ECB curbs rate of bond buying July 12, 2010 The European Central Bank (ECB) slowed the pace of its controversial buying of government bonds to a near halt last week, adding substance to suggestions from one of its top policymakers that the programme could soon be phased out. It said yesterday it had bought just €1bn (£838m) worth of bonds last week, taking the [...]
China’s property market falters July 12, 2010 China’s frothy property market may have peaked after a government clampdown on speculators, new data indicated yesterday. Property prices across 70 cities fell 0.1 per cent in June compared with May – the first monthly fall since February 2009. Despite the monthly fall in June, property prices across China still remained 11.4 per cent higher [...]
Alcoa returns to profit as US results begin July 12, 2010 ALUMINIUM miner Alcoa said it had returned to profit yesterday thanks to growing sales, and raised its estimate for global consumption of the metal. The largest US aluminium producer, whose results are often viewed as a bellwether of the American economy, said it made a $136m (£91m) profit for the quarter, compared to a loss [...]
Olympic champion Usain Bolt shuns London over tax fears July 12, 2010 Triple Olympic champion Usain Bolt will not compete at next month’s Diamond League meeting in London because it will not be financially viable owing to Britain’s tax laws, the Jamaican said yesterday. “I am definitely not going to run (in London),” the world 100m and 200m record holder told a news conference yesterday ahead of [...]
Hedge fund sues banks for $1.2bn loss linked to subprime mortgages July 12, 2010 A HEDGE fund is taking aim at the world’s biggest banks in an effort to recoup $1.2bn it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed. The lawsuit by Cambridge Place Investment Management against Morgan Stanley, Goldman Sachs and about 10 other banks, is one of [...]
Doctors set to hold NHS cash July 12, 2010 THE new coalition government, seeking to cut a record Budget deficit, announced a radical shake-up of its sprawling health service yesterday. The reorganisation of the world’s largest public healthcare system will see family doctors take charge of the lion’s share of a £110bn healthcare budget. Losing out will be thousands of managers in the National [...]
Kent Reliance confirms talks with?buyout firm JC Flowers July 12, 2010 KENT Reliance Building Society confirmed yesterday it was in talks with US private equity firm JC Flowers on creating a joint venture to bolster its balance sheet while remaining a mutual organisation. Kent Reliance said the new structure would allow for substantial new capital investment to support the 150-year old building society, which is owned [...]
L’Oreal says it will return to profit this year as consumers hit shops July 12, 2010 Luxury cosmetics group L’Oreal posted higher sales in the second quarter helped by emerging markets and positive currency effects, confirming a recovery in consumer spending. Second quarter revenues climbed 5.2 per cent to €4.9bn (£4.1bn) on a like-for-like basis, slightly ahead of analysts expectations. L’Oreal, which sells Garnier shampoo and Vichy facial creams, does not [...]
Boris ramps up fight against London cuts July 12, 2010 BORIS Johnson has stepped up his campaign to protect funding for London’s sprawling transport network, after transport minister Norman Baker hinted that the capital’s Tube, buses and trains would have to suffer cutbacks along with the rest of the country. Aides to the Mayor said he was “presenting his case clearly to the government, both [...]
BAA’s June traffic numbers knocked by BA crew strike July 12, 2010 STRIKES staged by British Airways (BA) cabin crew caused airports group BAA passenger traffic numbers to fall by 1.7 per cent last month. The airport operator, which is majority-owned by Spanish infrastructure firm Ferrovial, said 9.5m passengers flew from its UK airports last month, down from 9.7m in June 2009. BAA said without the impact [...]