Manufacturing slow as factory orders decline October 4, 2011 FACTORY orders in the US fell 0.2 per cent in August, figures released yesterday from the Commerce Department showed. The decline marks a sharp turnaround from the 4.2 per cent increase in new orders measured in July. Inventories increased for the 20th consecutive month, led by transportation equipment which increased by 1.3 per cent. Analysts [...]
TAXMAN TAKES QUARTER OF PENSION INCOME October 4, 2011 TWENTY-SEVEN per cent of pensioners’ income is taken in direct and indirect taxation, according to a report out today from MetLife. Taxes such as VAT are the worst offenders, taking £2,966 from the average pensioner’s £18,834. Income tax comes next, the study found, taking £1,300, with councils accounting for a further £850.
Producer prices down across EU October 4, 2011 In a sharp turnaround from the situation in July, producer prices fell across the Eurozone and wider EU in August, Eurostat announced yesterday. The index fell by 0.1 per cent across the 17 countries in the currency union in August, while they dropped 0.2 per cent across the 27-nation EU as a whole. Over the [...]
Bailey calls for clearer aims October 4, 2011 Clear public policy objectives must be laid down if regulators want to create the best chance of achieving financial stability, executive director at the Bank of England Andrew Bailey told a conference at the Said Business School in Oxford yesterday. Bailey – who is also deputy head of the Financial Services Authority’s prudential business unit [...]
Buffett firms to post record annual profits October 4, 2011 SOME of Berkshire Hathaway’s largest units will post record profits this year, but the conglomerate’s housing-related businesses are doing as poorly as they ever have, chief executive Warren Buffett said yesterday. Speaking at a Fortune event, Buffett said Berkshire’s Burlington Northern rail unit, its MidAmerican energy unit, manufacturer Iscar and diversified group Marmon will all [...]
Switzerland is still world’s top tax haven says report October 4, 2011 SWITZERLAND, despite bank settlements with the US to disclose tax evaders, remains the top refuge for financial secrecy, according to a new international ranking of tax haven countries. Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations, said a report [...]
Oligarchs fight for control of Russian railway October 4, 2011 TWO of Russia’s most powerful oligarchs are set to compete with each other in a multi-billion dollar auction for state-owned rail group Freight One, which goes up for sale at the end of this month. Steel magnate Vladimir Lisin, Russia’s richest man with a $24bn fortune, will bid for the Russian Railways unit via his [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2011 PwC Andrew Sentance has been appointed as a senior economic adviser at PwC, following his retirement as a member of the Bank of England’s Monetary Policy Committee, effective from 7 November. Prior to serving on the MPC from October 2006 to May 2011, Sentance’s roles included director of economic affairs at the CBI, director of [...]
BEST OF THE BROKERS October 4, 2011 ULTRA ELECTRONICS Goldmans Sachs says the US defence contractor is a compelling growth story in cyber security and airport IT systems, and gives it a “buy” rating with a target price of 2,200p. The broker expects better trading to boost earnings per share over the next three years by one per cent, six per cent [...]
Another low for the FTSE as banks and miners take a hit October 4, 2011 BRITAIN’S top share index hit a 15-month closing low yesterday, with banks and commodity stocks leading a broad-based sell-off, as growing doubts over Greece’s ability to stave off a debt default triggered fears of financial turmoil. The UK benchmark ended down 131.06 points, or 2.6 per cent, at 4,944.44, its lowest close since 5 July [...]
