LONDON 2012 IMAGE OF THE WEEK June 21, 2012 GIANT Olympic rings have been unveiled at Heathrow to welcome athletes and spectators to London. Measuring 12 metres in width, and made of aluminium, they were uncovered at an opening ceremony on Wednesday by former Olympian Mark Foster. Between now and the start of the Olympics, City A.M. is publishing its Olympic Image of the [...]
Eurozone debt crisis slows Asian progress June 21, 2012 THE FALLOUT from the Eurozone crisis has now spread to East Asia including the world’s second largest economy, according to data released yesterday. The HSBC Chinese manufacturing Purchasing Managers’ Index (PMI) for June dipped to a seven-month low of 48.1. Any value below 50 marks a contraction, and yesterday’s result means the index has now [...]
US recovery stalls but firms are optimistic for renewed growth June 21, 2012 THE number of people seeking US unemployment benefits dipped last week but not by enough to signal a better month of hiring in June, according to Department of Labor data released yesterday. New benefit claimants for the week ending 16 June edged down a minuscule 2,000 to 387,000; but this was an improvement on the [...]
Low rates hit bank stability June 21, 2012 LOW interest rates might be designed to help boost the economy, but can also hurt banks’ profits and so have serious implications for financial stability, according to Bank of England research out yesterday. That means other macroprudential policy tools are required to stop efforts to hit one policy goal – the inflation target – from [...]
UK factories still upbeat June 21, 2012 MANUFACTURING output is set to rise in the coming months, as orders improve and confidence grows in the sector, according to industry data out yesterday. The industrial trends survey from the Confederation of British Industry (CBI) also found companies expect price pressures to ease further. Demand showed a solid improvement, with 17 per cent reporting [...]
MPs call for swaps probe June 21, 2012 BACKBENCH MPs have urged the financial watchdog to quickly crack down on the mis-selling of interest rate swaps to small businesses. Conservative MP Guto Bebb told parliament that thousands of small firms have bought products to insure against interest rate changes without a proper explanation of the risks, with evidence of hard-sell tactics and misrepresentation. [...]
Firms call for new nuclear plants June 21, 2012 Increased investment in nuclear power will help provide cheap, safe and popular energy, according to a report out today from the Institute of Directors. The business group argues electricity from new nuclear plants would cost £70 per megawatt hour, compared with £95 from gas generation and £130 from coal. Wind is even more expensive – [...]
Millionaire pensions fail to save June 21, 2012 Men on average have earned about £1m before tax when they reach the age of 51, while women need to keep working until 72 to become millionaires, revealed a survey published by Prudential today. Yet only 37 per cent have saved enough during their working years to enjoy a comfortable pension. Prudential’s Vince Smith-Hughes said: [...]
£800m Olympic spending boost June 21, 2012 The Olympic games will bring London an £800m consumer spending boost, a Visa report claims today, with international visitors spending about £749m. The profit made by hotels, supermarkets, high street retailers and the travel sector is expected to create an additional £1.21bn for the economy. The Olympics may have a long-term benefit as increased international [...]
Irish minister says Ryanair’s bid for Aer Lingus is too low June 21, 2012 SHARES in Aer Lingus dipped 3.2 per cent yesterday after the firm’s board and the Irish government dismissed Ryanair’s takeover bid for the former flag carrier. Aer Lingus stock closed at €1.05, below Ryanair’s €1.30 per share offer price, as investors and analysts looked at the next steps for the firm.” The Irish government, which [...]
