Stubborn unemployment throughout OECD countries despite global recovery January 11, 2011 UNEMPLOYMENT in countries across several continents remained close to post war highs in November, the Organisation for Economic Co-operation and Development (OECD) announced yesterday. Unemployment across the OECD area stuck at 8.6 per cent, despite economic recoveries. In 2007 the average was just 5.8 per cent. In the UK unemployment remains below eight per cent, [...]
China overshoots loan target January 11, 2011 CHINA overshot its bank loan target in 2010 and finished the year with money growth still running too fast, underscoring the need for more decisive policy tightening to keep inflation in check. At the same time, a record $199bn surge in foreign exchange reserves in the fourth quarter pushed China’s stockpile, already the world’s biggest, [...]
Banks’ shares boost sees FTSE rise back over 6,000 January 11, 2011 THE FTSE jumped back above the psychologically-important 6,000 level yesterday, driven by rises in bank shares. London’s main blue chip index rose by one per cent, up 57.7 points for the day, closing at 6,014. Barclays shares rose 5.5 per cent, and HSBC by 2.4 per cent, as bank shares led the way. A note [...]
VAT rise concerns small firms January 11, 2011 The increase in VAT is one of the leading threats to small and medium sized businesses, according to a survey released yesterday. The poll, commissioned by financial services group The City UK, revealed that 39 per cent of businesses were concerned about the effects of the tax hike.
Portugese public deficit drops January 11, 2011 Portugal, the latest Eurozone member in the market’s firing line, yesterday continued to fend off market and peer pressure to seek an EU-IMF bailout. Prime Minister Jose Socrates said his country had beaten its goal for reducing the 2010 budget deficit and did not need outside help. Socrates said that Portugal’s public deficit for 2010 [...]
French business sentiment up January 11, 2011 French industrial and services confidence continued to increase in December, survey data released by the Bank of France showed yesterday. The industrial confidence index climbed to 108 in December from 107 recorded in November. The central bank said industrial activity increased slightly in December and it is expected to rise further in the coming months. [...]
US to recover faster in 2011 January 11, 2011 The American recovery should grow “slightly more rapidly” this year than last, according to senior Federal Reserve member Narayana Kocherlakota. However, he warned that the impact of the recession is still being felt and unemployment is likely to stay above eight per cent. Kocherlakota was speaking yesterday at a meeting in Wisconsin.
FED’S PLOSSER REVEALS SPLITS OVER QE2 January 11, 2011 THE recent upturn in the American recovery is unlikley to have been helped by the Federal Reserve’s second phase of quantitative easing (QE2), a leading Fed official said yesterday. Philadelphia Fed President Charles Plosser said it “stretches things” to argue that QE2 has impacted “the real economy.” Yet on Monday his Fed colleague Dennis Lockhart [...]
CSR in $67.5m Broadcomm settlement January 11, 2011 CHIPMAKER CSR said yesterday it had settled its legal battle over technology patents with US rival Broadcom, boosting the Bluetooth and Wi-Fi specialist’s shares. CSR said it would pay $67.5m (£43.2m) to Broadcom over the next five years, the majority of which would be offset by a reduction in legal costs of at least $50m, [...]
Intel will pay $1.5bn in agreement with Nvidia over chip licensing for PCs January 11, 2011 INTEL will pay graphics chip designer Nvidia $1.5bn (£0.96m) to license its technology, settling a legal dispute and smoothing the way for better competition in PC processors. The agreement was a major victory for Nvidia, sending its shares up more than four per cent after hours in recognition of the value of its high-end graphics [...]