Bovis back in the black but remains wary

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Show Comments ▼ Tags: NULL Bovis Homes swung to a pre-tax profit in the first half of the year yesterday, with the housebuilder saying that sales are holding up during the sluggish summer months.“We have seen a remarkable stability of sales rates week on week, clearly people talk about the summer being quieter than the spring, we’ve seen a bit of that,” said chief executive David Ritchie. “But each week we appear to get over the line in terms of the number of houses we need to sell.”The group sold 803 homes in the first half of 2010, compared to 754 in the same period last year. Bovis has resumed dividend payments after 19 months, on the back of pre-tax profit of £3.5m for the six months to the end of June, compared to a loss of £8.6m in the same period last year. Revenue dipped slightly to £115.6m, though the firm’s bottom line was boosted by better loan terms.Ritchie told City A.M. the company remains cautious over the state of the housing market. “We wouldn’t say the markets are in recovery; I think stability is the best thing we can call it. But it allows us to invest at cost effective rates for the future, and we are more than replacing [the land] we have used up.” The firm purchased 1,874 plots with planning permission in the period, adding to a total land bank with consent to build of 13,113 plots. Shares dipped 1.6 per cent to 342.8p. KCS-content whatsapp Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoBetterBe20 Stunning Female AthletesBetterBeUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo Monday 23 August 2010 8:06 pm Bovis back in the black but remains wary whatsapplast_img read more

3i sells parking enforcement firm to AAC

first_img whatsapp Share KCS-content NSL, the UK’s biggest employer of private traffic wardens, has set its sights on further growth after private equity owner 3i sold the firm to AAC Capital in a £120m deal.The firm, which also helps run the London congestion charge, expects to make £15m this year, on revenues of around £155m. Senior management, led by chief executive Mark Underwood, will reinvest in the business and Underwood said he saw “significant opportunity to expand the business over the next few years”. NSL branched out into ambulance services by buying Patient First earlier this year, and is part of a scheme to bring regulated parking to Abu Dhabi. The firm provides more than 50 local authorities with private parking enforcement officers.It was previously part of NCP, the car parks business, which 3i bought in 2005. The private equity firm then split the two and sold NCP to Australian bank Macquarie.Taken together, the two sales will yield a return to 3i of about three times the money it originally invested, a person familiar with the matter said. 3i sells parking enforcement firm to AAC Show Comments ▼center_img whatsapp Tags: NULL Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Tuesday 21 September 2010 8:17 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comlast_img read more

Newsweek in Beast tie-up talks

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times whatsapp Newsweek in Beast tie-up talks US weekly magazine Newsweek and the Daily Beast news website are exploring possibilities to combine their operations and the likelihood of a deal is increasing, it is understood. A deal would make Daily Beast co-founder and co-owner Tina Brown the editor of Newsweek on top of her existing editorial duties at the website. Sidney Harman bought Newsweek from The Washington Post in August. Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrapcenter_img KCS-content Monday 11 October 2010 8:18 pm Show Comments ▼ whatsapp Tags: NULLlast_img read more

E.On admits to second €2.6bn charge on Mediterranean assets

first_img Tags: NULL E.On admits to second €2.6bn charge on Mediterranean assets KCS-content Wednesday 27 October 2010 8:08 pm whatsapp GERMAN utilities company E.On admitted yesterday net profit would be lower as a result of taking €2.6bn (£2.2bn)in impairment charges on its assets in the Mediterranean.As much as €1.1bn will be written off in goodwill, with a further €1.5bn of impairments to be made on other assets in Italy, Spain and France.E.On said: “The development of electricity and commodity prices is in some cases leading to significantly lower margins and capacity utilisation,” in the three countries.However, it said earnings before interest and taxes (EBIT) would not be affected as it reported earnings in the first nine months rose nine per cent to €8bn.E.On, which is due to report full nine-month results on 11 November, also confirmed its 2010 outlook for adjusted EBIT growth of between zero and three per cent.The news marks the second occasion that E.On has had to book impairment charges on its assets in Italy, Spain and France since acquiring them. In early 2009, the company booked around €1.8bn in charges on assets in the three markets. At the time, however, the bulk of the charges were related to an increase in corporate taxes in Italy. Sharecenter_img whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼last_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com WHAT THE OTHER PAPERS SAY THIS MORNING Show Comments ▼ FINANCIAL TIMESAGARWAL’S PROJECT QUASHEDAnil Agarwal, the Indian billionaire who controls Vedanta, the UK-listed mining group, has suffered a setback to his philanthropic ambitions, hard on the heels of legal problems this year involving some of the group’s Indian operations. Mr Agarwal’s plans to build a $3.3bn (£2.1bn) university in a coastal area of impoverished Orissa, starting with a $1bn endowment from his personal fortune, have fallen foul of the law – and a powerful Hindu deity, Lord Jagannath.GOOGLE AND HACHETTE IN DEALGoogle and Hachette Livre have struck a groundbreaking deal allowing the world’s second largest retail book publisher to control the scanning and electronic sale of its out-of-print French language titles. The agreement, covering about 50,000 works.MINTS CASH IN ON SILVER COINSSilver coins are selling at a record pace as investors – especially in the US – seek to limit their exposure to the dollar. The world’s top mints have seen their silver coin sales jump to record or near-record levels, and they and coin dealers are working overtime to meet the surge in demand from investors.3I CHIEF WARNS DEALS ARE EXPENSIVEPrivate equity groups will face “tough questions” from investors when many of them seek to raise fresh funds in the next year or two, according to Michael Queen, chief executive of 3i, the UK’s biggest listed private equity group by market capitalisation. Warning that an overhang of capital left from the last buy-out bubble was causing private equity groups to pay “extraordinarily high” prices for deals, Mr Queen said the excess of dry powder in the industry would take 12-18 months to clear.THE TIMESAMERICAN ACQUISITION REPRESENTS LEAP FOR IMAGINATIONImagination Technologies has bought its American rival HelloSoft in its first acquisition for a decade.The $47 million deal puts the company that provides graphics processors for the iPad among the select few British technology companies that have reversed the trend of selling out to larger US rivals.HEDGE FUND DEMANDS €200M FROM WALLENBERG BANKA Swedish investment bank is being sued for about €200 million by a hedge fund that claims the bank slashed the value of its portfolio.Skandinaviska Enskilda Banken, which is controlled by the Wallenberg family, faces action from Euroption, a British Virgin Islands-based hedge fund with offices in the City of London.The Daily TelegraphBRITISH BANKS HAVE £140 BILLION EXPOSURE TO IRELAND’S ECONOMIC CRISISGeorge Osborne has pledged to help Ireland after new figures showed British banks have a £140 billion exposure to the beleaguered country. The chancellor attended crisis talks in Brussels to discuss the growing debt crisis in Ireland with the country under intense international pressure to accept an international bailout.NEW LEAK EXPOSES MOD FURY AT DEFENCE CUTBACKSDavid Cameron’s defence review has demoralised the Armed Forces, strained relations with allies and ignored significant military advice, a leaked Ministry of Defence document has disclosed. It was rushed and its handling “badly damaged the confidence and morale of our personnel,” the paper says.THE WALL STREET JOURNALJULIUS BAER SEES PROGRESS IN RAISING CLIENTS’ RISK APPETITESwiss private bank Julius Baer Group AG, is succeeding in its efforts to raise the risk appetite of its wealthy private clients who sheltered their money in low-risk cash investments during the financial crisis, tempting them instead into slightly riskier products such as corporate bonds and foreign exchange trading, its head of investment solutions said in an interview.VERIZON RETHINKS PRICINGTop executives at Verizon Communications Inc. are exploring ways to charge consumers based on the speed of their wireless data connection in addition to the amount of data they use. Chief executive Ivan Seidenberg said that such a pricing change would be made possible by the carrier’s migration to a fourth-generation, OR 4G. KCS-content whatsapp Share Tags: NULL whatsapp Wednesday 17 November 2010 9:35 pmlast_img read more

AOL “plotting merger with Yahoo”

first_img whatsapp Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof Share John Dunne whatsapp AOL “plotting merger with Yahoo” Monday 6 December 2010 3:01 am AOL, undergoing a radical transformation into the king of content on the Internet, is actively exploring a breakup of the company involving a complicated series of transactions that may lead to a merger with Yahoo, sources close to the plans said.The plans are still in the exploratory stage and Yahoo has not been contacted, the sources said. The plans are also fraught with complications involving myriad moving pieces but would entail breaking apart AOL’s two main business: its legacy dial-up Internet service and display advertising business.In many respects, the latest discussions echo plans contemplated back in 2008 and 2009 before Time Warner spun off AOL to Time Warner shareholders. AOL has continued to explore a break up option since the December 2009 spin off.“You can drive the pieces into people’s hands that could pay top dollar for them and create value, or spin them off,” said one of the sources.This type of structure would also be contingent on the buyers for the parts, including Yahoo and EarthLink, whose strategies have changed since Time Warner had considered these plans, said the sources.These plans come amid a painful turn-around strategy led by AOL CEO Tim Armstrong, who has quickly divested weak properties such as social networking website Bebo, and buying high profile blogging network site TechCrunch. Show Comments ▼ Tags: NULLlast_img read more

Wendel will appeal €1.5m St Gobain fine

first_img Share Monday 17 January 2011 8:59 pm whatsapp Wendel will appeal €1.5m St Gobain fine KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap FRENCH investment fund Wendel said it would appeal a €1.5m (£1.3m) fine from market watchdog AMF for insufficient disclosure over its stake-building in glassmaker Saint-Gobain in 2007.The case centres on derivatives contracts with different banks which, according to the AMF, were market-sensitive and should have been disclosed by Wendel as the sole purpose was to prepare a stake purchase in Saint-Gobain.Wendel said yesterday it was disappointed at the AMF ruling, adding it had complied with the law and regulations in force when it bought into Saint-Gobain’s capital. “We had been confident on this case. We are surprised,” a spokeswoman said.The case was seen as important because of its similarity to French luxury goods group LVM’’s swoop on rival Hermes.Both LVMH and Wendel used the same type of swap contracts and also spread their transactions across several banks. With each bank staying below the five per cent threshold, no disclosure was necessary.However, AMF chief Jean-Pierre Jouyet said that the Wendel ruling did not prejudge the ongoing probe into the Hermes case.“These are two separate cases, even if the principles of honesty and transparency are applicable to everyone,” Jouyet said. “We cannot…presume the conclusions of the (LVMH-Hermes) probe that will take at least nine months.”The AMF said yesterday its sanctions committee had decided to fine both Wendel and former chairman Jean-Bernard Lafonta €1.5m each for not properly disclosing swap contracts and financing arrangements with banks, which it said were created purely for the purchase of a stake in Saint-Gobain. Tags: NULL whatsapp Show Comments ▼ last_img read more

DP World sees traffic at its ports lift as world trade rises

first_imgTuesday 25 January 2011 7:18 pm DP World sees traffic at its ports lift as world trade rises whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com DUBAI’S DP World, the world’s third-largest container operator, saw sales rise 14 per cent higher in 2010 compared to the previous year, in a sign that at least parts of the world economy are gathering momentum.DP World, which is 80 per cent owned by Dubai World, the Arab emirate’s debt-laden, government-owned conglomerate, said the strongest gains were in Asia, Australia and America, as well as in new terminals in Peru and China.DP World said 49.6m TEU (twenty-foot equivalent container units) came through its 49 terminals in 28 countries last year. The firm also operates the Southampton and Tilbury ports in the UK. The firm’s chief executive Mohammed Sharaf said: “We remain confident about the long-term outlook for the container terminal industry. Handling 50m TEU across our global portfolio is a major milestone for DP World. It puts our annual throughput for 2010 well ahead of historic peak levels seen in 2008.”DP World also said it is on track to launch a secondary listing of its shares on the London Stock Exchange in the second quarter of this year. Currently about 20 per cent of DP World is listed on the Dubai stock exchange. Sharecenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia KCS-content Tags: NULLlast_img read more

Bank’s chief hawk says businesses will grow Britain out of recession

first_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Bank’s chief hawk says businesses will grow Britain out of recession whatsapp Share Tuesday 1 February 2011 8:40 pm whatsapp KCS-content FOR seven months Andrew Sentance stood alone, the only Bank of England rate-setter brave enough to call out for a gradual rise in rates.Yet in January he was finally joined by one of his eight colleagues, Martin Weale, in his appeal for a gradual tightening in the central bank’s rates.“I don’t want to comment on the views of individual members,” he told us yesterday from his majestic Bank of England office overlooking the Royal Exchange, “but as a general observation, the last two sets of minutes have reflected a growing concern about inflationary pressures.”Last week the pair’s stance faced scrutiny when preliminary figures signalled a major setback for the economy at the end of 2010. Some said this proved monetary policy should remain ultra-accomodative.But Sentance remains unfazed.“They did put a health warning around the data, I think people should pay attention to this,” he said, referring to the incomplete nature of the Office for National Statistics’ provisional figures. “And one thing we can pretty clearly say about the fourth quarter data is that it’s heavily snow affected. And we need to be prepared to look through fluctuations in GDP growth when we’re recovering from recessions; growth figures are never linear and smooth in recoveries,” he added.Whether or not Sentance can convince more of the monetary policy committee (MPC) to vote for a rate rise this month, his one man inflation-fighting campaign comes to an end in May, at least from within the Bank’s hallowed halls. The former Confederation of British Industry (CBI) economist is departing the MPC, which he first joined in October 2006 (he marked his entrance back then with an instant call for an interest rate rise; once a hawk, always a hawk). Sentance would prefer his successor, like him, to have a background in business. “I’ve certainly drawn on my business experience in fulfilling my role,” he said, referring to his time at British Airways. “That’s very important for the MPC, to have input that can directly draw on business – I’ve found it particularly helpful. After all, the processes that we’re discussing are very much about how businesses operate in the real world.”And Sentance echoed the calls of business groups for the government to do more to allow private sector growth.“At a time when we’re looking for the private sector to pull the economy forward, it’s important for government policy to be seeking to reinforce that,” he said, citing the CBI’s call for a positive growth strategy from the coalition government.Emphasising the need to combat inflation, Sentance empathised with the effects on businesses and everyday consumers. “Those are the communities who suffer from high inflation,” he said. The consensus against inflation is still very much alive in the commercial world, he insisted. “I don’t see there’s any lack of concern [about inflation] because we’ve seen a lot of media stories about it.”“The things that have really disrupted the UK economy in the past have been letting that inflation genie get out of the bottle, and if expectations do rise and people do start to expect higher inflation, it is a hard and painful job of reasserting stability,” he warned.The Bank enjoys a “hard won stock of credibility” from years of keeping inflation low and on target, Sentance said, while stressing that it must not squander this reputation by allowing inflation to threaten the economy again.“I’m concerned from my time on the MPC that we make sure that we are keeping that stock of credibility topped up by acting consistently with our target. I think the longer the situation goes on where we’re not prepared to take any monetary policy action against rising inflation, the bigger the threat to credibility becomes,” he said. “Over a period of time if the MPC appears not to act when there are things it could do to at least moderate the inflationary pressures then that [loss of credibility] is a risk.”“The fact is that measures of inflation expectations have moved upwards, the direction of travel of these measures is pretty clear and that’s something the MPC should look at very carefully, and be concerned about,” he said.And the Bank must bear in mind the strength of the global recovery, Sentance warned. “We’re a very international economy, a lot of our inflationary processes are also influenced by the international economy so we need to take that into account in setting UK interest rates.” “What is happening is we’re having these external and cost pressures on inflation but the demand climate for the UK is allowing them to come through to the consumer, and I think the worry is the beginning of a change in the pricing climate that we’ve seen in the UK, away from a pricing climate based on low and stable inflation.”“All the big shocks that the MPC has had to deal with in its life have been driven by the international economy,” he said, listing the Asian crisis and bursting of the dotcom bubble as two examples. “We should be reflecting on that experience, and taking the current external factors seriously.”But what of claims that inflation is merely caused by temporary and external effects – commodity prices, the rise in VAT? Sentance is unconvinced.“I don’t think you can compartmentalise inflation in that way,” he responded. “In the current climate we’ve seen the demand situation in the UK economy has improved very considerably. The growth of nominal demand is almost the strongest that we’ve seen even if we compare to the 1990s and 2000s before the crisis.”Nominal domestic demand – spending by UK consumers, businesses and government, in total money terms – was up 6.8 per cent year-on-year in the third quarter of 2010, Sentance said.“One of the indicators that worries me most is the price expectations measure in the CBI’s industrial trends survey, which jumped between October and January – the biggest jump they’ve seen in that survey since the late 1960s.”And Sentance rejects the claim that spending cuts will halt the recovery, citing the fiscal consolidation of the 1990s as a precedent. “There was a big fall in government spending as a percentage of GDP and there were some selective tax rises as we’re now seeing – and the economy grew through that period,” he said. Sentance remains as willing as ever to put his neck on the line: “I still believe the time to have started raising rates was the middle of last year.” His colleagues on the MPC didn’t agree, but it seems inevitable they will be forced to raise rates at some point this year. Let us hope this won’t turn out to be a case of closing the stable doors after the horses have bolted.CV | ANDREW SENTANCEAge: 51Work: Former senior economist at the Confederation of British Industry (CBI). At London Business School, became director of the centre for economic forecasting. In 1998 joined British Airways, where he became chief economist and head of environmental affairs.Education: Educated at Eltham College; Clare College, Cambridge University; and the London School of Economics, where he gained his PhD. He holds a visiting professorship at Royal Holloway, University of London and is a Fellow and former chairman of the Society of Business Economists. Family: Married, two children. 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BoA shares fall after writedown

first_img whatsapp Tuesday 22 February 2011 9:09 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPuffer fish snaps a selfie with lucky divernypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Shares fell in Bank of America yesterday following Monday’s disclosure of a $20.3bn (£12.6bn) charge on its credit unit. The non-cash goodwill writedown paid to regulators will not however affect its capital or prior earnings, according to the bank. The measures take into account weak credit quality in early 2009 as well as an expected loss of revenue in debit-card charges under the Durbin Amendment – a new rule forcing banks to charge less for each swipe of a card. Shares closed down 3.9 per cent at $14.18. KCS-content Share whatsapp Show Comments ▼ BoA shares fall after writedown Tags: NULLlast_img read more