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Pound V euro: GBP slumps against EUR as UK inflation holds steady image
Source : Daily Express [Read Article] Tuesday 15th of August 2017 11:43:00 AM
....". While inflation remains strong at the start of the third quarter, economists are still doubtful that the current level of consumer price pressures will prompt the Bank of England (BoE) to begin tightening monetary policy. ...
Amazon paid just £15m in tax on European revenues of £19.5bn image
Source : Guardian [Read Article] Thursday 10th of August 2017 08:15:53 AM
....5m. Amazon is a hugely successful business but makes slim margins on the products its sells – the company recently warned it may report a loss in the third quarter – and with low profits comes a low tax bill. ...
Ed Sheeran’s Divide puts Warner Music’s streaming income on track to cross £1bn image
....6% on the same period a year ago, crediting top-selling artists including Sheeran, Dua Lipa, Bruno Mars, Gorillaz and Clean Bandit. A spokesman said Divide, which smashed streaming records on Spotify when it launched in March, had a “big bang” effect on sales in the third quarter of its financial year. ...
Eurozone economy grows twice as fast as UK's, figures show image
Source : Guardian [Read Article] Tuesday 1st of August 2017 12:07:04 PM
....Job creation quickened, production picked up and order books improved, according to the poll of purchasing managers at more than 600 industrial companies. Rob Dobson, an economist at the survey’s compilers, IHS Markit, said it showed UK manufacturing – which makes up a tenth of the UK economy – had started the third quarter on a solid footing. ...
Turkey is popular again with British tourists, says Thomas Cook image
Source : Guardian [Read Article] Thursday 27th of July 2017 03:04:18 PM
.... An increase in capacity in Spain is affecting tour operators’ margins in the country, and Thomas Cook said prices were under pressure from the intense competition. The tour operator reported a 14% rise in revenues for the third quarter and said strong demand for summer bookings would continue into winter, adding that its full-year operating profit would be in line with forecasts. ...
ITV clings to Love Island and Victoria as ad slump hits profits image
Source : Guardian [Read Article] Wednesday 26th of July 2017 07:15:31 AM
....June was a particularly difficult month, with advertising revenue plummeting 18% year on year against a tough comparison with the same month in 2016, when ITV had European Championship football coverage. ITV said it expected to perform better in the third quarter, with TV ad revenue improving to a 4% decline. ...
UK house prices rise nearly 5% despite political turmoil image
Source : Guardian [Read Article] Tuesday 18th of July 2017 01:05:46 PM
....5% by the end of the year. He argued: “Lenders are reporting that they will lend less in the third quarter and the recent pickup in wholesale funding costs suggests that they will not continue to cut mortgage rates. ...
Rise in credit card default rate adds to concerns over household finances image
....The number of people defaulting on their credit card bills and personal loans jumped in the three months to the end of June, according the Bank of England, underlining the pressure on household budgets as prices rise faster than wages. Default rates “increased significantly” between April and June, and lenders expect rates to increase further on credit card lending in the third quarter, the Bank said in its latest credit conditions survey. ...
Drilling rig owned by UK fracking firm Cuadrilla 'seriously vandalised' image
....It is not yet clear what the impact has been on Cuadrilla. The company’s timetable for Preston New Road appears to have slipped – it had originally hoped to drill in the spring, with fracking in the third quarter of the year. ...
Spending falls at fastest rate for four years as consumers tighten belts image
....Spending fell by 0. 3% between April and June compared with the same period a year earlier, the biggest drop since the third quarter of 2013, according to Visa’s consumer spending index. ...
Primark's sales soar as shoppers snap up low-cost summer fashions image
Source : Guardian [Read Article] Thursday 6th of July 2017 04:21:37 PM
.... He said the retailer’s success was helped by the recent good weather and its “value” fashion appealing to increasingly hard-up Britons as inflation bites. “Trading in the third quarter was very strong indeed,” said Bason, although he pointed out that the numbers were flattered by poor figures from a year ago when “unpredictable weather patterns” dented sales. ...
Reckitt Benckiser warns of permanent sales hit from cyber attack image
...." . Reckitt Benckiser said that it expected some of the lost sales to be made up during the third quarter, . ...
Massive cyber-attack could cost Nurofen and Durex maker £100m image
Source : Guardian [Read Article] Thursday 6th of July 2017 07:38:33 AM
....Reckitt Benckiser said it was still assessing the financial impact of the attack on the company. “We expect that some of the revenue lost from the second quarter will be recovered in the third quarter. ...
UK services sector growth hits four-month low amid Brexit fears image
Source : Guardian [Read Article] Wednesday 5th of July 2017 11:39:28 AM
....“Although the three PMI surveys are running at levels that are historically consistent with GDP growing by around 0. 4% in the second quarter, it’s clear that the economy heads into the third quarter losing momentum. ...
Britons’ disposable income drops 1.4 per cent in first three months of 2017 image
Source : Daily Express [Read Article] Thursday 29th of June 2017 12:01:00 AM
....The Office for National Statistics (ONS) said real household disposable incomes fell by 1. 4% in the first three months of the year, declining for the third quarter in a row. ...
Why help to buy is no help at all to the economy | Jeffrey Frankel image
Source : Guardian [Read Article] Tuesday 30th of May 2017 09:54:25 AM
. At the end of the first quarter, according to the Federal Reserve Bank of New York, American consumer debt for the first time exceeded its previous peak (in dollars), reached in the third quarter of 2008, just as the global financial crisis erupted. ...
Ineos buys Dong Energy's oil and gas business in £1bn deal image
Source : Guardian [Read Article] Wednesday 24th of May 2017 04:16:05 PM
....State-owned Dong, named after its origins as the Danish Oil and Natural Gas company, has now completed its plan of quitting oil and gas, which it first announced last November. When the sale completes in the third quarter, Dong will be left to focus on its core business of developing and selling windfarms, such as the one it recently built off the Liverpool coast using the world’s biggest turbines. ...
Ineos to buy Dong Energy's oil and gas arm in £1bn deal image
Source : BBC [Read Article] Wednesday 24th of May 2017 10:30:50 AM
.... . About 440 staff will transfer from Dong on completion of the deal, which is expected in the third quarter. ...
Retail sales in April beat forecasts with a 2.3% rise image
Source : BBC [Read Article] Thursday 18th of May 2017 09:01:02 AM
....3%. "With the exception of the first three months of this year, that's the weakest trend rate since the third quarter of 2014," he said. ...
Smirnoff owner Diageo to pay HMRC £107m in 'Google tax' crackdown image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:54:14 PM
.... Diageo said it would have to pay the full amount up front and would then work to resolve the matter with HMRC over the next 12 months. A resolution is not expected until the third quarter of next year. ...
Next shares tumble as retailer warns of challenging market image
Source : Guardian [Read Article] Thursday 4th of May 2017 10:50:34 AM
....Analysts at UBS estimated Next’s first-quarter retail sales dropped more than 10% on a like-for-like basis, and were down about 20% over the past three years. “We assume retail like-for-like sales are less negative in the second half as ranges improve, and with weak comparative figures from the hot weather in the third quarter,” they said. ...
Apple’s addiction to iPhone shows no sign of waning image
Source : Guardian [Read Article] Sunday 30th of April 2017 06:00:21 AM
.... The company is expected to report only a slight year-on-year rise in revenues to about $52bn after a couple of weak quarters, not to mention the first annual decline in iPhone sales last year. And analysts believe Apple’s guidance for the third quarter could be cautious, with JP Morgan forecasting sales of $44. ...
RBS and Lloyds IT faults cause online banking frustrations image
Source : Guardian [Read Article] Friday 28th of April 2017 03:24:55 PM
....Millions of Royal Bank of Scotland and Lloyds Banking Group customers have had difficulty accessing their accounts after the banks suffered IT meltdowns before the long weekend. On Friday, when RBS was trying to focus on its first quarterly profit since the third quarter of 2015 and Lloyds on the news that the taxpayer’s shareholding had fallen to less than 1%, both banks instead faced questions about their digital operations. ...
Barclays pulls FTSE 100 lower image
Source : BBC [Read Article] Friday 28th of April 2017 11:29:13 AM
....Shares in Royal Bank of Scotland rose 4. 7%, after it reported its first quarterly profit since third quarter of 2015. ...
RBS reports first quarterly profit since 2015 image
Source : Guardian [Read Article] Friday 28th of April 2017 06:57:09 AM
....The bank, 73% owned by the taxpayer, reported a £259m profit in the first quarter of 2017. The last time it turned quarterly profit was the third quarter of 2015. ...
RBS reports first quarter profit as turnaround continues image
Source : BBC [Read Article] Friday 28th of April 2017 06:26:06 AM
. Troubled Royal Bank of Scotland has reported its first quarterly profit since the third quarter of 2015. ...
Buy-to-let slump puts first-time buyers in the driver’s seat image
Source : Guardian [Read Article] Saturday 22nd of April 2017 05:59:06 AM
.... That’s 42% lower year-on-year”. Nationwide’s buy-to-let subsidiary, TMW, said in February its third quarter 2016-17 lending to landlords had fallen to £0. ...
Burberry shares dive despite sales rise image
Source : BBC [Read Article] Wednesday 19th of April 2017 09:32:28 AM
.... . Like-for-like retail sales, which strip out stores open for less than a year, rose by 3% in the third quarter, but by only 2% in the final quarter up to 31 March. ...
Weetabix sold to US firm after breakfast cereal fails to catch on in China image
.... While it has some overseas manufacturing plants, all of the wheat that goes into Weetabix biscuits is grown within 50 miles of its base in Burton Latimer. The deal is expected to complete in the third quarter of 2017 and gives Post access to the UK market through an established brand, as well as an opportunity to find new markets for its own brands, including protein shakes and bars. ...
Toshiba warns over its survival as it forecasts £7bn losses image
Source : Guardian [Read Article] Tuesday 11th of April 2017 03:36:52 PM
....Toshiba, one of the biggest names in consumer electronics, has warned it is facing annual losses of more than £7bn and the future of the company is in doubt as a result of financial turmoil at its nuclear power plant construction business. The Japanese company finally released third quarter results, after twice delaying publication while auditors attempted to quantify the scale of the problems at Toshiba’s US nuclear engineering subsidiary Westinghouse, which filed for bankruptcy last month. ...
Weak productivity leaves UK trailing other G7 nations image
Source : Guardian [Read Article] Wednesday 5th of April 2017 11:19:49 AM
....4% in the final three months of 2016, up from 0. 2% in the third quarter, the fourth successive increase. ...
US fourth-quarter growth rate revised up image
Source : BBC [Read Article] Thursday 30th of March 2017 12:51:24 PM
....Consumer spending, which accounts for around two-thirds of US economic activity, was stronger than initially thought, the report showed. But the economy still slowed from third quarter growth of 3. ...
Johnston Press announces £300m pre-tax loss image
Source : BBC [Read Article] Thursday 30th of March 2017 07:28:23 AM
....This was most notable in job advertising, mainly by small and medium-sized enterprises, and down 27%. Johnston Press believes the sharp fall in the third quarter of last year was due to uncertainty following the Brexit referendum. ...
UK nuclear plans could be hit by Westinghouse financial crisis image
Source : Guardian [Read Article] Tuesday 28th of March 2017 06:47:55 PM
.... Within days the UK nuclear regulator is expected to approve a “generic design assessment” for the AP1000, the end of a four-year approval process. This year Toshiba has twice delayed publishing its financial results for the third quarter of 2016, which will reveal the scale of the impairment it faces with regards to CB&I Stone & Webster. ...
Australia goes 25 years without recession image
Source : BBC [Read Article] Wednesday 1st of March 2017 02:18:44 AM
....It brings the country close to breaking the Netherlands' record of modern-era uninterrupted economic growth. Australia's economy had contracted in the third quarter but the surprise 1. ...
UK inflation is forecast to come in shy of Bank of England's 2 per cent target image
Source : Daily Express [Read Article] Tuesday 14th of February 2017 12:00:00 AM
....Strong consumer spending helped power growth in the final months of last year, with GDP expanding by 0. 6 per cent in the fourth quarter, in line with the second and third quarters. ...
Mortgage affordability unchanged despite rising house prices, report finds image
Source : Daily Express [Read Article] Friday 3rd of February 2017 12:00:00 AM
....Halifax said the percentage had remained at 30 per cent, despite house prices going up, due to a further dip in mortgage rates during 2016. The average percentage of borrowers' incomes taken up by mortgage payments is well below peak of 48 per cent reached in the third quarter of 2007. ...
TalkTalk hoping for rapid results as Dunstone gets his hands dirty image
Source : Guardian [Read Article] Wednesday 1st of February 2017 07:29:32 PM
....An optimist would make two points. First, TalkTalk seems more stable after last October’s “simpler” tariffs and rejig of contracts: the third quarter update said full-year operating profits will be as previously advertised, meaning around the £320m mark. ...
TalkTalk chief executive Dido Harding to step down image
Source : Guardian [Read Article] Wednesday 1st of February 2017 07:40:12 AM
....The previous highest fine ever issued by the Information Commissioner’s Office was £350,000, against Prodial, a spam-calling company responsible for more than 46m automated nuisance calls. TalkTalk’s results for the third quarter of its financial year, the three months to the end of December, were in line with analyst expectations. ...
Sony takes $1bn writedown on film division image
Source : Guardian [Read Article] Tuesday 31st of January 2017 11:24:34 AM
.... announced that a goodwill impairment charge for the pictures segment of ¥112. 1bn (approximately $962m) was recorded as an operating loss in the third quarter ending 31 December 2016. ...
UK GDP figures show solid end to 2016 despite Brexit vote image
Source : Guardian [Read Article] Thursday 26th of January 2017 03:13:11 PM
....4%, after three quarters of decline. The head of GDP at the ONS, Darren Morgan, said: “Strong consumer spending supported the expansion of the dominant services sector and although manufacturing bounced back from a weaker third quarter, both it and construction remained broadly unchanged over the year as a whole. ...
UK manufacturers upbeat as weak pound boosts exports image
Source : Guardian [Read Article] Wednesday 25th of January 2017 12:38:03 PM
....The CBI said the impact of sterling’s fall had been mixed. Domestic prices had risen at an above-average pace for the third quarter in succession, but competitiveness in EU and non-EU markets had seen a marked improvement. ...
UK Christmas retail: the winners and losers image
Source : Guardian [Read Article] Thursday 12th of January 2017 01:23:56 PM
Record Christmas at Sainsbury’s 'shows logic of Argos takeover' image
Source : Guardian [Read Article] Wednesday 11th of January 2017 08:29:40 AM
....5% in the quarter compared with a 1% fall in the previous six months. Britain’s second largest supermarket chain said online groceries, convenience stores, clothing and other non-food performed strongly in the third quarter. ...
Sainsbury's reports record Christmas sales of more than £1bn image
Source : BBC [Read Article] Wednesday 11th of January 2017 07:30:30 AM
....Argos, which Sainsbury's bought last year, had strong sales over Christmas and Black Friday. It reported a rise in third quarter like-for-like sales of 4%. ...
Aldi reports record Christmas sales image
Source : BBC [Read Article] Monday 9th of January 2017 12:05:48 AM
....Andrew Wade, from Numis Securities, thinks that M&S could report sales growth in clothing and homewares of 1%. "M&S performed so poorly in clothing and homewares through the third quarter last year, we see a good possibility that the division reports a small positive LFL [like-for-like] outcome this time," he said. ...
Consumer spending slowed over Christmas period, Visa figures show image
Source : Guardian [Read Article] Monday 9th of January 2017 12:01:01 AM
....New analysis from the TUC found that household debt rose sharply over 2016, with unsecured debt – that other than mortgages – reaching new highs. The TUC said weak wage growth had left more families reliant on borrowing to support their living standards, and that unsecured debt per household rose to £12,887 in the third quarter of 2016, a £1,117 increase on a year earlier. ...
Good Christmas? M&S set to surprise as retailers reveal festive sales image
Source : Guardian [Read Article] Sunday 8th of January 2017 02:14:45 PM
.... Major supermarkets Morrisons and Tesco, as well as department store chain John Lewis, are expected to have weathered the storm but groups exposed to a tough clothing market and a steep decline in high street shoppers have suffered. After only one Christmas in charge, M&S chief executive Steve Rowe is expected to report a small increase in like-for-like clothing sales in the third quarter aided by the inclusion of extra sale trading days in the period. ...
No one can afford to stop the new consumer credit crisis image
Source : Guardian [Read Article] Sunday 8th of January 2017 07:05:11 AM
....Threadneedle Street has a second point to make, which is that banks can cope with the debts after years spent shoring up reserves, and a third line of defence, which highlights the lower cost of servicing outstanding debts. Also, the most recent figures show the stock of unsecured credit equalled around 15% of households’ disposable incomes in the third quarter, well below the peak of 21. ...
Why has the UK economy defied predictions of doom? image
Source : Guardian [Read Article] Thursday 5th of January 2017 12:09:46 PM
Cuadrilla starts work on Lancashire fracking site image
Source : Guardian [Read Article] Thursday 5th of January 2017 11:06:04 AM
.... Over the next three months, it will establish a well pad and site in what is currently a field, the size of a rugby pitch, in the Lancashire countryside. Drilling is expected to begin in the spring, with fracking in the third quarter of the year. ...
UK services sector grows at fastest pace for more than a year image
Source : Guardian [Read Article] Thursday 5th of January 2017 10:56:43 AM
....5% in the final quarter of 2016, only a slight slowdown from 0. 6% in the third quarter and confounding forecasters who had predicted growth would grind to a halt before the end of the year because of Brexit worries. ...
UK economy ends 2016 on high – but rising import prices starting to bite image
Source : Guardian [Read Article] Thursday 5th of January 2017 12:01:34 AM
....It said most firms in the manufacturing and services sectors were confident their turnover would improve, that job opportunities would grow and investment in plant and machinery would improve in the next year. Manufacturers were the biggest beneficiaries from the fall in sterling according to the survey, which found that a similar balance of firms reported a rise in exports, +16%, as in the third quarter. ...
British bosses at their most optimistic in 18 months, Deloitte finds image
Source : Guardian [Read Article] Thursday 29th of December 2016 09:54:28 AM
.... Sentiment started to recover when the economy proved more resilient than expected in the months following the vote, with growth of 0. 6% in the third quarter matching the rate in the second quarter. ...
Business as usual for UK economy – but where will it go in 2017? image
Source : Guardian [Read Article] Friday 23rd of December 2016 11:30:41 AM
.... The expectation of the Bank of England, the International Monetary Fund, the Treasury and the Organisation for Economic Cooperation was that a vote to leave the EU would result in instant economic carnage. Threadneedle Street predicted that the economy would barely grow in the third quarter. ...
UK GDP growth better than expected in Brexit vote aftermath image
Source : Guardian [Read Article] Friday 23rd of December 2016 09:52:37 AM
....Britain’s economy grew faster than previously thought in the three months after the EU referendum, underlining the miscalculations by the Treasury and other forecasters who predicted that the UK would suffer a recession following a vote for Brexit. Official figures showed GDP growth in the third quarter rose by 0. ...

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