Euro outlook more hopeful February 6, 2013 THE ECONOMIC climate brightened across the Eurozone in the first quarter of 2013, according to data out yesterday. German think tank Ifo’s economic climate indicator for the bloc rocketed from 81.7 to 95.1, it said, reversing most of the losses seen since the second quarter of last year, when it stood at 100.3. But the [...]
QE expansion not expected February 6, 2013 THE rate-setting monetary policy committee (MPC) will sit on its hands today, according to analysts. Most analysts thought the outcome of February’s meeting would see the committee adopt a wait and see approach. “It looks highly unlikely that the quarter-on-quarter drop in GDP in the fourth quarter will prompt the Bank of England into further [...]
Germany and France clash over the threat posed by strong euro February 6, 2013 GERMANY said yesterday the strong euro was not a concern and signalled opposition to a French proposal for a mid-term target rate, exposing policy divisions over mainland Europe’s currency. The comments from Berlin, where most politicians are firmly opposed to currency intervention, precede talks later in the day between Chancellor Angela Merkel and French President [...]
Main market pension deficits explode despite bull markets February 6, 2013 THE deficits of FTSE 350 pension schemes expanded by £13bn more during January, despite soaring stock markets. Pension deficits totalled £75bn at the end of last month, according to data put out by Mercer yesterday, with assets adding up to only 88 per cent of liabilities. This was up from £62bn at the end of [...]
US mortgage requests jump February 6, 2013 US MORTGAGE applications climbed in the last week of January, despite increasing interest rates, data showed yesterday. Seasonally-adjusted loan application volumes increased 3.4 per cent in the week ending 1 February, the Mortgage Bankers Association said. Unadjusted mortgage applications were some 16 per cent higher that week than during the same seven days a year [...]
ENRC soars as output jumps in strong year February 6, 2013 EURASIAN Natural Resources (ENRC) shares soared yesterday as investors cheered the miner’s latest output report. In its ferroalloys division, ENRC produced 6.8 per cent more ferrochrome in the fourth quarter of 2012 than the previous year, and reported an 8.9 per cent jump in the amount of total saleable ferroalloys output in what chief executive [...]
Total partners with Cyprus in oil search as it divests gas unit February 6, 2013 FRENCH oil major Total said yesterday it had signed a deal with Cyprus to search for offshore oil and gas, as the Mediterranean nation hopes to become an energy hub. Signing a production sharing agreement yesterday with the third energy major this year, Cyprus hopes for a windfall from hydrocarbons beneath the seabed in a [...]
Victoria Oil & Gas raises £23.5m to fund Cameroon gas venture February 6, 2013 SHARES in explorer Victoria Oil & Gas plummeted yesterday, as it announced that it had raised £23.5m in an oversubscribed share placing. Victoria Oil & Gas, which has assets in Cameroon, will use the funds to finance the roll-out of its downstream strategy at its gas project in the central African country, in which it [...]
Ruspetro sinks as it postpones bond offering February 6, 2013 SHARES in Siberia-focused oil and gas explorer Ruspetro plunged yesterday as it said it would postpone its senior secured note offering. Ruspetro said it would consider the bond sale at a later date. It gave no reason for the delay. The proceeds from the placing were intented to replace Ruspetro’s existing debt facility with Sberbank, [...]
ArcelorMittal suffers a loss February 6, 2013 ARCELORMITTAL, the world’s largest steelmaker, forecast improving demand and earnings this year, after a wretched 2012 in which sliding European consumption and a Chinese slowdown drove it to a deep net loss. The group posted a net loss of $3.73bn (£2.38bn) for the year, mostly due to a massive writedown on its European business. ArcelorMittal said [...]