Factory price fall could spur ECB February 4, 2013 Analysts yesterday suggested that falling producer prices could drive the European Central Bank (ECB) to cut rates. Data put out by Eurostat showed producer prices were down 0.2 per cent in December, following a fall of the same size the month before, and suggesting consumer price inflation could fall even further than the 26-month low [...]
US factories boost output again… February 4, 2013 New orders and shipments in the US manufacturing industry continued their upward trend in December, according to official numbers out yesterday. New orders grew $8.6bn (£5.5bn) – 1.8 per cent – to reach $484.8bn during the month, the Census Bureau said, while firms added 0.4 per cent to their shipments. Firms were getting more active, [...]
…but investment indicator falls February 4, 2013 A gauge of US business investment plans dropped in December, a possible sign firms were losing confidence in the economy’s strength. The data, released yesterday by the Commerce Department, also gave some positive signals, with a big jump in defence industry capital orders pointing to a reversal to some of the surprise fall in US [...]
City Moves for 5 February 2013 | Who’s switching jobs February 4, 2013 Linklaters Simon Pritchard has been appointed partner in the law firm’s competition team. He is a former senior director of mergers at the Office of Fair Trading (OFT). Pritchard is also editor of UK Merger Control, and an external adviser to the OFT on international competition network matters. Lloyds TSB Commercial Finance Donald Kerr has [...]
Best of the Brokers February 4, 2013 ASSOCIATED BRITISH FOODS Shore Capital has downgraded the food and retail group Associated British Foods to “hold” with a target price of 1,762p following several years of sustained share price growth. This is “thoroughly merited given the outperformance of Primark, and the high valuation such a fast growing international retailer should demand” but the broker [...]
FTSE 100 weighed by financial shares February 4, 2013 The benchmark index edged down this morning, as Chancellor George Osborne’s plans to electrify the ring fence between banks’ retail and investment banking operations was in the spotlight. UK banking shares fell as a result. HSBC dropped 0.13 per cent, RBS was down 0.6 per cent, Barclays shed 0.07 per cent and Lloyds Banking Group [...]
Amplats swings to 2012 loss following strike February 4, 2013 Anglo American Platinum this morning posted an operating loss of ZAR6.3bn (£451m) for 2012, a drop of 180 per cent from a profit of almost ZAR8bn last year. Lower sales volumes due to the two-month long strike last year, higher mining costs and lower costs all weighed on results. Amplats, which is 80 per cent [...]
Lonrho forecasts full-year loss February 4, 2013 African conglomerate Lonrho said this morning it will post a net operating loss for the full year due to contract delays. The conglomerate, which has interests across agriculture, infrastructure, support services and hotels, said it expects to report a net operating loss of between £3m and £5m for 2012. “The shortfalls have largely reflected delays [...]
Hitachi slashes full-year operating profit forecast February 4, 2013 Japanese electronics maker Hitachi has cut its full-year profit forecast to 420bn yen (£2.8bn), hurt by a weak European economy and a slowdown in emerging markets. The firm today posted a 28 per cent fall in third quarter operating profits, coming in well below forecasts. Hitachi posted operating profit of 68.3bn yen for the three [...]
US web ad firm to raise £12.5m in London IPO February 4, 2013 A US online advertising company will today announce plans to raise up to £12.5m on London’s Alternative Investment Market (Aim) as a springboard for expansion into Europe. Digital Global Services (DGS), which buys advertising space on search engines and Facebook for telecoms companies, is looking to float in mid-February despite not yet having a presence [...]