‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Goldman Sachs cuts pay as profits plunge 56pc January 18, 2012 Goldman Sachs has been forced to slash pay as the turmoil engulfing the banking industry slammed revenues last year. The bank has announced a 56 per cent fall in fourth quarter profits, earning only $978m (£636m) compared to $2.2bn (£1.4bn) for the same period last year. The earnings report still beat analysts predictions, causing shares [...]
Portuguese bond yields drop January 18, 2012 Portugal has sold €2.5bn (£2.08bn) of short term debt at lower yields than the last equivalent issue. Half the debt was sold in the form of 11 month bonds at an average yield of 4.968 per cent. The last equivalent issue was on April 6 2011, when Portugal sold 12 month bonds at average return [...]
German growth hit by falling exports January 18, 2012 Germany will rely on domestic demand for growth in 2012 after announcing that exports will rise only 2 per cent as imports rise 3 per cent. As a result the Economy Ministry says it expects economic growth to slow to 0.7 per cent in 2012 before increasing to 1.6 per cent in 2013. It had [...]
Resource stocks peg back FTSE January 18, 2012 The FTSE 100 edged down this morning amid continuing fears of a Greek economic meltdown and a lowering of world growth forecasts by the World Bank. Resource stocks were the worst hit overall as the bank predicted world economic growth of 2.5 per cent in 2012 and 3.1 per cent in 2013, well below the [...]
Unemployment hits 17-year high January 18, 2012 The number of Britons out of work rose to its highest level in more than 17 years in November, but a slowdown in benefit claims in December provided some hope that the labour market downturn may be flattening off. The number of people claiming jobless benefit rose by only 1,200 last month after a downwardly [...]
Man Group hit by more client outflows January 18, 2012 Man Group, the world’s biggest listed hedge fund manager, reported a second consecutive quarter of heavy client outflows and announced plans for further cost cuts, as nervous investors pulled out of its poorly-performing funds. The firm, which shocked investors in September when it reported its fastest rate of outflows since early 2009, said clients pulled [...]
Shell and Tullow in Atlantic exploration venture January 18, 2012 Royal Dutch Shell is teaming up with independent explorer Tullow Oil to explore for oil in the Atlantic, in a sign the biggest oil companies accept dramatic measures are needed to turn around their weak record on finding oil. Tullow said the planned partnership would focus on making “transformational” discoveries in “underexplored frontier basins”.
Fitch could downgrade Italy by two notches January 18, 2012 A two-notch downgrade of Italy is an option, a senior director of Fitch ratings said. “A downgrade by two notches is one of the possible options,” Alessandro Settepani, senior director for business and relationship management at Fitch in Italy, said. “The committee will assess the rating of Italy on the basis of refinancing levels and [...]
Wetherspoon profit margin slimming January 18, 2012 Pubs firm JD Wetherspoon said its operating margin declined in the second quarter of its fiscal year and will come under further pressure in the second half due to continuing cost increases. “We expect the operating margin for the half year ending 22 January 2012 to be slightly below that achieved in the first quarter [...]
World Bank lowers GDP growth forecasts January 18, 2012 The World Bank warned developing countries on Wednesday to prepare for the “real” risk that an escalation in the euro area debt crisis could tip the world into a slump on a par with the global downturn in 2008/09. In a report sharply cutting its world economic growth expectations, the World Bank said Europe was [...]
