Fed easing assumptions attacked January 21, 2013 The assumption that monetary easing can slash US unemployment is based on a false assumption that all unemployment is cyclical, ING researchers argued yesterday. The Federal Reserve is radically loosening monetary policy as it believes unemployment is due to the downturn – but actually much of it is structural, the ING note argues – meaning [...]
UK workforce facing 3.1m shortfall January 21, 2013 The UK’s workforce will be short of 3.1m skilled workers by 2050 if it fails to boost skills or loosen controls on its borders, a recruiter said yesterday. If the UK’s population rises to 74.5m by 2050, as expected, even with an employment rate at pre-crisis levels of 71.6 per cent, just 32.3m out of [...]
Goldman chief backs China January 21, 2013 Goldman Sachs Asset Management chairman Jim O’Neill yesterday said China should be ditched from the “Brics” concept he originally coined because it had grown too important. Speaking at the London School of Economics, O’Neill said China was so far ahead of its “Brics” counterparts – Brazil, Russia and India – it should not be included. [...]
Stobart shakes up board after profit warning January 21, 2013 STOBART Group has taken the unorthodox step of appointing an executive chairman to help the haulage firm get back on course. A week after the FTSE 250 firm warned its profits would be below forecasts, Stobart Group said yesterday that deputy chief executive Avril Palmer-Baunack will become executive chairman with immediate effect. The Cumbria-based firm [...]
UK moves closer to Urenco sale as Toshiba and Areva mull bids January 21, 2013 FRANCE’S Areva and Japan’s Toshiba are considering bids for nuclear fuel producer Urenco, but British, German and Dutch authorities disagree over what to do with the ultra-secret firm, industry sources said. Britain is keen to sell its 33 per cent stake, and German utilities RWE and E.ON are talking to potential buyers over their combined [...]
EADS sees 2012 sales improvement January 21, 2013 European aerospace and defence group EADS achieved a “very significant improvement” in revenue and operating profit in 2012, chief executive Tom Enders said yesterday. “All four of our divisions have delivered good performances in 2012, all exceeding our objectives,” he said at a New Year media event. The firm, whose units include Airbus, space division [...]
Equistone closes €1.5bn fund January 21, 2013 Equistone, the private equity shop spun out of Barclays last year, yesterday said it had defied a tough fundraising environment to entice €1.5bn (£1.3bn) from investors for a new fund. The group’s fourth European buyout fund will target investments of up to €300m. The firm has already completed eight investments from the fund, including the [...]
City of London Investment Group profit falls January 21, 2013 Money manager City of London Investment Group yesterday reported declining revenues and profits for the six months ending November 2012. Chairman David Cardale said the period was “not an easy one” for the asset manager, as funds under management dropped £500,000 to £2.4bn, with revenues down 12 per cent and pre-tax profits falling 18 per [...]
787 Dreamliner probe spreads to Meggitt unit January 21, 2013 FTSE 100 engineer Meggitt’s shares dropped almost two per cent yesterday as the international probe into the 787 Dreamliner widened to include one of its subsidiaries. Securaplane Technologies, a US firm owned by Meggitt, makes chargers for the lithium ion batteries used on Boeing’s new Dreamliner planes, which have been grounded worldwide amid safety worries. [...]
Portmeirion pre-tax profits on target after bumper revenues January 21, 2013 PORTMEIRION Group, the china-maker best known for its Botanic Garden pattern and collection by Sophie Conran, said full-year profits are likely to be in-line with forecasts after enjoying a strong Christmas trading period. The Aim-listed manufacturer said it expects to report revenues for the year to 31 December 2012 of over £55m, around three per [...]