Euro zone industrial output jumps April 14, 2010 INDUSTRIAL output rose more sharply than expected in February – posting its fastest rise in almost two years. Production across the 16-country currency organisation increased by 0.9 per cent from January, according to European official data office Eurostat. The figure jumped 4.1 percent year-on-year – the biggest increase since April 2008. The euro zone economy [...]
Prudential makes Devey Asia chief April 14, 2010 PRUDENTIAL has as appointed Rob Devey to lead the integration with American International Group’s Asian life insurance arm. The company is on verge of securing a deal for American International Assurance (AIA) for $35.5 billion. But it still needs to complete a $21bn rights issue to fund the bid. Devey, currently Prudential’s head of European [...]
Toyota suspends US Lexus SUV sales April 14, 2010 TOYOTA has suspended sales of a new Lexus SUV in the US market to investigate the risks of the vehicles rolling. The company has stopped sales of the 2010 Lexus GX 460 after consumer reports suggested that the vehicles handled badly on some turns with possible “safety risks” attached. Toyota, which also sells the Lexus [...]
JD Sports profits surge and dividend raised April 14, 2010 RETAILER JD Sports Fashion has reported a 26 per cent rise in annual profits and hiked its dividend. Pre-tax profits before exceptional items surged to £67.4m in the year to 30 January – up from £53.6m last year. Like-for-like sales were up two per cent in the ten weeks to April 10. The company said [...]
Tory manifesto wins round City April 13, 2010 BUSINESS gave a cautious thumbs up to the Tory manifesto yesterday, but economists criticised the party for failing to explain how it will repair the battered public finances. David Cameron, who unveiled the manifesto at a glitzy launch in Battersea power station, said he was issuing “the biggest call to arms the country has seen [...]
Heron chief warns of talent drain April 13, 2010 GERALD Ronson, the property tycoon responsible for building Heron Tower, the tallest skyscraper in the City, yesterday warned that politicians risk hounding entrepreneurs away from the UK with punishing tax hikes for the wealthy. “My advice, to whoever wins the next election, is to be careful not to put too much pressure on the people [...]
EU commits to bank levy April 13, 2010 THE European Union has told G20 members it is ready to crack down on the financial sector by committing to a global bank levy. In a draft letter revealed yesterday EU officials wrote: “We are ready to cooperate with G20 members on globally coordinated principles for a levy on the financial sector.” The move comes [...]
Why this election matters after all April 13, 2010 DAVID Cameron’s Tories do have a vision for Britain, and it is different from Labour’s. The gulf between the parties is not as wide as it once was, for sure, but the election will matter. Take the Tories’ education policy, detailed in yesterday’s manifesto. It will allow the private sector to set up and run [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 13, 2010 FINANCIAL TIMES BEEF PRICE SURGES FOLLOWING HARSH US WINTER Beef prices are soaring after cattle failed to fatten up during the harsh US winter and cash-strapped ranchers culled herds to cope with the recession. Cattle futures have risen more than 20 per cent since December and are again flirting with $1 a pound, a milestone [...]
Thomson turns to the net April 13, 2010 THOMSON Reuters last night confirmed to City A.M. plans to undergo a large-scale revamp of its markets division that will see the coming together of Reuters and Thomson Financial products for the first time. In an bid to distinguish itself from rival Bloomberg, the financial information services provider will offer customers two web-based platforms instead [...]