Electrocomponents strong in UK May 24, 2012 British electronic parts supplier Electrocomponents said its UK business had helped offset declines across international markets at the start of its new fiscal year, as it posted a seven per cent rise in profit for 2011/12. For the first seven weeks of the year it said international trading was down two per cent, while the [...]
BMW fined over Swiss imports May 24, 2012 BMW, the world’s biggest premium carmaker, was fined yesterday for preventing Swiss residents from buying its cars abroad in euros after the strong Swiss franc made prices up to a quarter higher. The Swiss Competition Commission fined BMW SwFr156m (£104m). BMW said it plans to appeal against the fine within the legal deadline of one [...]
Bank official warns against tighter policy May 24, 2012 PUSHING hard to cut inflation may do more harm than good, the Bank of England’s David Miles said yesterday, claiming that tighter monetary policy would hit incomes in the long run. Although the Monetary Policy Committee (MPC) is officially meant to keep consumer price inflation close to two per cent per year, Miles argued that [...]
Strong US economy needs no more QE, says Fed’s chief dove May 24, 2012 THE US does not need more quantitative easing (QE), a top Federal Reserve policymaker said yesterday, reversing his previously dovish stance. New York Fed boss Bill Dudley said the economy is steadily improving and using up slack, limiting the need for further support. “I think it’s hard to argue that we absolutely must do something [...]
Chinese manufacturing slows May 24, 2012 Chinese manufacturing activity fell in May according to survey data published yesterday, leading economists to forecast additional stimulus from the government. The sector’s purchasing managers’ index fell to 48.7 in May from 49.3 in April, according to initial estimates from Markit. Any figure below 50 shows a contraction. The output index moved to a seven-month [...]
OECD calls for inclusive growth May 24, 2012 Countries should make more of an effort to create lower-skilled jobs as part of their growth policies, the OECD and World Bank argued yesterday. Their report said encouraging job creation across regions and skill levels can strengthen growth; it recommended improving access to capital and financial services for firms in newer sectors.
UK still nervous about borrowing May 24, 2012 Net mortgage lending rose 1.2 per cent in the year to April, according to figures from the British Bankers’ Association, accelerating from 0.8 per cent growth in March. However, gross mortgage lending was below the six month average, and there were fewer new borrowers alongside fewer home owners clearing existing mortgages. And unsecured lending fell [...]
CITY MOVES | WHO’S SWITCHING JOBS May 24, 2012 ING Investment Management Mark den Hollander has been promoted to chief risk officer, effective 1 June. He has close to 20 years of experience in the investment management industry and joined ING in 2009 as managing director, head of investment solutions. He was previously chief investment officer at Fortis Investments and has held senior roles [...]
BEST of the BROKERS May 24, 2012 ARM HOLDINGS Morgan Stanley rates the semi-conducter and software design company as “overweight” with a target price of 690p. The broker thinks ARM can deliver on its ambitious long-term targets, and forecasts royalty revenue growth of seven per cent above and beyond the sector. Morgan Stanley thinks ARM could reach a market share of up [...]
FTSE enjoys some breathing space as bargain-hunters prompt gains May 24, 2012 BRITAIN’S benchmark share index recovered yesterday from stinging losses during the previous session as bargain hunters snapped up beaten-down financial and commodities stocks, although traders said any rally could prove short-lived. The blue-chip FTSE 100 index closed up 83.64 points, or 1.6 per cent, to 5,350.05 points. It fell 2.5 per cent on Wednesday to [...]
