QE2 needed to combat weak global economic outlook, says MPC’s Dale October 12, 2011 THE NEW round of quantitative easing (QE2) is necessary to boost the UK’s economy and keep inflation from falling below target, according to Bank of England chief economist Spencer Dale (pictured), speaking yesterday. Last Thursday’s monetary policy committee (MPC) meeting saw the asset purchase programme extended by £75bn, from the current level of £200bn. International [...]
US faces China yuan fury October 12, 2011 THE WHITE House stepped into the furore over China’s control of the yuan yesterday, after Chinese authorities blasted US plans to impose sanctions on any state that manipulated its currency for trade advantage. The US Senate passed a bill on Tuesday in retaliation for China’s policy of flooding the US with artificially cheap goods by [...]
ECB lending up as banks lose trust October 12, 2011 BANKS increased borrowing from the European Central Bank (ECB) as concern grew over access to finance, figures out yesterday revealed. Institutions borrowed €4.14bn (£3.64bn) overnight on Tuesday, in the wake of the failures of Dexia, Max Bank and Proton Bank. Lending has remained high at over €1bn each night for more than a week. Overnight [...]
UK economy growth slowing October 12, 2011 The conference board leading economic index (LEI) for the UK decreased 0.5 per cent in August, and now stands at 104.0. That compares with an increase of 0.3 in July. Such a large decline suggests the outlook for the UK is weakening. “The worsening of the external environment – reflected in the recent plunge in [...]
Eurozone factory output rising October 12, 2011 Industrial production in the Eurozone was much stronger than expected in August, data showed yesterday, indicating the economic slowdown in the third quarter might be smaller than feared. Official agency Eurostat said industrial production in the 17 countries using the euro rose 1.2 per cent month-on-month in August and by 5.3 per cent compared with [...]
CITY MOVES | WHO’S SWITCHING JOBS October 12, 2011 Gazprom Gazprom Marketing and Trading, the subsidiary of the Gazprom Group, the world’s largest gas company by asset base, has appointed Tony West as power strategy manager. West joins from Scottish Power, where he managed the commodity market risks within the energy management division. Prior to joining Scottish Power, he worked at Sapient. He has [...]
BEST OF THE BROKERS October 12, 2011 KESA ELECTRICALS Nomura rates the Comet-owner as “neutral” with a target price of 120p, saying the ongoing disposal of the Comet unit will remove uncertainty from the group and offer valuation upside. The broker sees the key benefits of disposal as the freeing up of around €70-80m of working capital, the removal of over €20m [...]
FTSE rises as miners gain and euro hope pushes bank stock October 12, 2011 STRONG miners and banks boosted Britain’s top shares yesterday, keeping the index on an upward tilt, underpinned by progress in tackling the Eurozone sovereign debt crisis and recent upbeat US data. The mood, already elevated by hopes European leaders will unveil new measures to solve the crisis by the month’s end, was further lifted when [...]
Traders chase a rare market rally October 12, 2011 US STOCKS rose yesterday as Europe’s progress toward bolstering its financial rescue fund brought more battle-weary investors back into the market. Momentum buying was partly in play, analysts said, as investors tried to latch on, or catch up with, what they hoped was a lasting rally, which has been a rare trend this year. The [...]
Celebrate Big Food: Our diet is cheaper, richer and more nutritious than ever before October 12, 2011 BIG Food is widely regarded as the polar opposite of good food. Big food companies, we are told by campaigners and celebrity chefs, produce poor quality, waistline-busting, environment-wrecking, small-farmer-bankrupting products. The supermarkets allegedly destroy communities to sell rubbish to zombified shoppers. Industrial agriculture gives us nutrient-lite, flavourless, chemical-soaked food produced in a shockingly wasteful manner. [...]
