Miners fuel FTSE gains after China boost January 17, 2012 THE FTSE 100 was up this morning as better-than-expected economic data from China offset the damage caused to investor sentiment by S&P’s downgrade of the Eurozone’s rescue fund. China’s gross domestic product grew at an annual rate of 8.9 per cent from 9.1 per cent in the previous quarter, beating expectations for a 8.7 per [...]
UK inflation rate drops January 17, 2012 Inflation fell sharply in December, supporting Bank of England forecasts for a hefty decline in 2012, due to lower fuel prices and high-street clothes discounting, official data showed. The Office for National Statistics said consumer price inflation fell to 4.2 per cent in December from 4.8 per cent in November, as the decline in inflation [...]
Burberry sales buoyed by Asia January 17, 2012 Luxury retailer Burberry saw a 21 per cent rise in fourth-quarter sales, fuelled by continuing growth in China. In the last quarter of 2011, revenue rose to £574m, with sales in Chinese shops up 30 per cent Burberry attributed the rise to knitwear, men’s accessories and fragrance. Angela Ahrendts, Burberry chief executive officer said: “Our [...]
Dixons sales fall gathers pace January 17, 2012 Dixons Retail said sales declines accelerated over the key Christmas period, though the firm maintained gross margins and claimed it outperformed competitors in Britain. The electricals chain, home to Currys and PC World in Britain, said group sales at stores open over a year fell five per cent in the 12 weeks to 7 January. [...]
China GDP growth beats forecasts January 17, 2012 China’s economy grew at its weakest pace in two and a half years in the latest quarter and it appeared headed for an even sharper slowdown in the coming months as export demand fades and the housing market falters. The fourth-quarter year-on-year growth of 8.9 per cent, although slightly stronger than the 8.7 per cent [...]
Eurozone bazooka shot down by S&P January 16, 2012 THE EUROZONE’S plan to convince top-flight investors to buy its debt was dealt a major blow last night as Standard & Poor’s hit its “big bazooka” bailout fund with a downgrade. S&P said that since a large number of the fund’s guarantors are no longer triple-A rated, the fund itself could not keep the gold [...]
Carnival shares plummet as rescue continues January 16, 2012 THE capsizing of the Costa Concordia cruise liner has wiped £700m off the value of Carnival, the ship’s owner, with shares in the FTSE 100 firm shedding 16.4 per cent yesterday. Six people have died so far in the accident off the Italian coast while another 29 remain unaccounted for. Analysts predict the total insurance [...]
Sumitomo to buy RBS jets January 16, 2012 ROYAL BANK of Scotland has sold its aircraft leasing business to Japanese banking giant Sumitomo Mitsui Financial Group for $7.3bn (£4.7bn), marking the bank’s biggest disposal since its government bailout three years ago. Sumitomo batted off competition from several interested parties including China Development Bank and Wells Fargo, ending a two-year attempt by RBS to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 16, 2012 FINANCIAL TIMES MORRISON COOLS INTEREST IN IRELAND Wm Morrison’s interest in Iceland Foods is cooling, raising doubts about whether Britain’s fourth biggest supermarket chain by market share will mount a £1.5bn bid for the frozen food specialist. Morrison was one of the companies expected to make an offer for Iceland Foods, for which second round [...]
Banks made to reveal pay January 16, 2012 SEVERAL City banks including Goldman Sachs, Citi, UBS and JP Morgan have revealed some details of pay packages for top UK workers, thanks to new EU rules. Goldman Sachs said it paid 95 “code staff” – workers identified as taking risks within the firm – a total of $269.5m in cash, plus 2m restricted stock [...]