Wednesday lunchtime business news

Aug 20 2008 By Graeme King

Pawnbroker H&T has reported a 79% jump in half-year profits – apparently showing how the economic downturn is forcing people to consider new income streams.

However H&T said it has been new store openings and higher gold prices which have driven its growth, with chief executive John Nichols denying the economic downturn was behind the improvement to £5.5m profits in the six months to June 30.

A group that already runs four UK airports is the first out of the blocks in the race to take over airports that BAA are likely to be forced to sell.

Manchester Airport Group (MAG) which operates Manchester, Bournemouth, East Midlands and Humberside airports, said it could be interested in acquiring ``one or more“ of BAA’s airports.

And the big prize could be Gatwick, with anyone bidding for the busy West Sussex airport likely to have to fork out around £3bn.

The UK’s creaking public finances improved slightly in July but were still weaker than a year ago, official figures have shown.

Chancellor Alistair Darling announced a review of the Government’s fiscal rules last month after net borrowing hit £24.4bn in the first quarter of the financial year.

In July, traditionally a strong month for tax receipts, the public sector paid back a net £4.8bn - exceeding City expectations - but the figure was lower than last year’s £6.4bn, according to the Office for National Statistics (ONS)

The pound at 12pm was 1.8576 dollars compared to 1.8648 dollars at the previous close.

The euro at 12pm was 0.7926 pounds compared to 0.7904 pounds at the previous close.

The FTSE-100 index at 11:45am was up 36.4 at 5356.8.