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Despite Rising Gas Prices and Federal Rate Increases, Small ...

SAN FRANCISCO, Aug. 1 /PRNewswire-FirstCall/ -- Despite 17 consecutive interest rate increases by the Fed and surging gas prices at the pump, small business owners remain optimistic about the future. A new Wells Fargo/Gallup Small Business Index released today shows small business owners remain just as optimistic today as they were a year ago about both their current financial situation and future financial prospects. The Index stands at 107 -- essentially the same level for the past four consecutive quarters and far above its baseline score of 69 in August 2003. In the latest survey, 72 percent of small business owners surveyed said their company's financial situation is very good or good, and 80 percent expect to be better off financially a year from now.

"Small business optimism remained near cyclical highs in the second quarter," said Scott Anderson, senior economist at Wells Fargo.

Northern Rock's bad debt charges double to £44.5m

NORTHERN ROCK yesterday reported that bad debt charges had nearly doubled, but the increase failed to take the gloss off a forecast-beating set of first-half results.

The Newcastle-based mortgage lender kicked off the latest round of banking results by lifting its profit growth target from 15 to 20 per cent, after unveiling a 14.4 per cent rise in underlying pre-tax profits to £273.7 million, fuelled by the strong housing market.

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Absa boss on results

Absa CEO Steve Booysen talks to the company's latest set of solid results and how important branding is in growing your customer base.

Bruce Whitfield:
Absas controlling shareholder, Barclays, reporting a sharp rise in bad debts. They surged to more than a billion pounds in the first half of the year, it is an increase of 50 percent. Particularly relevant is the fact that Barclay card customers are struggling to repay their credit card bills and it is relevant and I will explain why in a moment.

The Barclays results shows that 50 percent of its profits comes from outside the UK and ten percent of its total profits are generated by Absa, the company of course which it bought round about this time last year. Welcome to Steve Booysen, the chief executive officer of Absa.

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