Chinese manufacturing slows May 24, 2012 Chinese manufacturing activity fell in May according to survey data published yesterday, leading economists to forecast additional stimulus from the government. The sector’s purchasing managers’ index fell to 48.7 in May from 49.3 in April, according to initial estimates from Markit. Any figure below 50 shows a contraction. The output index moved to a seven-month [...]
OECD calls for inclusive growth May 24, 2012 Countries should make more of an effort to create lower-skilled jobs as part of their growth policies, the OECD and World Bank argued yesterday. Their report said encouraging job creation across regions and skill levels can strengthen growth; it recommended improving access to capital and financial services for firms in newer sectors.
UK still nervous about borrowing May 24, 2012 Net mortgage lending rose 1.2 per cent in the year to April, according to figures from the British Bankers’ Association, accelerating from 0.8 per cent growth in March. However, gross mortgage lending was below the six month average, and there were fewer new borrowers alongside fewer home owners clearing existing mortgages. And unsecured lending fell [...]
CITY MOVES | WHO’S SWITCHING JOBS May 24, 2012 ING Investment Management Mark den Hollander has been promoted to chief risk officer, effective 1 June. He has close to 20 years of experience in the investment management industry and joined ING in 2009 as managing director, head of investment solutions. He was previously chief investment officer at Fortis Investments and has held senior roles [...]
BEST of the BROKERS May 24, 2012 ARM HOLDINGS Morgan Stanley rates the semi-conducter and software design company as “overweight” with a target price of 690p. The broker thinks ARM can deliver on its ambitious long-term targets, and forecasts royalty revenue growth of seven per cent above and beyond the sector. Morgan Stanley thinks ARM could reach a market share of up [...]
FTSE enjoys some breathing space as bargain-hunters prompt gains May 24, 2012 BRITAIN’S benchmark share index recovered yesterday from stinging losses during the previous session as bargain hunters snapped up beaten-down financial and commodities stocks, although traders said any rally could prove short-lived. The blue-chip FTSE 100 index closed up 83.64 points, or 1.6 per cent, to 5,350.05 points. It fell 2.5 per cent on Wednesday to [...]
Wall St edges higher in last minute swing May 24, 2012 US stocks ended slightly higher in a third session marked by late day swings yesterday, but the Nasdaq fell after NetApp gave a weak revenue forecast, casting doubt on the outlook for tech spending. Major indexes were lower for much of the session, as investors found little reason to buy following three days of gains. [...]
The gold standard gives priceless insights into how to save the euro May 24, 2012 THERE is almost no economic problem for which there is not at least one precedent. Examining precedents can help guide policy makers and their advisers – if they are willing to look. But policy makers trying to deal with the euro crisis have not taken advantage of this opportunity. Many currency unions have been formed [...]
Celebrate the open power of the 2012 Olympic truces on tax and visas May 24, 2012 THE Olympic flame is making its way around the length and breadth of Britain, a vivid symbol of one of the key values of the ancient Games: freedom of movement. Before the games at Olympia, a truce was declared so that officials and athletes could make their way to the Games without hindrance or legal [...]
Britain’s solitary stance on energy policy is foolish May 24, 2012 THE government’s draft Energy Bill is an utter disaster. It reverses the course of UK energy deregulation, which cut prices, and will lead to confusion for companies and added costs for consumers. Lord (Nigel) Lawson, who as energy secretary was the architect of Britain’s energy market deregulation in the 1980s, has warned that the Bill [...]
