Jobless claims slide in the US as the economic outlook starts to brighten February 9, 2012 THE NUMBER of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting recent gains in employment are being sustained. Initial claims for state unemployment benefits dropped 15,000 to 358,000, the Labor Department said yesterday. A four-week average of new filings, which provides a better view of the trend, hit its lowest level [...]
Chinese prices hit easing hopes February 9, 2012 China’s annual inflation spiked to a consensus-busting 4.5 per cent in January as spending jumped during the Lunar New Year holiday season, breaking a five-month softening trend and forcing a market rethink of policy easing expectations. The size of the seasonal distortion makes the January data particularly hard to read, but economists say it is [...]
Japan’s consumer confidence up February 9, 2012 Japanese consumer confidence improved in January from the previous month, a Cabinet Office survey showed yesterday, but uncertainty over Europe’s debt problem and worries about the financial markets may hinder steady recovery. The survey’s sentiment index for general households, which includes views on incomes and jobs, was 40 in January, up from 38.9 in December. [...]
CITY MOVES | WHO’S SWITCHING JOBS February 9, 2012 ICAEW Arthur Bailey has been elected as the next vice-president of the Institute of Chartered Accountants in England and Wales (ICAEW). Bailey, who will take office on 13 June, has served on ICAEW’s council for 14 years, including three years as chairman of the audit committee, and is a member of the board. He is [...]
BEST OF THE BROKERS February 9, 2012 YOOX Goldman Sachs maintains its conviction “buy” rating on the Italian online fashion retailer with a target price of €16.80, after it reported strong full-year 2011 sales, implying fourth-quarter revenues nine per cent ahead of company consensus. The broker believes Yoox is well-positioned within two growth trends – the expansion of internet retail and the [...]
Nine jailed over London Stock Exchange bomb plot February 9, 2012 Nine men have been jailed for their involvement in a plot to bomb the London Stock Exchange. The men, all British nationals, belonged to an al-Qaeda inspired group. Three – Mohammed Shahjahan, Usman Khan and Nazam Hussain – received indeterminate sentences for public protection. The other six received jail terms that ranged from five to [...]
Bank of England to pump in £50bn more quantitative easing February 9, 2012 The Bank of England has agreed to extend its quantitative easing (QE) programme by £50bn try to kickstart the economy. It will bring the total amount of QE stimulus to £325bn. The Bank started its QE programme, through which it buys mainly government-issued bonds from banks freeing up cash for lending, in 2009. The Bank’s [...]
FTSE up as Greek endgame arrives February 9, 2012 The FTSE 100 crawled up this morning as investors braced themselves for an expected decision on a Greek debt deal and the prospect of the Bank of England pumping in another £50bn into its quantitative easing programme. Greek officials said pension cuts were the sticking point in talks which have lurched from one crisis point [...]
UK in industrial output boost as trade deficit narrows February 9, 2012 British industrial output recovered more than forecast in December as manufacturers ramped up production, further dampening fears of recession. Meanwhile, Britain’s goods trade deficit narrowed to the smallest gap since February 2010. The rebound from the slump in the previous two months also supports views that the Bank of England will inject only £50bn into [...]
Rolls-Royce profits surge February 9, 2012 Aero enginemaker Rolls-Royce posted a 21 per cent rise in full-year profit, and said it expects to deliver further growth in 2012, helped by its record order book. Rolls, the world’s second-largest maker of aircraft engines behind US group General Electric Co, reported an underlying pretax profit of £1.16bn on revenue up four per cent [...]