UK public sector net debt at 13 bln pounds in June, 56.6 percent of GDP

October 6th, 2009 UK Conservatives push unpopular plans to cut debtMANCHESTER, England — Britain's main opposition Conservatives pledged Tuesday to make Britons work longer before retirement, cut child benefits and freeze government salaries — a program they acknowledged would likely be unpopular as they bid to win office. George Osborne, the likely Treasury chief in any future Conservative government, told delegates at an annual conference that the Conservative Party would seek to reduce government spending if it wins Britain's next national election.

September 23rd, 2009 UK home builder Barratt raising 720.5M poundsLONDON — Major British home builder Barratt Developments PLC announced a rights issue Wednesday to raise 720.5 million pounds ($1.18 billion) to beef up its balance sheet and prepare for new land acquisitions. The fundraising was announced as Barratt reported a loss of 486.6 million pounds for the year ending June 30, compared to a profit of 86.4 million pounds a year earlier.

September 18th, 2009 Recession swells British government's debtsLONDON — The recession's toll on British government finances was highlighted Friday by official figures showing the government borrowed a record 16.1 billion pounds ($26.3 billion) in August, just days after Prime Minister Gordon Brown conceded that whoever wins the next election will have to take an axe to spending. The rise took net borrowing to 65.3 billion pounds for the first five months of the financial year so far, the Office for National Statistics said — more than double the 26.1 billion pounds seen at the same stage last year.

September 7th, 2009 ABU DHABI - The United Arab Emirates (UAE) finance ministry has set up a special unit to manage public debt, WAM news agency reported Monday. The Public Debt Management Unit will, among other things, be responsible for the development of strategies for debt and risk management and refer these strategies to the cabinet.

September 4th, 2009 German services sector sales fall 11 pct in Q2FRANKFURT — The German services sector saw second quarter sales fall 11 percent compared with a year earlier as the economic downturn continued to hurt demand. The Wiesbaden-based Federal Statistical Office said Friday that strong declines were seen in the business services sector, which saw sales fall 13 percent, while the transport and warehousing sector saw a 12 percent drop compared to the April-June period of 2008.

July 30th, 2009 Centrica PLC 1H net profit down 89 pctLONDON — British energy company Centrica PLC said Thursday that net profit fell by 89 percent in the first half compared to a year earlier, when profit was boosted by a large one-time gain. For the six months to June 30, Centrica reported a net profit of 202 million pounds ($332 million) compared to 1.8 billion pounds a year earlier.

July 30th, 2009 Reed Elsevier profits drop 48 pct in H1LONDON — Reed Elsevier Group PLC, the London and Amsterdam-based educational publisher and owner of the LexisNexis information service, reported Thursday its first-half profit fell 48 percent and said it would sell new shares to raise money to cope with debt from its acquisition of ChoicePoint Inc. Its shares plummeted 12.5 percent to 420 pence ($6.93) on the London Stock Exchange.

July 30th, 2009 BAE loses 70 million pounds in H1LONDON — BAE Systems PLC, Europe's largest defense contractor, posted a loss for the first half of the year, as demand fell for land vehicles and the company wrote off the value of some assets. However, the company said Thursday it expects "good growth" for the full year amid an increase in military spending as it also benefits from continued weakness of the British pound against the U.S.

July 23rd, 2009 UK retail sales, mortgage lending rise in JuneLONDON — Retail sales in the United Kingdom rose 2.9 percent in June compared to a year earlier and mortgage lending rose by 8 percent in the month as summer weather smiled on a struggling economy, official reports said Thursday. The upbeat reports contrast with rising unemployment, which now stands at 7.6 percent and is expected to rise for some time.

July 17th, 2009 British Airways to raise almost $1 billionLONDON — Hard-pressed British Airways said Friday it plans to raise 600 million pounds ($980 million) to see it through the recession and financial losses, which it estimated at 100 million pounds for the three months through June. The airline, which has been seeking cost-cutting deals with staff, announced it intended to raise 300 million pounds through a convertible debt issue and that it had secured the return of 330 million pounds worth of guarantees from pension fund trustees.

July 17th, 2009 British Airways to raise 600M pounds amid lossesLONDON — Hard-pressed British Airways said Friday it plans to raise 600 million pounds ($980 million) to see it through the recession and financial losses, which it estimated at 100 million pounds for the three months through June. The airline, which has been seeking cost-cutting deals with staff, announced it intended to raise 300 million pounds through a convertible debt issue and that it had secured the return of 330 million pounds worth of guarantees from pension fund trustees.

June 26th, 2009 MUMBAI - The Reserve Bank of India (RBI) Friday advised public sector banks to write off farmers' loans even if they failed to fully pay the stipulated 75 percent of the total loan amount. Under the debt relief scheme, launched in the 2008-09 budget, banks were allowed to write off up to 25 percent of farmers' loans if they pay 75 percent of their debt.

May 8th, 2009 What British lawmakers boughtSome of the items claimed on expenses by British lawmakers, according to the Daily Telegraph: Horse manure for garden, 10 pounds ($15.06) Yucca plant, 9.99 pounds ($15.04) Two cans of chicken and turkey cat food, 78 pence ($1.18) Chocolate Santa, 59 pence ($0.89) Two elephant-shaped lamps, 134.30 pounds ($202.24) Potato peeler, 4.50 pounds ($6.79) Eyeliner, 2.50 pounds ($3.76) Wine rack, 14.99 pounds ($22.57) Reusable plastic bag, Ikea, 5 pence ($0.07) Ice cube tray, 1.50 pounds ($2.26) Visits by mole catcher, 35 pounds ($52.82) per quarter, 140 pounds ($210.81) per year Piano tuning, 40 pounds ($60.23) Footstool, 199 pounds ($299.64) Visit by pool maintenance man, 98.63 pounds ($148.51) Visits by rat catcher, 199 pounds ($299.67) per quarter, 796 per year ($1,200) Pizza cutter, 3 pounds ($4.53)

April 22nd, 2009 UK Treasury presents recession budgetLONDON — British Treasury chief Alistair Darling will present the government's budget on Wednesday, with his options constricted after pumping billions into stabilizing a foundering economy. Some tax breaks intended to stimulate spending may be introduced or continued, but the government's mounting debt has sown caution about any further big gestures — and some sort of tax increases appear inevitable.

April 12th, 2009 LONDON - Manchester United has to pay back a staggering 1.1 billion pounds of debt in the next nine years. Malcolm Glazer and his family can refinance their borrowing or take drastic action; financial experts believe they are facing meltdown.