Gazprom third quarter profits up on joint ventures and currencies February 1, 2010 Russian state-run energy company Gazprom posted a forecast-beating 33 per cent rise in third-quarter net profit, thanks to successful investments in jointly controlled entities and a foreign exchange gain. Gazprom’s shares closed up 1.8 per cent at 189.85 roubles (£3.93) on Moscow’s MICEX, bucking a downward trend on the broader market, where the oil and [...]
Awful airline, great stock February 1, 2010 AWFUL airline, great stock. Ryanair might be the bête noire of the chattering classes, but Michael O’Leary’s low-cost carrier is attracting enough customers without them. Its passenger numbers were up 14 per cent to 16m in the third quarter, a traditionally dire time for airlines. Revenues lagged behind, edging up one per cent as yields [...]
Global factory output rises as slump ends February 1, 2010 MANUFACTURING activity expanded around the globe last month as economies emerged from recessions In the UK, factory activity expanded at its fastest pace in 15 years in January, according to a survey. The CIPS/Markit manufacturing purchasing managers’ index jumped to 56.7 last month from an upwardly revised 54.6 in December. It was the highest since [...]
Sherry and mince pies leave people £52m deeper in debt February 1, 2010 BRITISH consumers embarked on a festive spending splurge in December, running up credit card debts and using their overdrafts. Overall borrowing outstripped the amount being paid back for the first time since June, according to the Bank of England. Credit card use was the main force driving unsecured consumer leverage up by £52m over Christmas [...]
US consumers are still thrifty February 1, 2010 AMERICAN consumers kept a tight grip on their wallets in December with spending up by just 0.2 per cent, after increasing by an upwardly revised 0.7 per cent in November, according to a report. The Commerce Department report showed the third straight monthly rise in spending, which accounts for about two-thirds of the US economy, [...]
Retail bonds launch online February 1, 2010 A NEW online trading platform will open up the corporate bond and gilt market to the retail sector. The launch of a new order book by the London Stock Exchange (LSE) yesterday will allow far greater access to private investors. Of an estimated 10,000 bond packages available, only 200 were readily available to retail investors. [...]
Cash supply fall fuels QE doubts February 1, 2010 The Money supply fell by 0.5 per cent in December, raising fresh questions over the Bank of England’s £200bn programme designed to reflate the economy. The Bank’s preferred measure of bank and building society deposits declined by £6.7bn after a marginal rise in November. Coupled with the UK’s disappointing 0.1 per cent growth in the [...]
Pitman: Virgin Money to buy state assets February 1, 2010 VIRGIN Money could pick up assets on the cheap from the UK’s government-supported banks, chairman Sir Brian Pitman suggested yesterday. Setting out the ambitious target of growing revenues and customer numbers by 15 per cent annually, the 78-year-old said Virgin Money would pursue a combination of organic and bolt-on expansion. Pitman, a former chief executive [...]
Regulators hammer out transatlantic deal on supervision February 1, 2010 WATCHDOGS from both sides of the Atlantic yesterday agreed to work more closely to supervise credit rating agencies, hedge fund advisers and clearing of off-exchange traded derivatives. An agreement signed in 2006 to swap information will be expanded, the US Securities and Exchange Commission and the Financial Services Authority (FSA) said in a statement. “Our [...]
Eurozone in bond record as Greeks suffer February 1, 2010 Borrowing by eurozone governments from the bond markets has topped a record €110bn (£96bn) so far this year, raising deficit costs for weaker European nations with high debt levels like Greece. Investors warn that the yields they will demand to lend to Greece and other economies, such as Portugal, Spain, Ireland and Italy, will continue [...]