China growth rate slows again July 13, 2012 China’s growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilise the economy. Year-on-year growth of 7.6 per cent in the second quarter was a whisker [...]
Moody’s downgrades Italian bonds July 13, 2012 Moody’s surprised markets by downgrading Italy’s government bond rating by two notches to Baa2 and warned it could cut it further, piling on pressure just hours before the euro zone third-largest economy launches its latest bond sale. The ratings agency blamed increased liquidity risks for the country amid persistent euro zone woes and an expected [...]
Boeing receives £9.5bn order from United Airlines July 12, 2012 Boeing has said that United Airlines ordered 150 Boeing 737s, in a deal worth up to $14.7bn (£9.5bn). The order includes 100 of the new Boeing 737 Max 9 planes and 50 Boeing 737-900ER aircraft.
UK long term budget unviable says OBR July 12, 2012 Britain’s long-run fiscal outlook over the next 50 years remains “clearly unsustainable”, despite the government making some progress in reducing current borrowing and public-sector pension commitments, an official watchdog. The Office for Budget Responsibility (OBR) said it expected public sector net debt to fall from 74 per cent of GDP in 2016-17 to a trough [...]
Carrefour sales dented by Eurozone woes July 12, 2012 Europe’s biggest retailer, Carrefour, said second-quarter like-for-like sales dropped 1.3 percent, dragged down by falling demand in austerity-hit Italy and Spain and sluggish French hypermarket revenue. The sales report highlights the size of the challenge facing new Chief Executive Georges Plassat, who took over in May with a brief to reverse years of underperformance in [...]
SuperGroup profit falls July 12, 2012 SuperGroup, the company behind the Superdry fashion label, posted a 15 per cent fall in 2011-12 underlying profit, reflecting a year when it lurched from one crisis to another. “Despite the backdrop, the Superdry brand remains strong and I am encouraged by the potential for our 2013 ranges,” Chief Executive Julian Dunkerton said. The firm, [...]
Eurozone factory output edges up in May July 12, 2012 Output at euro zone factories grew in May, but not enough to make up for falls earlier in the year as production in France and the Netherlands sank, the latest sign that the euro zone debt crisis is also eating away at northern European economies. Industrial production in the 17 countries sharing the euro rose [...]
Miners and banks pin back FTSE July 12, 2012 The FTSE 100 was dragged down by weak commodity stocks and banks in early trading as investors cut their exposure to riskier assets on uncertainty over whether the US Federal Reserve will launch more stimulus measures. Minutes from last month’s Fed meeting showed the world’s biggest economy would have to worsen further before the central [...]
Premier invests $1bn in Falklands oil exploration July 12, 2012 Oil firm Premier Oil said it was to acquire a stake in an oil development project in the Falkland Islands as part of a $1bn deal with explorer Rockhopper. Premier said it would pay Rockhopper an initial $231m in cash as well as providing around $770m to help build the infrastructure to get oil pumping [...]
Vodafone buys Telstra New Zealand July 12, 2012 Australia’s Telstra will sell its struggling New Zealand operations to British mobile operator Vodafone in a NZ$840m (£432.59m) deal, threatening Telecom New Zealand’s dominance and potentially making it a future takeover target. Under the sale, Vodafone New Zealand said it will acquire TelstraClear’s fixed-line and Internet operations, which hold only 16 per cent of New [...]
