US recovery stumbles on jobless jump April 19, 2012 NEW jobless benefit claims in the US were higher than expected last week, official data showed yesterday, while manufacturing activity slowed in April for the first time in five months. Initial jobless claims fell to 386,000 in the week to 14 April, from an upwardly revised 386,000 in the previous week and higher than the [...]
ECB OFFICIAL: BAILOUTS UNDERMINE REFORM April 19, 2012 CASH transfers from rich to poor countries will undermine incentives for those uncompetitive countries to reform, damaging them and the wider Eurozone in the long run, top European Central Bank (ECB) economist Peter Praet warned yesterday. Only fiscal austerity and dedication to reform can lead to prosperity, he explained.
CITY MOVES WHO’S SWITCHING JOBS April 19, 2012 Grant Thornton UK The business and financial adviser, and UK subsidiary of Grant Thornton International, has reappointed Scott Barnes as chief executive. He was first given the role in 2008 and has led the firm’s restructuring during the financial downturn. He will remain in the position through to 2015. Yorkshire Building Society The UK’s second [...]
BEST of the BROKERS April 19, 2012 CARILLION Seymour Pierce rates the construction to services company as a “buy” with a target price of 440p after a sales presentation from the company’s executive where they remained upbeat about prospects for 2012 and beyond. The broker says the pipeline of opportunity remains strong and revenue visibility for this year is high at around [...]
Bank of America reports lower first quarter profit April 19, 2012 Bank of America Corp reported a drop in first-quarter profits as the second-largest U.S. bank took accounting charges related to its debt. Bank of America said net income was $653m, or three cents a share, in the quarter, compared with $2.05 billion, or 17 cents per share, in the same period a year earlier. The [...]
Hargreaves Lansdown assets climb April 19, 2012 FTSE 100 fund manager Hargreaves Lansdown reported a £2.6bn rise in assets under administration to a record £26bn in the three months to the end of March. The company said that trading volumes were up 12 per cent in the year so far, triggered by volatility on markets. In the first quarter clients invested £1bn [...]
WH Smith targets overseas growth as UK stalls April 19, 2012 Newspapers, books and stationery retailer WH Smith plans to expand domestically and internationally, focusing on new stores at travel hubs and in growing overseas markets which are helping offset weakness on Britain’s high streets. WH Smith, which operates over 1,100 stores primarily in Britain, said that profit before tax rose to £66m in the six [...]
GSK sees $2.6bn bid for Human Genome rejected April 19, 2012 Human Genome Sciences said it had rejected an unsolicited bid worth around $2.6bn from long-time partner GlaxoSmithKline, marking a new takeover battle in a drugs sector that has been swept by M&A recently. Human Genome said it did not believe the offer of $13 a share in cash reflected the value inherent in the company. [...]
FTSE up as Spanish debt fears ease April 19, 2012 The FTSE 100 edged up this morning but trading was light as investors digested the results of a Spanish debt auction. Spain’s 10-year government bond yield surged above six per cent earlier this week, raising fears it may have to seek an international bailout. But this morning’s auction saw 10-year bonds sold at a yield [...]
Ford to invest $760m in China plant April 19, 2012 Ford is investing $760m to build a new plant in eastern China as part of its effort to catch up with U.S. rival General Motors Co in the world’s largest auto market. Ford said the new plant in Hangzhou in Zhejiang province will initially boost the US automaker’s annual capacity in China by 250,000 vehicles [...]