Spain’s industry grows at fastest pace since 2010 April 7, 2014 SPANISH industrial production sped up significantly in the year to February, rising by 2.8 per cent, more than twice as fast as January’s pace and the best reading in more than three years. Despite the improvement, Spain’s industrial production is still relatively low compared to 2010 levels, down by nearly a tenth. Victor Echevarria of [...]
Japan and Australia sign off on trade ahead of new Pacific deal April 7, 2014 THE JAPANESE and Australian governments finalised the foundations of their free trade deal yesterday, ahead of the much broader Trans-Pacific Partnership (known as TPP). Negotiations for the deal have dragged on, having first begun under a previous Australian government in 2007. The deal ends the remaining major tariffs between the two countries: levies by the [...]
Largest ballot in world starts April 7, 2014 INDIA’S general election kicked off yesterday, a mammoth vote that lasts for more than a month and in which over 800m people are enfranchised. Two states in the north-east of the country are first to go to the polls in a race that does not finish until mid-May. The election pits the ruling Congress party’s [...]
Outlook for east Asia growth cut by World Bank April 7, 2014 THE WORLD Bank cut its GDP outlook for several countries in developing east-Asia yesterday, trimming previous forecasts for the world’s fastest growing region. The emerging economies are expected to grow by 7.1 per cent this year and at the same rate next year, down 0.1 percentage points from the estimate in October 2013. According to [...]
Greek government could market fresh bond as early as this week April 7, 2014 THE GREEK government is reportedly primed to issue a sovereign bond within the week, even as the country remains mired in recession. Greece’s finance minister, Yannis Stournaras, insisted yesterday to domestic media that the state is in no rush to return to the debt markets, but confirmed that the sale will take place during the [...]
Top bondholder group will back Punch debt plan April 7, 2014 INDEBTED pub chain Punch Taverns has finally secured support from bondholders for its plan to push back any upcoming default and extend the window of negotiations for restructuring its £2.3bn debt. Senior bondholders said they would support the extension until 29 August in order to agree a restructuring of the debt by the end of [...]
Quindell and RAC launch £100m scheme for black boxes in cars April 7, 2014 BLACK boxes could soon be used to revolutionise the vehicle insurance industry in the UK according to a new joint venture by Quindell and the RAC which analysts say could be worth up to £1bn. RAC said it plans to sell the socalled telematic tracking devices, similar to the black boxes used in aircraft, to [...]
HTC’s losses widen as flagship smartphone attracts slim sales April 7, 2014 TAIWANESE smartphone firm HTC reported a wider than expected first-quarter loss as its flagship smartphones continue to attract modest sales. Despite the rave reviews that HTC’s recent devices have received, the company posted a 22.6 per cent drop in revenues to 33.12bn Taiwanese dollars (£659m). “The company expects to see positive trajectory of its revenue [...]
Strong results for meat supplier Cranswick as pig rearing grows April 7, 2014 SAUSAGE maker Cranswick has bucked tough conditions in the grocery market and record pig prices to post strong fourth quarter results yesterday. The FTSE 250 firm, which supplies supermarkets including Sainsbury’s with upmarket sausages and cooked meats, said underlying sales excluding acquisitions were up 12 per cent in the year to 31 March. Analysts forecast [...]
Tullow Oil increases credit facility April 7, 2014 FTSE 100 energy explorer Tullow Oil yesterday said it has refinanced its $500m (£300m) revolving credit facility and increased the size to $750m. It has also extended the offering’s maturity until April 2017, replacing the previous facility which was due to expire in November 2014. Bank of America Merrill Lynch, BNP Paribas, Credit Agricole, HSBC, [...]