German imports and exports fall in June August 8, 2012 German imports fell sharply for the second time in three months in June and exports also dropped, data showed today, adding to signs the single currency bloc’s crisis is beginning to hurt Europe’s largest economy. Imports slumped by a seasonally adjusted 3 per cent on the month, data from the Federal Statistics Office showed, reversing [...]
Bank of England slashes medium-term growth outlook August 8, 2012 The Bank of England has sharply cut its forecast for medium-term growth in Britain’s economy due to worries that factors hurting growth since the financial crisis may be more long-lasting than first thought. In its quarterly Inflation Report, the Bank said that growth in two years time was likely to be around 2 per cent [...]
ING quarterly result misses August 8, 2012 Dutch bank and insurer ING today reported lower-than-expected second-quarter results, partly hit by provisions for loan losses. It also said it was on track to sell its Asian insurance business and was preparing to list its European insurance unit. “As the Eurozone crisis deteriorated, we accelerated our efforts to de-risk the investment portfolio at the [...]
Heineken’s resolve to buy out APB tested by the Thais August 8, 2012 Heineken’s resolve to buy out Asia Pacific Breweries (APB) is being tested by a group linked to Thailand’s second-richest man as the fight for a bigger slice of the world’s last growing beer markets intensifies. The surprise counter-offer by a company owned by Charoen Sirivadhanabhakdi’s son-in-law to acquire Fraser and Neave’s direct stake in APB [...]
Bank of England to pave way for more bond buys August 8, 2012 The Bank of England (BoE) is likely to slash its growth and inflation forecasts for 2012 and beyond today, fuelling expectations of yet more money-printing later this year to boost the struggling economy. Britain is languishing back in recession as government spending cuts, the Eurozone debt crisis, bad weather and one-off factors including an extended [...]
Rio Tinto sticks to spending plans despite profit drop August 8, 2012 Global miner Rio Tinto posted a 34 per cent drop in first-half profit, at the better end of expectations, weighed down by weaker iron ore prices, but said it was sticking to its $16bn (£10.2bn) spending plans for the year. Rio, the world’s second-largest iron ore producer, said underlying earnings fell to $5.2bn, at the [...]
Asian shares hit three-month high on hopes for Europe August 8, 2012 Asian shares extended gains to a third straight session today, reaching a three-month high, as investors continued to bet that policymakers will soon take decisive action to address the Eurozone fiscal crisis and declining global growth. Oil and copper eased from their highs but remained underpinned by such hopes, while the euro stabilised and safe-haven [...]
E.ON profit rise shows worst could be over August 7, 2012 Cheaper gas supplies helped boost first-half profit at E.ON signalling the worst could be over for Germany’s biggest power company whose earnings were ravaged last year by the government’s decision to exit nuclear power. E.ON said on today first-half earnings before interest, tax, depreciation and amortisation (Ebitda) would be around €6.7bn up from £5.3bn a [...]
BMW car sales gain on China and Russia demand August 7, 2012 German carmaker BMW posted a 4.2 per cent increase in luxury auto sales in July on strong demand from China and Russia, contrasting rival Mercedes-Benz, which suffered the first drop in volumes last month. Munich-based BMW, the world’s biggest luxury carmaker, said today brand sales rose to a record 113,253 vehicles, driven by demand for [...]
Retail sales growth slows in July – BRC August 7, 2012 British retail sales growth slowed in July as a sunny spell towards the end of the month failed to make up for weeks of rain which depressed sales of summer clothes and other seasonal products, the British Retail Consortium said today. The BRC’s findings tally with other surveys and retailers’ reports, showing that consumers were [...]
