes at last begins to ease, according to a Lloyds report out today. Spending power in June was 0.7 per cent higher than in the same month of 2011, the bank revealed, as income growth outstripped inflation [...]
Trust has lost all of its value in our state-regulated financial markets July 4, 2012 THE spotlight in the Libor rate-fixing scandal has moved. Questions are being asked about the culpability of the FSA, which may well have ignored repeated warnings about Libor calculations from market participants. The role of the Bank of England and the Treasury is also being questioned. Of course, regulators are not to blame for the [...]
Co-Op walks off with a bargain July 19, 2012 THE KNOCK-DOWN sale of 632 Lloyds branches to the Co-op yesterday was met with disbelief by industry insiders, who accused the government of getting a bad deal on the sale. The state-backed bank has agreed to sell the branches for £350m up front, followed by up to another £400m over the next 15 years – [...]
ING agrees to pay $619m fine for violating US state sanctions June 12, 2012 ING Bank has agreed to pay $619m (£398m) to settle US government allegations that it violated US sanctions against Cuba, Iran and other countries. It was the biggest ever fine against a bank for sanctions violations, officials said. US authorities said ING moved $1.6bn illegally through banks in the US from the early 1990s through [...]
CITY A.M. | OUR SHADOW MPC VOTES 7-2 FOR MORE EASING July 4, 2012 THE BANK of England is already on course to splash £325bn on asset purchases as it strives to stimulate a flat and endangered economic recovery. Yet many economists feel the situation is bad enough to warrant even more quantitative easing (QE). David Kern of the British Chambers of Commerce yesterday warned that more QE “is [...]