Australian economy surges in first quarter June 6, 2012 Australia’s resource-fuelled economy outpaced all expectations last quarter as households and businesses went on a spending spree, boosting the local dollar and lessening the urgency for further aggressive cuts in interest rates. Gross domestic product (GDP) rose 1.3 per cent in the first quarter, more than double the 0.5 per cent increase forecast. Growth was [...]
Moody’s cuts ratings on string of German and Austrian banks June 6, 2012 Moody’s Investors Service cut the credit ratings of six German banking groups and Austria’s three largest banks on Wednesday, saying they face risks if the eurozone crisis deepens. The downgrades are part of a broad review of banks in the region that has had investors on edge but were mild compared to cuts for banks [...]
Diageo to pour £1bn into scotch whisky production June 6, 2012 Drinks giant Diageo is to invest over £1bn ($1.5bn) in scotch whisky production over the next five years to meet growing demand from the emerging markets of Asia, Latin America and Africa and create hundreds of new jobs. The maker of Johnnie Walker, J&B and Bells whisky brands said it plans to build a new [...]
Spain nears bailout June 6, 2012 SPAIN warned that it is locked out of markets yesterday as an emergency call by G7 leaders failed to stem rising fears that the Eurozone’s fourth biggest economy will soon need a bailout. Madrid’s Treasury minister Cristobal Montoro told Spanish radio: “The risk premium says Spain doesn’t have the market door open. [It] says that [...]
Queen thanks the nation after Diamond Jubilee June 6, 2012 THE Queen waved to a cheering crowd from the balcony of Buckingham Palace yesterday, at the climax of four days of spectacular Diamond Jubilee festivities. An estimated 1.5m people turned The Mall into a sea of Union Jack flags to celebrate Queen Elizabeth II’s 60 years as monarch. Flanked by Prince Charles and other members [...]
Facebook tanks further despite new mobile ads June 6, 2012 FACEBOOK shares continued to hurtle downwards yesterday, dropping 3.8 per cent to a new closing low of $25.87 (£16.82) – far below the $38 IPO price. The stock, which had dipped as low as $25.75 during the day, continued to sink in after hours trading in yet another blow for the company’s uber-hyped flotation. But [...]
A spectacular triumph for the British monarchy June 6, 2012 JUST in case there was any doubt as to the Queen’s popularity, the amazing, heart-felt and spontaneous outpouring of the past few days serves as categorical proof that republicans have been routed. Support for the Royal Family from the Great British public – in all of its modern diversity – is increasing, and is even [...]
US service data hints at a solid GDP recovery June 6, 2012 HOPES that the US economy is back on track were bolstered yesterday as data showed a small acceleration in services sector output growth in May, driven by a rise in new orders. The Institute of Supply Management’s non-manufacturing index came in at 53.7, slightly up from the 53.5 reported in April. The business activity index [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2012 FINANCIAL TIMES Bank staff costs take bigger share of pot The world’s big international banks are paying out much more on staff costs relative to profits since the financial crisis while slashing the portion of income paid out in dividends, according to data compiled by the Financial Times. The findings come amid increasing shareholder complaints [...]
Barclays wins Lehman ruling June 6, 2012 Barclays is entitled to recover roughly $1.8bn of disputed assets and interest related to Lehman Brothers Holdings Inc’s bankruptcy, a US federal judge said yesterday, reversing a decision by a federal bankruptcy judge. The decision by US District Judge Katherine Forrest in Manhattan is a setback for James Giddens, the trustee of Lehman’s brokerage unit [...]
