Sony sees a record $6.4bn loss on tax hit April 10, 2012 JAPAN’S Sony yesterday flagged a record $6.4bn (£4bn) annual net loss, double an earlier forecast and a fourth straight year of red ink, as it writes off deferred tax credits, heaping more pressure on its new CEO to turn around the electronics giant. Sony, which plans to axe 10,000 jobs – around six per cent [...]
OECD: Growth is returning to UK’s economy April 10, 2012 THE UK economy reached a turning point at the start of 2012, and may now be on a positive growth path, forward-looking data suggested yesterday. The OECD data was accompanied by a rise in permanent jobs placements according to the Recruitment and Employment Confederation, though an Ipsos Mori study showed consumers remain cautious as the [...]
Hopes grow for a Chinese soft landing as exports surge again April 10, 2012 CHINA returned to an export-led trade surplus in March, official figures showed yesterday, heralding the prospect that a rebound in the global economy is lifting overseas orders just in time to compensate for a slowdown in domestic demand. The surprise return to a $5.35bn (£3.38bn) surplus from February’s $31.5bn deficit confounded expectations that trade would [...]
US firms add jobs but economy shows signs of slowing down April 10, 2012 JOB VACANCIES increased in the US in February, official figures showed yesterday, indicating the economy is continuing to grow. However, the pace of growth remains steady, rather than rapid. Small businesses reported their first fall in confidence in six months in March, fearing weak demand over the next six months. Labor Department figures showed 3.5m [...]
IMF warns of downturn risk in debt bubbles April 10, 2012 BUBBLES in consumer debt cause more entrenched recessions and longer slumps in the housing market, according to a study by the International Monetary Fund (IMF). The IMF pointed to economic downturns that have hit harder in countries such as the US and the UK, where sharp growth in levels of household debt were matched by [...]
FED OFFICIAL: BUSINESSES FEAR INFLATION RISK April 10, 2012 THE BOSSES of America’s top firms have begged the Fed to stop printing money, because they fear inflation will soar, the central bank’s Richard Fisher said yesterday. Although not a voter in interest rate decisions this year, Fisher has made it clear he opposes any further monetary easing, and instead favours more clarity on taxes [...]
CITY MOVES WHO’S SWITCHING JOBS April 10, 2012 OpCapita Stephen Alexander has been appointed operating partner at the private investment firm, which over the past six months has acquired Comet, the electricals retailer, and Game UK, the video games retailer. Alexander has more than thirty years’ experience in European consumer businesses. He began his career with Imperial Foods, before moving to Allied Domecq, [...]
BEST of the BROKERS April 10, 2012 PETROFAC Liberum has cut its rating on the engineering group from “buy” to “hold” but leaves its target price on the stock unchanged at 1822p. As the shares are now within five per cent of the target, and ahead of new contract awards, the broker says Petrofac looks fair value. PETROPAVLOVSK Nomura remains positive on [...]
FTSE loses almost all its 2012 gains on renewed fears for the Eurozone April 10, 2012 BRITAIN’S top share index plunged yesterday to surrender almost all its remaining 2012 gains, led by falls in risk-sensitive miners, oils, and banking stocks after last Friday’s weak US jobs data undermined global economic expectations. The FTSE 100 index closed down 128.12 points, or 2.2 per cent, at 5,595.55, its second biggest percentage fall of [...]
Slide worsens across the US stock markets April 10, 2012 THE SELL-OFF in US stocks accelerated yesterday, as the Dow and S&P 500 dropped for a fifth day, with the pullback coming on the cusp of earnings season. The Dow Jones industrial average lost 213.66 points, or 1.65 per cent, to 12,715.93 at the close. The Standard & Poor’s 500 Index dropped 23.61 points, or [...]
