Manufacturing slows July 1, 2010 MANUFACTURING growth slowed across the major economies in June as export orders faded, according to the series of purchasing managers’ indices (PMIs) published yesterday. The loss of momentum was led by China, which saw its PMI drop to 52.1, compared with 53.9 in May, according to the China Federation of Logistics & Purchasing. A rival [...]
BoE: Mortgage crunch ahead July 1, 2010 HOMEBUYERS were warned yesterday by the Bank of England that it would be more difficult for them to obtain a mortgage over the coming quarter as lenders anticipated a tightening in wholesale funding market conditions. Availability of secured credit had risen slightly in the three months to early June 2010, the Bank said. However, individuals’ [...]
US suffers shock rise in state jobless benefit claims July 1, 2010 NEW claims for state jobless benefits unexpectedly rose last week, while manufacturing activity and employment slowed in June, heightening fears the US economic recovery is stalling. The Labor Department said that initial claims for state unemployment benefits increased by 13,000 to 472,000, above expectations for 452,000. While layoffs have slowed sharply from early last year, [...]
Japanese business is optimistic for the first time in two years July 1, 2010 BIG Japanese manufacturers turned optimistic for the first time in two years in the second quarter and forecast a rise in capital spending plans, indicating that a slow economic recovery is taking hold. The Bank of Japan tankan of more than 11,000 companies also showed optimism among big manufacturers would grow further in the current [...]
Dutch central bank chief survives July 1, 2010 Dutch central bank (DNB) president Nout Wellink yesterday won enough support from the Dutch parliament’s lower house to remain in power, though it expects to see a substantial reform plan for the bank soon. Wellink, who is a member of the European Central Bank governing council and chairman of the Basel Committee of central bankers, [...]
Google to buy ITA for $700m July 1, 2010 Google plans to buy ITA Software for $700m in cash, but conceded that combining its Internet search with ITA’s service, widely used by the travel industry, is sure to draw regulatory scrutiny. Google’s foray into the business of online travel information allows the Internet advertising and search leader to target users more specifically. But it [...]
Emerson wins Chloride fight as ABB retires July 1, 2010 Chloride is to start talks with Emerson Electric after rival suitor ABB pulled out in the face of an improved £997m offer from the US group. Emerson Electric raised its cash offer on Tuesday by more than a third to 375p a share, seeking to tempt the British maker of uninterruptible power supplies (UPS) away [...]
GENERAL MILLS PLANS GROWTH July 1, 2010 GENERAL Mills laid out a five-year growth plan yesterday that includes increasing earnings per share by at least 45 per cent and reaching $18bn (£11.9bn) in sales. The company, whose brands include Cheerios, Green Giant, Haagen-Dazs, Pillsbury and Wheatiesmaker, said drivers of that growth include new products and expanding in emerging markets. For the 2010 [...]
Toyota considers a recall over stalling car problem July 1, 2010 TOYOTA is considering recalling eight of its models over fears they may stall while driving. The safety action, which has not yet been decided, would involve around 270,000 cars, including seven models of the luxury Lexus. No accidents have occurred due to the fault. The problem is the latest for the Japanese car giant, which [...]
Art market fears threat from EU levy July 1, 2010 British auction houses fear that an EU levy on works of art by the likes of Pablo Picasso and Henri Matisse, due to be introduced in 2012, could undermine their position as world leaders in the field. The government has a temporary exemption from the EU’s “droit de suite” levy on the re-sale price of [...]