Wednesday 18 October 2017

Five firms fail per day, but 104 created

FIVE companies collapsed each day last month -- but 104 new business names or companies were recorded daily in the same four-week period, according to research website Vision-Net. The figures, covering June 1-25, show 116 companies were declared insolvent. Of those, two-thirds were liquidated, 30pc entered receivership, and an examiner was appointed in 1pc of cases.

Glencore subsidiary in bribery conviction

CRIME

A BELGIAN court convicted a subsidiary of Glencore and others yesterday of bribing an EU official in return for market-sensitive information. Glencore Grain Rotterdam was found guilty of paying an EU official's phone bills and laying on a holiday to secure grain subsidy information.

Britons paying back mortgage debt

MORTGAGES

BRITONS repaid more mortgage debt than they borrowed in May for the first time in at least 15 years as consumers sought to improve their finances, the British Bankers' Association (BBA) said. There was a net repayment of £73m (€91m), compared with net borrowing of £516m in April. That's the first time repayments were higher than lending since the BBA began keeping the data in 1997.

Orders for durable goods in US rise 1pc

economy

ORDERS for durable goods and the number of Americans signing contracts to buy an existing home rebounded in May, easing concern the US economy is faltering. Bookings for goods meant to last at least three years rose 1.1pc, the first rise since February, a Commerce Department report showed in Washington. Pending home sales rose 5.9pc after slumping 5.5pc in April.

Drive-through pods tripled by Tesco

retail

TESCO plans to triple the number of drive-through grocery collection points this year to win shoppers who prefer the convenience of picking up online orders to waiting at home for a delivery. The retailer is "fast accelerating" its Click & Collect service and will have 150 of the drive-through pods in parking lots by the end of the year. The number of collection points for non-food goods will also increase, rising to 1,000 by the end of the summer from 774 in April.

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