A happy Christmas for UK Mail January 12, 2012 Internet shoppers wanting home delivery over Christmas contributed to a successful third quarter for UK Mail Group, whose parcel division grew by ten per cent over the period. In line with expectations, UK Mail said reported group revenues increased six per cent compared to the previous year, while revenues on an underlying basis sank four [...]
OECD figures point to a UK contraction January 12, 2012 MOST developed economies will slow further in the coming months, the Organisation for Economic Cooperation and Development (OECD) warned yesterday. Only Japan, the US and Russia are showing positive signs, the body’s leading indicators suggest. In November the UK’s index — which aims to predict economic turning points six months in advance — slowed 0.4 [...]
Small asset rise at Ashmore January 12, 2012 UK FUND manager Ashmore Group yesterday reported a small rise in assets in the fourth quarter, helped by inflows into debt products and a recovery in its core emerging markets. Ashmore said assets grew 2.5 per cent to $60.4bn (£39.4bn), driven by $500m of net inflows and $1bn in positive performance. The numbers beat a [...]
Obama requests another $1.2 trillion extension to America’s debt ceiling January 12, 2012 THE WHITE House said last night that President Barack Obama would formally request the next US debt ceiling increase in “days not weeks.” “It’s imminent,” White House spokesman Jay Carney told a news briefing. Congress is unlikely to block the expected $1.2 trillion (£783bn) increase request, which is meant to ensure the debt limit will [...]
China’s inflation slows as authorities hope to loosen January 12, 2012 CONSUMER price inflation in China has slowed to its lowest level in 15 months, giving the government more room to tilt economic policy away from restraining prices and towards supporting sagging growth. Prices rose by 4.1 per cent in the 12 months to December, down from 4.2 per cent in November. The December figures was [...]
US recovery knocked by bearish data January 12, 2012 US RETAIL growth slowed in December and unemployment benefit claims rose last week, according to data published by the Commerce Department and Labor Department. Sales increased by 0.1 per cent in the month, down from 0.4 per cent in November, yesterday’s figures showed. The rise represents the slowest pace for seven months. Almost all sales [...]
Provident upbeat despite Britons looking cautious January 12, 2012 SHARES in sub-prime lender Provident Financial bounced nearly five per cent yesterday after it reported a dip in impairments. The stock closed up 4.84 per cent at 995.5p after Provident said impairments in the consumer credit division were running below the 2010 level. Collections were “strong” as customers’ behaviour remained cautious in the fourth quarter. [...]
CITY MOVES | WHO’S SWITCHING JOBS January 12, 2012 Association of British Insurers The ABI board has appointed Robert Talbut, chief investment officer of Royal London Asset Management, as chairman of the ABI investment committee. Previously the committee’s deputy chairman, he takes over from Alain Dromer, CEO of Aviva Investors. Talbut is a member of the Listing Authority advisory committee and an alternate on [...]
BEST OF THE BROKERS January 12, 2012 UNILEVER Morgan Stanley rates the consumer goods group “equal-weight”, down from “overweight”, and has a target share price of €28 (£23.43). The broker notes that Unilever shares are at all-time highs and that investors should aim to take profits. Morgan Stanley also sees very limited scope for any earnings upgrades in 2012, leaving the shares [...]
ECB says Eurozone banking woes easing January 12, 2012 The European Central Bank’s flood of cheap three-year money is helping the Eurozone’s banking system substantially and supporting confidence in the bloc’s economy which is showing some signs of stabilisation, its president said. The ECB left interest rates on hold, pausing to assess the impact of back-to-back cuts and a slew of other measures it [...]