Asian stocks rise fuelled by positive China data January 3, 2012 Asian stocks rose as the first trading day of 2012 in most markets brought renewed appetite for riskier assets, while US crude jumped more than 1.5 per cent to above $100 a barrel on escalating tensions between Iran and the West. Stronger-than-expected manufacturing data from China boosted sentiment in Asia, but Europe’s drawn-out debt crisis [...]
Copper prices rise on China demand January 3, 2012 London copper rose today as an expansion in China’s manufacturing boosted hopes that demand for industrial metals will increase, but investors remained cautious as Europe’s debt crisis persists. The metal posted its first annual decline in three years in 2011 when it lost a fifth of its value on fears related to the euro zone [...]
BP calls on Halliburton to shoulder Gulf spill costs January 3, 2012 BP has called on its contractor Halliburton to pay all costs and expenses the oil major incurred to clean up the 2010 Gulf of Mexico oil spill, according to a court filing by BP’s lead trial attorney. BP has spent $14bn in the Gulf Coast region in its response to the spill and set aside [...]
La Senza set for administration December 23, 2011 La Senza has said that it intends to enter administration. The lingerie chain said “trading conditions” had taken their toll. An administrator will now be chosen within 10 days, in accordance with the UK Insolvency Act. The retailer, which has 2,600 UK staff at 146 stores and 18 concessions, said it continued to trade as [...]
Amlin sells $150m of catastrophe bonds December 23, 2011 Amlin, the biggest listed British insurer in the Lloyd’s of London market, said it sold $150m (£95m) of catastrophe bonds to protect itself against potential losses from US earthquakes and hurricanes and European storms. The bond issue, carried out through Bermuda-based vehicle Tramline Re, is double the $75 million of cover a source said Amlin [...]
Service sector slumps December 23, 2011 Activity in the dominant services sector slumped in October at the fastest pace since April, data showed, pointing to contraction of the economy in the final quarter and highlighting the danger of recession. The seasonally adjusted index of services dropped by 0.7 per cent in October compared to the previous month, taking the three-monthly rate [...]
Blacks says bidders see no value in shares December 23, 2011 Blacks Leisure, the struggling British outdoor goods retailer that put itself up for sale earlier this month, said it does not have and does not now expect to receive an offer for its equity. It said a number of parties have submitted indicative offers to buy the whole or substantially all of the trade, assets [...]
Singapore factory output falls 9.6pc December 23, 2011 Singapore’s factory output droped in November after a plunge in electronics manufacturing caused by slowing demand and supply chain issues. Industrial production fell by 9.6% from a year earlier, with electronics production down 30.1%. Floods in Thailand disrupted supplies of components, the debt crisis in the eurozone and a slowdown in the US hurt demand [...]
US GDP revised down December 22, 2011 The US economy grew at a slower pace than previously estimated in the three months to the end of September. Revised figures from the US Commerce Department show GDP grew at an annual rate of 1.8 per cent in the period. That was down from the previous estimate of two per cent and first estimate [...]
S&P cuts Co-Op outlook December 22, 2011 Credit rating agency Standard & Poor’s cut its outlook on mutually-owned conglomerate The Co-Operative Group to “negative” from “stable,” due to risks associated with the Co-Op’s planned purchase of some 630 Lloyds bank branches. Earlier this month, Lloyds said it had picked The Co-Op as its preferred bidder for 632 branches which it has been [...]
