Strong US economy needs no more QE, says Fed’s chief dove May 24, 2012 THE US does not need more quantitative easing (QE), a top Federal Reserve policymaker said yesterday, reversing his previously dovish stance. New York Fed boss Bill Dudley said the economy is steadily improving and using up slack, limiting the need for further support. “I think it’s hard to argue that we absolutely must do something [...]
Chinese manufacturing slows May 24, 2012 Chinese manufacturing activity fell in May according to survey data published yesterday, leading economists to forecast additional stimulus from the government. The sector’s purchasing managers’ index fell to 48.7 in May from 49.3 in April, according to initial estimates from Markit. Any figure below 50 shows a contraction. The output index moved to a seven-month [...]
OECD calls for inclusive growth May 24, 2012 Countries should make more of an effort to create lower-skilled jobs as part of their growth policies, the OECD and World Bank argued yesterday. Their report said encouraging job creation across regions and skill levels can strengthen growth; it recommended improving access to capital and financial services for firms in newer sectors.
UK still nervous about borrowing May 24, 2012 Net mortgage lending rose 1.2 per cent in the year to April, according to figures from the British Bankers’ Association, accelerating from 0.8 per cent growth in March. However, gross mortgage lending was below the six month average, and there were fewer new borrowers alongside fewer home owners clearing existing mortgages. And unsecured lending fell [...]
CITY MOVES | WHO’S SWITCHING JOBS May 24, 2012 ING Investment Management Mark den Hollander has been promoted to chief risk officer, effective 1 June. He has close to 20 years of experience in the investment management industry and joined ING in 2009 as managing director, head of investment solutions. He was previously chief investment officer at Fortis Investments and has held senior roles [...]
BEST of the BROKERS May 24, 2012 ARM HOLDINGS Morgan Stanley rates the semi-conducter and software design company as “overweight” with a target price of 690p. The broker thinks ARM can deliver on its ambitious long-term targets, and forecasts royalty revenue growth of seven per cent above and beyond the sector. Morgan Stanley thinks ARM could reach a market share of up [...]
Thomas Cook announce new chief executive May 24, 2012 Thomas Cook has appointed Premier Farnell boss Harriet Green as its new chief executive, ending a nine-month search for Manny Fontenla-Novoa’s successor after string of profit warnings prompted his departure last year. Green, who has been at the helm of the FTSE-250 electrocomponents distributor since 2006, will take over from Sam Weihagen, Thomas Cook’s interim chief executive, [...]
FTSE edges up but Eurozone gloom continues May 24, 2012 The FTSE 100 staged a tentative recovery in early trading although an inconclusive meeting of Eurozone leaders offered little prospect of a plan to save Greece. Overnight the EU said it wanted Greece to stay in the fold but contingency plans are already underway for an exit from the euro for the debt laden country. [...]
Economy in new GDP blow May 24, 2012 The UK economy shrank by 0.3 per cent in the first three months of the year, the Office for National Statistics said. A contraction of 0.2 per cent was estimated last month.
EU says it wants Greece to stay in euro May 24, 2012 European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout programme. After nearly six hours of talks held during an informal dinner, leaders said they were committed to [...]