Analyst Views | What does this mean for the world economy? January 2, 2013 KEVIN BURROWES PWC UK banks will breathe a sigh of relief today as the threat of the biggest economy slipping back into a recession diminishes.” KIT JUCKES SOCIÉTÉ GÉNÉRALE 2013 GDP growth is now likely to be 2–2.5 per cent, and the chances of [second half] growth exceeding three per cent are significant.” DAN MORRIS [...]
What the other papers say this morning January 2, 2013 FINANCIAL TIMES BofA raises lending after years of cuts Bank of America is ramping up mortgage and corporate lending after two years of focusing on capital levels and cost-cutting. Chief executive Brian Moynihan said the company should overtake JPMorgan Chase in direct-to-consumer mortgage lending in the next six months and he had directed bankers to [...]
Zipcar makes getaway with $500m in boot January 2, 2013 CAR-SHARING company Zipcar was yesterday bought by rental giant Avis Budget for $500m (£307m), handing the established company the leading position in the fast-growing car club business. Zipcar offers an alternative to car ownership by allowing its members to use thousands of vehicles in cities across the world, with usage charged on an hourly basis. [...]
What’s the secret of Zipcar’s success? January 2, 2013 Q How do customers hire a car using Zipcar? A Users book a vehicle online for any period from one hour upwards. They unlock it using a phone app or membership card and return it to the parking space before their time is up. Q How much does it cost to drive one of the [...]
Hope of bright 2013 in UK lifted by 15-month factory activity high January 2, 2013 ECONOMISTS registered hope for the UK economy after factory data out yesterday put December as the best month since mid-2011. The UK’s manufacturing purchasing managers’ index (PMI) climbed to 51.4 in December, Markit said, a 15-month high, and up from 49.1 in November. This pushed the sector back above the crucial no-change level of 50 and [...]
Legal threat to Portugal cuts January 2, 2013 PORTUGAL’S austerity budget faces a legal challenge after the country’s President yesterday referred the plans to the nation’s supreme court. Aníbal Cavaco Silva wants to ensure cuts to pensions and public sector pay are constitutional because they do not affect all citizens. If the legal challenge is successful the Portuguese government could be forced to [...]
Germany leads fresh decline in Eurozone manufacturing woes January 2, 2013 EUROZONE manufacturing woes went on in December, as German factory activity declined further. The purchasing managers’ index (PMI) for manufacturing in the Eurozone edged down to 46.1 in December, from 46.2 a month earlier, Markit said yesterday. The German PMI was 46.0, down from 46.8 in November, as the formerly resilient economy found itself unable [...]
CVC buys Italian firm for €1.1bn January 2, 2013 Funds advised by CVC Capital Partners said yesterday they had agreed to buy Italian data provider Cerved from private equity firms Bain Capital and Clessidra for €1.13bn (£0.9bn) to tap the growing credit market. Cerved provides credit records to 90 per cent of Italian banks.
Buffett’s $2.5bn solar gamble January 2, 2013 A company controlled by Warren Buffett’s Berkshire Hathaway yesterday agreed to buy two large solar power projects in California from SunPower Corp for up to $2.5bn (£1.5bn) in proceeds and related contracts. The projects are expected to be finished during 2015.
KitKat’s four fingers trademarked January 2, 2013 Chocolate maker Nestle yesterday won a trademark case over the shape of its iconic KitKat product, meaning it now has exclusive rights to make four-fingered chocolate bars. The KitKat was invented in York in 1935 by Rowntree’s and more than a billion are sold every year in the UK.
