US seeks auto recall power May 26, 2010 LEGISLATION giving regulators more power to force car recalls and create standards to prevent unintended acceleration is headed to the full US House of Representatives. Prompted by industry and regulatory shortcomings identified in the congressional investigation of recent Toyota recalls, the most sweeping auto safety legislation in nearly a decade would increase caps on fines [...]
Astaire ditches buyout strategy May 26, 2010 STOCKBROKER Astaire yesterday stunned the market after it announced a U-turn in strategy and the resignation of its senior management team. Edward Vandyk – the broking veteran who took the helm last year following a bitter takeover battle and changed the firm’s name from Blue Oar to Astaire – stepped down as chief executive of [...]
Bank lending weak from deleveraging May 26, 2010 MORTGAGE lending slumped in April to its lowest monthly level since February 2001 and the number of mortgage approvals only inched higher in what is typically a strong month for the housing market, fresh statistics from the British Bankers’ Association (BBA) showed yesterday. Banks’ net mortgage lending fell to £1.8bn in April compared with £2.3bn [...]
US home sales hit 2-year high May 26, 2010 SALES of newly built US single-family homes rose faster than expected in April to their highest level in nearly two years, government data showed yesterday, as buyers signed contracts to benefit from a popular government tax credit. The Commerce Department said sales jumped 14.8 per cent to a 504,000 unit annual rate, the highest since [...]
UK inflation expectations soar due to gas price hikes May 26, 2010 BRITONS’ expectations for inflation over the coming 12 months surged to a 19-month high of 2.8 per cent in May from 2.2 per cent in April, a survey by Citi/YouGov showed yesterday. Inflation expectations are now at their highest level since October 2008. Citi said expectations may have been boosted by surprisingly strong inflation data [...]
US durable goods orders rise May 26, 2010 Durable goods orders in the US increased 2.9 per cent last month to their highest level since September 2008, boosted by a 228 per cent increase in bookings for aircraft, data from the US Commerce Department showed yesterday. Excluding transportation, however, orders unexpectedly dropped one per cent. March’s orders were revised up to 4.8 per [...]
Denmark holds main rate May 26, 2010 Denmark’s central bank cut its certificate of deposit rate by 10 basis points to 0.50 per cent to curb the strength of the crown, but kept its main policy rate unchanged yesterday. The reduction came exactly a week after the Nationalbank’s last 10 bps cut in the CD rate to curb the crown. “The rate [...]
IMF praises Italy’s austerity May 26, 2010 The International Monetary Fund yesterday welcomed Italy’s commitment to reduce its fiscal deficit and said containing the public wage bill should be the focus of cost-cutting measures. The IMF strongly commended measures adopted by Italy’s cabinet late Tuesday to cut the fiscal deficit to 2.7 per cent of GDP by 2012. Italy’s deficit was 5.3 [...]
British Airways and cabin crew union agree to restart negotiations May 26, 2010 BRITISH Airways said it would resume talks with the union of striking cabin crew later yesterday in an attempt to avert further industrial action. Cabin attendants are in the third day of a five-day strike, protesting over staffing levels and cuts to benefits. The stoppage follows seven days of walkouts in March. Previous negotiations in [...]
Shaftesbury sees West End rents rise May 26, 2010 PROPERTY group Shaftesbury yesterday said tourists travelling to London had not been put off by the economic woes of the Eurozone, as it announced a 14.3 per cent jump in net asset value for the first half of the year. “Although the outlook for the UK and European economies remains uncertain, London’s West End is [...]
