Industrial output lifts for Euro area June 15, 2011 INDUSTRIAL production in the Eurozone edged up by 0.2 per cent in April, surprising economists who had expected a slight dip. In March production had remained level across the 17-nation single currency area. Compared to the same time the previous year, industrial output was up 5.2 per cent. “This is a better outcome than expected,” [...]
France’s inflation figures tread water during May June 15, 2011 CONSUMER price inflation (CPI) in France rose by 0.1 percentage point in May, but the annual rate of increase slowed to two per cent, the country’s national statistics institute Insee said yesterday. Energy prices declined 1.6 per cent, but remained above analysts’ expectations due to a smaller than expected drop in the cost of petrol and [...]
LONDON’S CURIOUS HOLD ON ITS RESIDENTS June 15, 2011 DESPITE three-quarters of Londoners thinking that rental and house prices in the capital represent bad value for money, a majority of the city’s residents would be loathe to relocate. According to a YouGov survey, 74 per cent of renters and 68 per cent of homeowners do not agree that their living arrangements are good value. But [...]
Qantas cuts spending and drops orders June 15, 2011 AUSTRALIA’S Qantas Airways will slash spending by A$700m (£459m) and plans to cancel aircraft orders as it battles waning demand, soaring fuel costs and investor displeasure, with its shares trading near multi-year lows. Qantas, which suffered a blow to its reputation after an Airbus A380 accident last year forced it to ground its flagship aircraft, [...]
Rothschild’s buyout firm ups its stake in Indonesian miner June 15, 2011 NAT Rothschild’s acquisition vehicle Vallar has completed its tender offer for Indonesian coal miner Berau, boosting its stake in the company to almost 85 per cent. Vallar bought up 75 per cent of Berau last November, as part of a joint investment with its minor shareholder Bakrie Group, which also saw it take a 25 per [...]
Profit at Russia’s Sistema drops by a third as exchange rates bite June 15, 2011 RUSSIAN oil-to-telecoms holding company Sistema reported a 33 per cent fall in first-quarter net profit due to a smaller foreign exchange gain yesterday. Net profit fell to $97.2m (£59.7m), while net profit before one-offs rose 30.5 per cent to $102.3m. The company said sales rose 25.8 per cent to $7.8bn, driven by mid-size oil asset [...]
CITY MOVES | WHO’S SWITCHING JOBS June 15, 2011 Advertising Association Gavin Patterson, chief executive of BT Retail, has been appointed as president of the Advertising Association, the representative body for marketing communications in the UK, representing agencies, media companies and advertisers. In his new role as president, Patterson will bring the three sectors together to champion the role of advertising and protect its [...]
BEST OF THE BROKERS June 15, 2011 3i GROUP Killik & Co notes that 3i issued a release this week announcing the sale of its stake in Ålö, a manufacturer of front-end loaders for tractors, for €240m. The sale sees 3i make approximately a four times money multiple on its original investment. The broker says 3i trades on a 22 per cent [...]
Weak banks help drive FTSE to three-month closing low June 15, 2011 BRITAIN’S top shares ended lower yesterday, weighed down by banks on worries over the UK government’s drive for tougher regulation and Europe’s debt crisis, while commodity stocks also pressured the index. The FTSE 100 closed down 60.58 points, or 1.0 per cent, at 5,742.55, its lowest finish since March 18. Banks fell ahead of chancellor [...]
Two day rally ends on Greek worries June 15, 2011 US stocks sank on Wednesday as Greek debt woes, US data and disappointing profit forecasts fueled bearish sentiment, putting the market back on its downtrend after a two-day rally. Forecasts from companies, including Nucor Corp, Owens Illinois and Ford, underscored concern that economic sluggishness will hit earnings. Bank stocks helped lead the decline after Moody’s [...]
