Returns diminish as central banks act July 15, 2012 FIVE years on from the start of the financial crisis, have markets become immune to central bank action? Three recently unveiled another batch of stimulus: the Bank of England increased its asset purchase programme by £50bn; the European Central Bank cut its marginal lending rate, cut interest rates by 25 basis points and, perhaps most [...]
China warns growth slowdown will linger as it cuts foreign tax July 15, 2012 CHINESE premier Wen Jiabao warned yesterday that the country’s economic growth was likely to remain slow for some time, but was still within expectations. “At present, our country’s economic growth rate remains within the target range set earlier this year and we are seeing the effectiveness of stabilisation policies,” he said, speaking at a conference [...]
RIM pledges to appeal $147.2m damages order July 15, 2012 BLACKBERRY maker Research in Motion (RIM) has said it will fight an order to pay $147.2m (£94.6m) in damages for using patented technology in its smartphones. RIM was last week ordered to pay software firm Mformation Technologies the fee – $8 for each of the 18.4m BlackBerrys sold in the US since claims were filed [...]
OLYMPIC MEDIA BUZZ LONDON 2012 PARTNERS July 15, 2012 IN ASSOCIATION with Repskan.com, City A.M. is measuring the relative Olympic media buzz around the London 2012 Olympic and Paralympic Games partners, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 4 July to Wednesday 11 July. Samsung has been picking up coverage for its Galaxy [...]
Premier to develop Iraq oil block July 15, 2012 Premier Oil is teaming up with Russia’s Bashneft to develop Iraq’s oil block 12, an Iraqi oil official said yesterday. Last month Iraq awarded Bashneft rights to develop the field. Bashneft has now chosen Premier Oil as a partner, Abdul-Mahdy al-Ameedi, head of the oil ministry’s contracts and licencing directorate, told reporters. Bashneft will hold [...]
Nokia slashes smartphone price July 15, 2012 Nokia has cut the US price of its flagship smartphone in half, barely three months after its launch, in an effort to staunch losses in market share to rivals such as Apple and Samsung Electronics. The cost of the Lumia 900 Windows phone has been reduced to $49.99 from $99 with a two-year agreement, Nokia [...]
Airbus boss sees Boeing price war July 15, 2012 The chief executive of Airbus said US rival Boeing has slashed the prices of Boeing 737 Max aircraft in a bid to grab market share from Airbus A320neo, a German newspaper reported yesterday. “Boeing is desperately trying now to boost the market share of B737 Max. They are very aggressive when it comes to pricing,” [...]
Galliford Try to develop St Clements July 15, 2012 Construction firm Galliford Try has been selected as the preferred developer to build more than 200 homes at the former St Clements hospital site in Mile End, Tower Hamlets. Mayor of London Boris Johnson will this morning announce that the company had been chosen to develop the capital’s first community land trust. The development will [...]
London leads July drop-off in house prices July 15, 2012 House prices dived in July, after a double hit from bad weather and sporting distractions, according to Rightmove’s July House Price Index released today. The average property asking price was £242,097 in July, 1.7 per cent lower than the £246,235 recorded in June. However this average was still 2.3 per cent up on the year, [...]
Economists warn slow recovery will lead to unemployment rise July 15, 2012 GROWTH should return to the economy over the next six months, according to forecasts out today from the Ernst and Young Item Club, but the pace will be so slow that unemployment will get worse before it gets better. The squeeze on household incomes should slow as consumer price inflation falls to 1.7 per cent [...]
