The gap between the rich and the poor keeps widening, according to the Organisation for Economic Cooperation and Development (OECD). A report published by OECD Thursday says growth, if any, has disproportionately benefited higher income groups while lower income households have been left behind. This long-run increase in income inequality not only raises social and political concerns, but also ec
U.K. retail sales recovered at a faster-than-expected pace on clothing demand in April, providing a notable support to economic growth at the start of second quarter. The volume of retail sales including auto fuel expanded 1.2 percent month-on-month reversing a 0.7 percent fall in March, the Office for National Statistics reported Thursday. This was the fastest growth since November.
Daily Mail & General Trust Plc Thursday reported higher profit in its first half with increased underlying revenues. Looking ahead, the UK-based multi-media and information company said its outlook for the full year remains in line with previous guidance and market expectations, with earnings per share anticipated to be above market view.
UK-based water utility United Utilities Group Plc. (UU.L, UUGRY.PK) Thursday said its full-year profit before tax declined from the prior year, despite a marginal rise in revenues. However, underlying profit before tax improved, supported by cost control.
Bank of England policymakers unanimously voted to keep the monetary policy stance unchanged at the meeting held early this month and suggested that next action would be a hike in interest rate, but such a move is unlikely until 2016. The Monetary Policy Committee voted 9-0 to hold the key interest rate at a record low of 0.50 percent and asset purchase programme at GBP 375 billion.
UK-based retailer Marks & Spencer Group plc reported Wednesday a pre-tax profit for the full-year 2015 that grew 3 percent from last year, reflecting lower finance costs and continued good performance in food business. Meanwhile, net profit for the year was down 7 percent on higher income tax expense. The company also said it expects to repurchase 150 million pounds of shares.
Shares of Cable & Wireless Communications Plc. were losing around 3 percent in the morning trade in London after the company reported decline in fiscal 2015 net profit, while pre-tax loss narrowed from last year on higher revenues. The company maintained its annual dividend.
Tour operator Thomas Cook Group Plc. (TCKGY.PK, TCG.L) Wednesday said its first-half loss before tax narrowed from the prior year, even as revenue dropped. Thomas Cook, which had suspended dividend payments in 2011, said it expects to resume dividend, with the first payment to be made out of fiscal 2016 profits.
U.K. inflation unexpectedly turned negative for the first time since 1960 on falling food and transport costs, official data showed Tuesday. Factory gate prices continued its downward trend reflecting lower crude prices. Data from the Office for National Statistics showed that consumer prices fell 0.1 percent in April from last year, while it was forecast to remain flat as seen in March.
Telecom giant Vodafone Group Plc. (VOD.L, VOD) Tuesday reported a pre-tax profit for the full year, compared to a loss last year, helped by increased revenues. The company also said it saw increasing signs of stabilization in many of its European markets.
UK-based engineering support services company Babcock International Group Plc. (BAB.L) Monday said its full-year profit increased from the previous year, as revenue improved significantly both organically and through acquisitions. The company lifted its dividend by over 10 percent.