INFLATION, as Milton Friedman used to argue, is a form of taxation without legislation. Wealth is taken from some people – for example, holders of cash – and given to others – such as those with large debts.
STRUGGLING internet icon Yahoo last night reported sluggish revenue growth for the first quarter of 2014.
But its shares were boosted by strong revenues at Alibaba, a Chinese firm in which Yahoo has a 24 per cent stake.
CONSUMER watchdog Which? is calling for an investigation into competition in the current account market, after it emerged that just two per cent of people have switched accounts since new guarantees came into effect in September last year.
YESTERDAY was a glorious, sunny day in London – clear blue skies with a hint of the crisp spring weather that typifies a British April. Lunching City workers donned light coats and sunglasses, keen to soak up the rays.
RIO TINTO’S chief executive Sam Walsh yesterday stuck to his guns about the miner’s expansion plans, blaming a quarter-on-quarter fall in iron ore shipments and output on bad weather in Western Australia.
QUINTESSENTIAL French cigarette brands Gauloises and Gitanes will no longer be made in France as part of Imperial Tobacco’s dramatic cost cutting measures that will send production of the brands to Spain.
INVESTOR morale has been knocked by the recent political turmoil in Ukraine, according to a leading German survey released yesterday.
The Zew index declined for a fourth straight month in April, dipping to 43.2 from 46.6 in March.
Energy secretary Ed Davey yesterday wrote to the gas and electricity suppliers, calling for more detailed information on the cost of the Energy Company Obligation (Eco), a scheme that obligates the larger firms to install energy-saving measures in
Hochschild Mining, the FTSE 250-quoted precious metals explorer, yesterday said first-quarter silver production hit 5.9m ounces, beating analysts’ expectations, and that it is on track to reach a full-year target of 21m silver ounces.
Aim-listed Petroneft, the loss-making oil and gas explorer, yesterday said that a long-awaited farmout agreement for a 50 per cent stake in one of the licence areas it owns in the Tomsk region of Russia is set to go ahead next week.
Engineering firm WS Atkins yesterday said it has been selected as the preferred bidder on a decommissioning contract for a Sellafield nuclear facility, as part of an equal three-way joint venture with France’s Areva and UK firm Mace.
THE UK’S top shares sank to their lowest close in three weeks yesterday, hit by mining companies on concern about demand, while the deteriorating situation in Ukraine and doubts about corporate earnings hurt broader sentiment.
US stocks ended a volatile session higher yesterday, lifted by gains in such blue-chip names as Coca-Cola and Johnson & Johnson, though persistent weakness in momentum names limited the Nasdaq’s advance.