Turkish growth starting to slow April 2, 2012 Turkey’s GDP expanded by an impressive 8.5 per cent last year, data released yesterday showed, yet there are signs of the economy finally grinding to a halt. GDP was up by just 0.6 per cent in the final three months of 2011, compared to the third quarter. “Monthly data suggest that the economy slowed further [...]
French consumers cut back on cars April 2, 2012 New car registrations collapsed in France last month, in a worrying sign for the core Eurozone economy. The 23.5 per cent year-on-year drop was partly blamed on a government incentive scheme that expired at the end of March 2011. “Still the outcome is poor,” commented BNP Paribas, “[with] the base effect explaining only about half [...]
Housing equity injection booms April 2, 2012 Develeraging continued apace in the final three months of 2011 as homeowners injected equity into properties for the 15th consecutive quarter. The net increase came in at £8.5bn, taking the total since mid-2008 to £113.4bn. Though it may reflect consumers’ desire to pay down debts, it may also indicate reduced market activity. And “the fact [...]
Canadian fund targets Goals transfer deal April 2, 2012 SHARES in Goals Soccer Centres leapt 24 per cent yesterday after an approach by a Canadian pension fund triggered hopes of a bidding war for the five-a-side chain. The stock pared its gains and closed up 16.28 per cent at 125p after the private equity arm of Ontario Teachers’ Pension Plan made a preliminary approach [...]
FALKLANDS FALLEN REMEMBERED April 2, 2012 Prime Minister David Cameron vowed that Britain “remains staunchly committed to upholding the right of the Falkland Islanders” on the 30th anniversary of the 74-day war to defend the islands from an Argentinean invasion. Argentine President Cristina Fernandez used the occasion to criticise the UK for “plundering” its natural resources.
Auhua starts trading on Aim April 2, 2012 Auhua Clean Energy, a Chinese energy firm specialising in environmentally–friendly power, has debuted on the Alternative Investment Market with shares closing at 44.5p, up from a launch price of 40p. Auhua manufacturers solar powered water heating systems and will use the proceeds of the IPO to fund expansion.
Profits slip at Nationwide arm April 2, 2012 Profits at Nationwide Accident Repair Services dropped eight per cent in 2011 as customers put off making cosmetic repairs to their car. Chairman Michael Marx said: “In a tough year for the industry, Nationwide has performed robustly … with profit before tax excluding non-recurring items at £5.5m on sales of £172.9m.”
Friends Life on negative watch April 2, 2012 Two major ratings agencies have put insurer Friends Life on negative watch. Both Fitch and Standard & Poor’s say that the business, owned by FTSE 100 group Resolution, has failed to reach the expected level of profitability.
Bloomsbury buys Conde Nast unit April 2, 2012 Bloomsbury Publishing has bought Fairchild Books for $6.5m (£4.1m) to “bolster Bloomsbury’s US presence”. Previously owned by Conde Nast unit Fairchild Fashion Media, the company publishes educational resources for fashion, retailing and interior design students. Bloomsbury said the move will “raise its profile through an association with a leading brand in a market niche where [...]
Total unveils plan to tackle gas leak crisis April 2, 2012 FRENCH oil major Total yesterday moved two rigs to drill relief wells in a bid to make its leaking Elgin platform safe. The leak is costing Total $2.5m (£1.6m) a day in lost production and the relief operations, the firm said in a conference call yesterday. Reconnaissance aircraft assessed the scene after a flare on [...]