Editor's Picks
Retail sales rise more than expected
Thursday 20 Aug 2009
Shoppers hit the High Street last month, pushing UK retail sales higher again as disappointing summer weather kept them away from the beach. The Office for National Statistics said sales grew 0.4% from June, putting the annual increase at 3.3%, the highest since May 2008. Economists had predicted a rise of just 0.2% for July and a 2.7% year-on-year improvement
Tesco creates 800 finance jobs
Thursday 20 Aug 2009
Tesco Personal Finance (TPF), the supermarket giant’s banking arm, will create over 800 jobs in Glasgow with the opening of a new customer service centre.
Rio Tinto profits slump 50%
Thursday 20 Aug 2009
Mining giant Rio Tinto saw profits fall by more than half in the six months to June 30 as it felt the impact of sharply lower commodity prices amid tough economic conditions globally. Pre-tax profits for the period totalled $4.39bn, compared with $9.82bn over the same period the previous year, as sales fell to $19.52bn from $30bn. ‘Prices declined for nearly all of Rio Tinto's major commodities
Lloyds reviews Cheltenham & Gloucester closure
Wednesday 19 Aug 2009
Part-nationalised bank Lloyds Banking said it will review its decision to close all 164 Cheltenham & Gloucester (C&G) branches. The surprise announcement comes two month after the lender said it would close the entire branch network by November. Lloyds didn’t give a reason for the decision, but said the branches will remain open while it is considering its options.
Former bank bosses rehired
Wednesday 19 Aug 2009
Banks have lost tens of billions of pounds over the past few years, so it’s perhaps a little surprising that men held responsible for the credit crunch have found gainful employment at some of Britain’s biggest companies.
BoE's QE boost could have been bigger
Wednesday 19 Aug 2009
The unexpected decision by the Bank of England earlier this month to expand its quantitative easing (QE) programme was supported by all members of Monetary Policy Committee (MPC), though three members wanted an even larger increase than was finally agreed. Six members of the MPC voted in favour of the proposition that the Bank of England should finance a further £50bn of asset purchases
US, UBS sign tax deal
Wednesday 19 Aug 2009
The US government and UBS have signed an agreement to resolve a tax investigation that looked into wealthy Americans using the bank to evade taxes.
BoE's QE boost could have been bigger
Wednesday 19 Aug 2009
The unexpected decision by the Bank of England earlier this month to expand its quantitative easing (QE) programme was supported by all members of Monetary Policy Committee (MPC), though three members wanted an even larger increase than was finally agreed.
Venture Production profits down 7%
Wednesday 19 Aug 2009
Venture Production saw half-year profits slip 7% despite higher revenues as lower realised prices and higher costs weighed.
More mega bonuses at RBS
Wednesday 19 Aug 2009
Royal Bank of Scotland, 70% owned by the taxpayer, has raided the piggy bank again to keep a new non executive at the bank, paying £1m just as long as he stays there for two years.
Former Bank of Ireland governor new BAT chairman
Wednesday 19 Aug 2009
Former Bank of Ireland governor Richard Burrows is to be the new chairman of British American Tobacco when Jan du Plessis steps down from the position on 1 November. Burrows, who left Bank of Ireland last month following a turbulent period which saw the bank relying on state funding to weather the credit crunch, will join BAT as a non-executive director on 1 September
Train fares coming down next year
Tuesday 18 Aug 2009
Commuters will be stunned to learn that next year’s season ticket will cost most of them slightly less after a key inflation measure remained in negative territory today. Regulated rail fares are likely to fall 0.4% after the Retail Price Index (RPI), which includes mortgage interest payments, came in a -1.4% in July, up just a touch from the record low of -1.6% reported in June.
US man beats own record for credit card fraud
Tuesday 18 Aug 2009
US prosecutors have charged Albert Gonzalez with stealing data from 130m credit and debit cards in the biggest identity theft case in US history.
Reader's Digest to seek bankruptcy protection
Tuesday 18 Aug 2009
The US business of debt-ridden Reader’s Digest magazine, thumbed by millions worldwide every month, is to file for Chapter 11 bankruptcy protection.
UK inflation data beats expectations
Tuesday 18 Aug 2009
UK inflation figure unexpectedly remained the same in July despite expectations of a fall. The Consumer Prices Index (CPI) remained at 1.8% in the month even though analysts predicted a fall to 1.5%, according to the Office for National Statistics. The Retail Price Index (RPI), which includes mortgage interest payments, also unexpectedly rose to -1.4% from -1.6%
Rio Tinto finds buyer for Alcan Packaging
Tuesday 18 Aug 2009
Cash strapped miner Rio Tinto has received a $2.025bn offer for the majority of its Alcan Packaging business. The binding offer has been received from Amcor and covers the Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions. The deal does not include the remaining Beaty packaging division which will be sold off separately
Shares plunge as sell-off continues
Monday 17 Aug 2009
The global sell-off triggered by weak consumer confidence figures from the US on Friday continued, sending the Dow deep into the red. Asian markets were down overnight despite Japan returning to economic growth in the second quarter, while Footsie and other European markets were also heavily lower. US stocks were deep in the red as traders worried that nervous consumers
TA: Has the FTSE peaked?
Monday 17 Aug 2009
The past few months have seen a stock rally that has surprised a fair number of people.
Half of UK firms to close final salary pension schemes
Monday 17 Aug 2009
Half of UK companies will close their final salary pension schemes to existing members in the next three years, a report by the consultancy group Watson Wyatt says.
Ryanair closes Manchester routes, job cuts
Monday 17 Aug 2009
Ryanair will switch or close nine of its ten Manchester routes after the airport refused to lower its charges.
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