YUAN CHANGE DEPENDS ON US RECOVERY March 16, 2010 LAST weekend Chinese Premier Wen Jiabao dismissed any possibility of an immediate yuan revaluation, noting: “I understand that some countries want to increase their exports, but I don’t understand the practice of depreciating their currency and forcing others to appreciate theirs in order to accomplish this. I think this is a type of trade protectionism.” [...]
Kraft apologises for factory u-turn but says no more cuts March 16, 2010 KRAFT Foods came under heavy fire from MPs yesterday for raising false hopes about the future of a Cadbury plant as it battled to win control of the British chocolatier. Kraft had possibly violated the country’s code on mergers and acquisitions after its U-turn on the closure of the Somerdale plant, parliamentarians said in the [...]
Fiscal medicine heals Hungary’s economy March 16, 2010 THE Greek debt crisis has had some unexpected consequences. For example, it has highlighted the relative stability of the economies of Eastern Europe. Hungary, which went through its own debt crisis in October 2008 and required a €20bn bailout by the IMF and the EU, has since been on a fiscal road to recovery and [...]
AstraZeneca to push emerging markets focus March 16, 2010 ASTRAZENECA expects double-digit growth in emerging markets, the new battleground for Big Pharma as Western drug sales stall, but said yesterday it would be much more selective than some of its rivals. The drugmaker is not planning a wholesale rush to sell branded generics in the developing world. Instead, it plans to focus on around [...]
Honda recalls more cars in US over brake troubles March 16, 2010 HONDA will recall about 412,000 vehicles in the United States to address the risk that brake pedals may feel soft and slip closer to the floor over time, the company said yesterday. The recall covers about 344,000 Odyssey minivans and 68,000 Element SUVs for the 2007 and 2008 model years following customer complaints over the [...]
FOREX FLASH March 16, 2010 ROUBLE COULD STRENGTHEN 20 PER CENT The Russian rouble could strengthen by as much as 18 to 20 per cent over the next three years, the Russian deputy economy minister Andrei Klepach said yesterday. Klepach warned that this appreciation would hurt manufacturers and limit economic growth. He added: “We are not ready to move to [...]
Suitors circling for Liberty after building sold for £41m March 16, 2010 LIBERTY yesterday said it is being pursued by more than one suitor after the West End department store confirmed it had sold its building for £41.5m in a leaseback scheme. The company sold the freehold interest in the 125,000-square foot store, off Regent Street, to private property investment firm Sirosa. Liberty will take a 30-year [...]
Public sector boosts G4S March 16, 2010 Security services group G4S expects to benefit from increased government outsourcing in 2010 and beyond after 2009 profit beat expectations, helped by growth in new markets and at its public sector unit. “With the fiscal constraints imposed on the British government the opportunity is there for us to help them reduce their costs,” chief executive [...]
Capitalise on bear squeezes to short cable March 16, 2010 IT DOESN’T take a lot to move the pound nowadays. Whether it’s weak data, a policymaker speaking or a ratings agency firing another warning shot over 10 Downing Street – and there have been plenty of all three over recent weeks – sterling is only responding in one way at the moment: down. Against the [...]
ANALYST VIEWS: HOW DO YOU RATE G4S’ RESULTS? March 16, 2010 MIKE ALLEN | PANMURE GORDON G4S has delivered a solid set of results some two per cent ahead of our forecasts at the adjusted pre-tax profit level, with robust organic growth running at four per cent as expected. We remain happy with our recently revised target price of 315p and the shares remain in buy [...]
