Still time for Essar to get this right April 15, 2010 THE London Stock Exchange’s biggest flotation in four years should be a cause for celebration in the City. The fact that the flotation is that of an Indian group that might have otherwise chosen Hong Kong or New York or anywhere else in the world to list its oil, gas and energy division, should make [...]
LIB DEMS SET TO RIDE CREST OF BEER WAVE April 15, 2010 A WELCOME pre-election boost for Lib Dem leader Nick Clegg, from the most unusual of quarters – the traditionally right-leaning environs of the City. It’s just 20 days before polling day and Clegg’s policies haven’t exactly met with rapt enthusiasm from the Square Mile, what with proposals to slap a “mansion tax” on homes worth [...]
Grosvenor hit by £500m fall in its portfolio April 15, 2010 THE value of the Duke of Westminster’s property portfolio slumped by £500m last year, following plummeting housing prices during the recession. His property group, Grosvenor, which is renowned for its ownership of palatial properties in Belgravia and Mayfair, saw the value of its estate tumble to £5.22bn from £6.17bn in 2008. The group reported a [...]
ING UK REIT agrees offer for Rugby REIT April 15, 2010 ING UK Real Estate Income Trust (REIT), led by chairman Nick Thompson, yesterday agreed an offer for Rugby Estates Investment Trust (Rugby REIT), The cash offered for Rugby REIT of 63p per share is a significant improvement on the 41p offered by Laxey Partners in November last year which failed to secure shareholder support. Philip [...]
UK to bounce but Eurozone GDP subdued April 15, 2010 STRONGER growth in the world economy, the assumption of a Conservative victory at the general election and a greater response to a weak pound will boost growth in the UK economy by more than previously thought, the Centre for Economics and Business Research (CEBR) will say today in its quarterly forecast. The consultancy now predicts [...]
ECB warns of global imbalance April 15, 2010 THE SOVEREIGN debt problems engulfing countries like Greece may represent the next chapter in the financial crisis, European Central Bank (ECB) executive board member Juergen Stark warned yesterday. Eurozone governments have been forced to step in and provide promises of financial aid for Greece after market fears erupted on worries it could default on its [...]
China’s meteoric growth fuels debate over policy April 15, 2010 CHINA saw strong year-on-year growth in the first quarter of 11.9 per cent, prompting renewed calls for tighter policies to prevent the world’s third-largest economy from bubbling over. The rate of expansion was flattered by a low base of comparison a year earlier, when the economy was reeling from the global financial crisis. The figures, [...]
CITY VIEWS: WHAT DO YOU THINK ARE THE RISKS, IF ANY, TO CHINA’S SOARING ECONOMIC GROWTH? April 15, 2010 DUNCAN JUDD | MEDITATION “I really don’t think there are any great risks. But we’ll have to see how China continues to develop, and if there is enough manpower and financial backing to develop resources. It’s up to individuals to see that the Chinese economy continues to grow.” ALAN SAUNDERS | RBS “You have to [...]
US manufacturing data cheers April 15, 2010 US manufacturers were busy in April as factories ramped up production to rebuild inventories though soft labour markets still point to a relatively slow economic recovery, data revealed yesterday. Expansion in manufacturing was highlighted by the New York Federal Reserve’s “Empire State” general business conditions index which rose to a six-month high of 31.86 in [...]
Fed to stick to low rates April 15, 2010 A top Federal Reserve official said yesterday he doesn’t believe it’s time yet to soften a Fed promise to hold benchmark borrowing costs exceptionally low for an extended period. “I’m comfortable with interest rates where they are now,” Richmond Federal Reserve Bank president Jeffrey Lacker said at a Fed symposium on credit markets.