CAR TALK January 17, 2012 F1 DRIVERS TAKE TURN OFF PISTE In a display of spectacular silliness Scuderia Ferrari drivers Fernando Alonso and Felipe Massa have raced two FF four-seater, four-wheel drive Ferraris down a ski slope in the Italian Dolomite mountains. Alonso said of the 600hp FF: “It’s perfect for everyday use with the whole family in the car.” [...]
King says big bankers’ bonuses not justified by share prices January 17, 2012 Britain’s bankers should not pay themselves big bonuses at a time of poor share price performance, more-or-less explicit tax-payer subsidy and falling living standards for most other workers, Bank of England Governor Mervyn King said. As Britain’s banks gear up for their annual round of bonus payments, King said they should put the money aside [...]
Citigroup profits fall January 17, 2012 Citigroup fourth-quarter profits fell 11 per cent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals. The third-largest US bank by assets reported net income of $1.16bn (£754.47m), or 38 cents per share, down from $1.31, or 43 cents per share, a year earlier. [...]
IG profits up on volatile market January 17, 2012 Spread betting firm IG Group has announced a 28 per cent rise in pre tax profits to £103.2m for the six months to November 30. The FTSE 250 company benefited from overseas growth, a volatile market and investment in mobile betting technology. Spread betting involves gambling on market moves and greater market volatility provides the [...]
Miners fuel FTSE gains after China boost January 17, 2012 THE FTSE 100 was up this morning as better-than-expected economic data from China offset the damage caused to investor sentiment by S&P’s downgrade of the Eurozone’s rescue fund. China’s gross domestic product grew at an annual rate of 8.9 per cent from 9.1 per cent in the previous quarter, beating expectations for a 8.7 per [...]
UK inflation rate drops January 17, 2012 Inflation fell sharply in December, supporting Bank of England forecasts for a hefty decline in 2012, due to lower fuel prices and high-street clothes discounting, official data showed. The Office for National Statistics said consumer price inflation fell to 4.2 per cent in December from 4.8 per cent in November, as the decline in inflation [...]
Burberry sales buoyed by Asia January 17, 2012 Luxury retailer Burberry saw a 21 per cent rise in fourth-quarter sales, fuelled by continuing growth in China. In the last quarter of 2011, revenue rose to £574m, with sales in Chinese shops up 30 per cent Burberry attributed the rise to knitwear, men’s accessories and fragrance. Angela Ahrendts, Burberry chief executive officer said: “Our [...]
Dixons sales fall gathers pace January 17, 2012 Dixons Retail said sales declines accelerated over the key Christmas period, though the firm maintained gross margins and claimed it outperformed competitors in Britain. The electricals chain, home to Currys and PC World in Britain, said group sales at stores open over a year fell five per cent in the 12 weeks to 7 January. [...]
China GDP growth beats forecasts January 17, 2012 China’s economy grew at its weakest pace in two and a half years in the latest quarter and it appeared headed for an even sharper slowdown in the coming months as export demand fades and the housing market falters. The fourth-quarter year-on-year growth of 8.9 per cent, although slightly stronger than the 8.7 per cent [...]
Eurozone bazooka shot down by S&P January 16, 2012 THE EUROZONE’S plan to convince top-flight investors to buy its debt was dealt a major blow last night as Standard & Poor’s hit its “big bazooka” bailout fund with a downgrade. S&P said that since a large number of the fund’s guarantors are no longer triple-A rated, the fund itself could not keep the gold [...]
