Vale profits are slashed in half by heavy rains April 26, 2012 VALE, the world’s largest iron ore miner, said that first-quarter profit fell by nearly half from a year earlier because rains limited exports, prices for its main products fell and spending on new mining projects rose. Net income in the three months ended 31 March fell 44 per cent to $3.83bn (£2.3bn) compared with $6.83bn [...]
Aerospace companies in lift as planemakers make comeback April 26, 2012 BRITISH aerospace suppliers Meggitt, Senior and Cobham yesterday said they had started 2012 well, boosted by robust demand from commercial planemakers as the sector recovers from a slump triggered by the global economic crisis. Meggitt, which supplies flight displays and wheels to planemakers Airbus and Boeing, said it was confident it would deliver full-year revenue [...]
Kazakhmys production hit by cold snap April 26, 2012 COPPER miner Kazakhmys yesterday posted a dip in first quarter output after unusually cold weather at the start of the year disrupted transport and processing. But the London-listed Kazakh miner forecast a stronger second half as it processes stockpiled ore and restarts the Konyrat open pit copper mine, shuttered in 2008, allowing it to confirm [...]
Low confidence hints at a deep Eurozone slump April 26, 2012 CONSUMER and business confidence fell in the Eurozone in April, official data showed yesterday, adding to fears that the current economic slowdown will not be over any time soon. The European Commission’s (EC) economic sentiment indicator fell 1.7 points to 92.8 this month, well below its long-term average of 100. The decline was driven by [...]
EU says growth must now be top priority April 26, 2012 EUROPEAN leaders declared yesterday that the EU should start moving away from austerity and look to other policies to boost economic growth. Italy’s Prime Minister Mario Monti said concentrating on budget savings alone could leave the continent in a deep slump. Responding to the European Central Bank’s (ECB) message that it was up to leaders [...]
TROIKA PRAISES IRISH ECONOMIC REFORMS April 26, 2012 IRELAND’S economic reforms remain on track, said the International Monetary Fund, European Union and European Central Bank – its troika of international lenders – yesterday. Led by Christine Lagarde, they praised the government’s efforts to keep the budget deficit below 10 per cent. However, “considerable challenges remain”, they cautioned.
US jobs recovery slowing down April 26, 2012 ■ Fewer people signed up for unemployment benefits in the US last week, the Labor Department revealed yesterday, but the decline was smaller than in previous weeks and provides renewed evidence that the economic recovery is struggling. Initial jobless claims fell 1,000 to a seasonally adjusted 388,000. Still, a separate report offered fresh hopes of [...]
German firms gain credit access April 26, 2012 ■ Credit constraints continued to be the main factor dragging down German industry in April, Ifo revealed yesterday, in a positive sign for the resilient economy. Only 19.5 per cent of the companies surveyed reported a restrictive credit policy on the part of banks. That represents a 0.8 percentage point fall on the March figure. [...]
Retailers hit as UK consumers stay cautious April 26, 2012 RETAIL sales slid in April as shoppers remained wary of making big purchases, influential survey data showed yesterday, while consumer confidence remained low. However, retailers remained upbeat on future sales, according to the Confederation of British Industry’s (CBI) distributive trades survey, indicating they expect the economy to improve. The study shows 33 per cent of [...]
London leads jump in house prices as prime properties soar April 26, 2012 ASKING prices rose across the country at the start of 2012, new data revealed yesterday, with prices in London soaring and sales of multi-million pound homes rising. Asking prices rose an average of £3,104 or 1.8 per cent in the first quarter, hitting £221,387 according to findaproperty.com. London experienced the biggest rise, at 5.4 per [...]
