IMF: FREE UP CHINA’S BANKING SYSTEM November 15, 2011 THE IMF, headed by Christine Lagarde, has warned China needs to address its banking system’s vulnerabilities. The country needs to liberalise its financial markets to give banks and investors more freedom, allowing them to better react to any future credit, property or currency shocks, the Fund said yesterday.
Fed leaders split on QE impact November 15, 2011 Increasing asset purchases would risk higher inflation, St Louis Fed president James Bullard said yesterday – though Chicago Fed boss Charles Evans said he policy could be extended to provide an extra boost to the economy. “Asset purchases are a potent monetary tool,” said Bullard. “They must be used carefully because increases in the size [...]
London least pessimistic in UK November 15, 2011 Economic optimism is at a three year low, according to new research from Ipsos Mori Loyalty, though Londoners are the least pessimistic in the country. Only 16 per cent nationwide believe the economy will improve in the next 12 months, while 57 per cent expect it to worsen. This net balance of minus 41 per [...]
Further cost cuts planned at Electrolux November 15, 2011 ELECTROLUX said yesterday it would double the size of planned cost-cuts as the world number two home appliance maker tries to offset the effects of the global slowdown and rising raw materials prices. Electrolux faces shrinking demand in its mature markets in North America and Europe as consumers, worried about their finances, cut back on [...]
Stagecoach pulls out of US school buses business November 15, 2011 FTSE-250 listed transport company Stagecoach has sold its school bus business in the US, offloading an arm of the business it had operated since 1999. The group’s US business has centered on its growing Megabus network across the country in recent years, and it said that the sale would allow it to focus on less [...]
Afren on track for production November 15, 2011 Afren has highlighted its production prospects in the buzzing Kurdistan oil sector as it said it was on track to meet its year-end target rate for output on an anticipated ramp up at its key Nigeria field. Afren said its production could rise by as much as 15,000 barrels of oil equivalent per day (boepd) [...]
John Menzies see 20pc growth November 15, 2011 Newspaper distribution and aviation services firm John Menzies said it was on track to deliver more than 20 per cent growth in full-year pre-tax profit citing higher contract wins in the aviation division. John Menzies, which provides passenger handling services to Lufthansa, Emirates and easyJet, said it was trading in line with expectations in the [...]
Drax shelves green power plans November 15, 2011 Power station operator Drax may not pursue plans to build two green energy projects as it says the new state aid level for the green fuel it intends to use are too low. In August Drax’s plans to build two 299-megawatt (MW) biomass-fired power plants in Yorkshire and North Lincolnshire to diversify its power generation [...]
CITY MOVES | WHO’S SWITCHING JOBS November 15, 2011 Deloitte Analytics Deloitte Analytics has strengthened its partner team in the UK with the appointment of consumer business specialist Jason Gordon, who will lead the division’s consumer business services team. In his new role, Gordon will advise retail, consumer products and travel, hospitality and leisure organisations on ways to gain improved insight and commercial value [...]
BEST OF THE BROKERS November 15, 2011 AVIVA Morgan Stanley rates the insurance group as “equal weight” with a target price of 445p, after the company’s third quarter metrics for 2011 showed continued progress, particularly in its non-life operations. However, the broker says Aviva’s IGD coverage was surprisingly weak, especially after the recent hybrid bond call. While it sees Aviva’s capital position [...]
