BANK OF England governor Mervyn King is expected to deliver a quarterly inflation report today that...
BANK OF England governor Mervyn King is expected to deliver a quarterly inflation report today that will downgrade growth figures for 2003, The Times writes.
The report comes one day after new figures showed inflation increased to 2.9% last month against expectations of a fall among most City economists.
The rise in the key RPIX index - retail price index minus mortgage interest payments – is not all bad news, the paper adds, as some economists point out that core goods inflation remained steady at 1.4%.
THE SCOTSMAN says that while yesterday's inflation figures may have caused some "shock", the rise is considered by most economists to be a short-term phenomenon caused by unusually hot weather.
"Those effects are expected to cool off in August, as end-of-summer discounts kick in. There has also been evidence of reduced spending on the high street this month, as consumers shun shops for the outdoors," the paper writes.
AXA IS LOOKING for acquisitions in the US and Europe in order to improve distribution of its products, according to comments by chief executive Henri de Castries in the FT today.
"We don't want to overpay or overstretch, but if we see opportunities either in Europe or the US, we will be well positioned to pick them up," the paper quotes him.
Axa reported underlying first half earnings gained 6% on the same period last year as underwriting prospects improved in the company's property and casualty businesses.
FSA THREATS TO impose a £750,000 fine on the part-owner of biotechnology firm Cyprotex who took out a spread-bet on the movement of the company's shares when it floated on the Alternative Investment Market have so far failed to materialise, says The Daily Telegraph.
Indeed, the man accused - Paul "The Plumber" Davidson - says the FSA can stick the fine "where the sun don't shine": he says the regulator has failed to respond to his demand that the matter go before a tribunal.
The infamous spread bet worth £5m was defined as market abuse by the FSA in June, when it threatened to fine Davidson, the spread betting firm involved, and investment bank Dresdner Kleinwort Wasserstein.
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