Spending drop for Christmas, says Execution November 1, 2009 BRITONS are planning to spend less on gifts this Christmas than last year as they worry about rising unemployment and taxes, putting into question signs of a recovery in consumer spending, a survey showed yesterday. Broker Execution interviewed a representative sample of 2,000 Britons from October 20 to 26 and found participants on average plan [...]
New figures reveal China’s growth burst November 1, 2009 HOPES of economic recovery in China were boosted by news yesterday that the country’s manufacturing sector grew at the fastest rate in 18 months in October. The purchasing managers index released by the state-sanctioned China Federation of Logistics and Purchasing rose to 55.2, nearly a full point higher than in September. This marked the eighth [...]
Iraq committee slams BP’s deal with CNPC November 1, 2009 IRAQ’S oil and gas committee has voiced concerns to officials in the UK over a deal which BP is due to sign with the Iraqi government tomorrow. The group slammed the multi-billion-dollar deal, calling it illegal, and said they should have a right to veto such plans, but the government disagrees, and believes cabinet approval [...]
Baugur boss looks for 35m November 1, 2009 Baugur boss Jon Asgeir Johannesson has been ordered to raise £35m to secure the future of the remains of his business empire. The tycoon, whose investment firm bought up half the UK high street before it collapsed last year, is battling to keep control of his Icelandic retailer Hagar. Kaupthing, the bank which leant him [...]
Boost for professional bodies November 1, 2009 Over three quarters of those working in the securities and investment industry believe the FSA should consult on the value of mandatory membership of a professional body, according to the newly Chartered Institute for Securities & Investment. Simon Culhane, the Institute’s CEO, said, “The results demonstrate our members’ commitment to high standards in their firms”.
Wembley warns on bank debt November 1, 2009 Wembley National Stadium, the owner of the North London venue, made a pre-tax loss of £31m last year, as the enormous cost of financing the construction of the new stadium continues to weigh on the firm. The company also said that there is a risk that it will default on bank debt agreements unless season [...]
Calls for more QE as British growth dips November 1, 2009 POLICYMAKERS are under pressure to extend quantitative easing (QE) in the UK as the British economy is still mired in recession. Citigroup’s Michael Saunders said the weakness in third quarter GDP and core broad money (M4) had made him reverse his former argument that QE was likely to be stopped by the Bank of England [...]
WHAT DO YOU THINK THE MPC WILL DECIDE? November 1, 2009 JAMIE DANNHAUSER LOMBARD STREET RESEARCH“A disappointing initial third quarter GDP estimate and a sharp drop in broad money in September gives the doves ammunition. On balance, the MPC is likely to keep the asset purchase facility unchanged next week. Expect there to be dissenters, however.”JONATHAN LOYNES CAPITAL ECONOMICS“With the previous extension to QE now complete [...]
Kremlin seeks Western capital with bond issue November 1, 2009 A RUSSIAN delegation will arrive in London this week to announce an £11bn bond issue as it seeks Western investment in its struggling economy. Deputy prime minister Alexei Kudrin, who is also Russia’s finance minister, will meet business secretary Peter Mandelson, bringing with him senior figures from the Russian central bank and finance ministry, as [...]
KING HEALTHRUMOURSSPARKSARRESTS November 1, 2009 Police in Thailand arrested two people yesterday on suspicion of spreading rumours about the health of the country’s 81-year-old king that triggered a slide in stock prices. Thai stocks plunged a combined 7.2 per cent on over two days last month as rumours circulated over the health of King Bhumibol Adulyadej, who has been in [...]