Factory jump raises chance of a recovery February 9, 2012 UK MANUFACTURING output jumped higher than predicted in December, data from the Office for National Statistics (ONS) showed yesterday, leading some economists to suggest the economy may be back on the track to recovery. The production industries as a whole, which includes manufacturing, mining and energy, registered a small rise in output in the month [...]
Repossessions forecast to rise February 9, 2012 HOUSE PRICES are set to fall in 2012 as unemployment rises and household income stays depressed, according to yesterday’s forecasts from the Council of Mortgage Lenders (CML) and today’s LSL house price index and e.surv mortgage monitor. The weak economic outlook is also set to push up repossessions as more borrowers fail to keep up [...]
OECD calls to lift spending on disadvantaged schools February 9, 2012 MANY school leavers lack basic skills, and one fifth of UK pupils drop out of the education system before finishing their A-levels, a report from the Organisation for Economic Cooperation and Development (OECD) revealed yesterday. Dropout rates range from two per cent in South Korea to 58 per cent in Turkey, with the UK in [...]
UK trade deficit plummets to nine-year low as imports take a sharp tumble February 9, 2012 IMPORTS fell sharply in December and exports expanded slightly, taking the UK’s trade deficit to its lowest level since 2003, figures from the Office for National Statistics (ONS) showed yesterday. The deficit in goods and services fell to £1.1bn for the month, compared with £2.8bn in November. In goods, the deficit fell from £8.9bn to [...]
Jobless claims slide in the US as the economic outlook starts to brighten February 9, 2012 THE NUMBER of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting recent gains in employment are being sustained. Initial claims for state unemployment benefits dropped 15,000 to 358,000, the Labor Department said yesterday. A four-week average of new filings, which provides a better view of the trend, hit its lowest level [...]
Chinese prices hit easing hopes February 9, 2012 China’s annual inflation spiked to a consensus-busting 4.5 per cent in January as spending jumped during the Lunar New Year holiday season, breaking a five-month softening trend and forcing a market rethink of policy easing expectations. The size of the seasonal distortion makes the January data particularly hard to read, but economists say it is [...]
Japan’s consumer confidence up February 9, 2012 Japanese consumer confidence improved in January from the previous month, a Cabinet Office survey showed yesterday, but uncertainty over Europe’s debt problem and worries about the financial markets may hinder steady recovery. The survey’s sentiment index for general households, which includes views on incomes and jobs, was 40 in January, up from 38.9 in December. [...]
CITY MOVES | WHO’S SWITCHING JOBS February 9, 2012 ICAEW Arthur Bailey has been elected as the next vice-president of the Institute of Chartered Accountants in England and Wales (ICAEW). Bailey, who will take office on 13 June, has served on ICAEW’s council for 14 years, including three years as chairman of the audit committee, and is a member of the board. He is [...]
BEST OF THE BROKERS February 9, 2012 YOOX Goldman Sachs maintains its conviction “buy” rating on the Italian online fashion retailer with a target price of €16.80, after it reported strong full-year 2011 sales, implying fourth-quarter revenues nine per cent ahead of company consensus. The broker believes Yoox is well-positioned within two growth trends – the expansion of internet retail and the [...]
Signs of a solution in Greece send the FTSE edging higher February 9, 2012 BRITAIN’S top share index closed modestly higher yesterday, supported by oil and banking stocks after BG Group reported strong results and Greece moved closer to securing a bailout package that will avert a chaotic default. The FTSE 100 closed 19.54 points or 0.3 per cent higher at 5,895.47 after hitting a six-month intraday high of [...]
