Moller-Maersk boosted by oil prices as profits top forecasts May 11, 2011 DANISH shipping group AP Moller-Maersk reported first-quarter net profit at the top end of expectations yesterday, helped by higher than expected freight rates and oil prices. The owner of Maersk Line, the world’s biggest container shipping firm, reiterated that 2011 earnings would be lower than 2010 and also repeated guidance for a “satisfactory” result in [...]
ArcelorMittal lifted by demand in US as revenue hits pre-crisis levels May 11, 2011 WORLD number one steelmaker ArcelorMittal predicted a post-crisis high for profits in the second quarter, helped by strong US demand after a sharp rebound at the start of the year. The maker of six to seven per cent of the world’s steel met first-quarter earnings forecasts yesterday as prices caught up with a spike in [...]
CITY MOVES | WHO’S SWITCHING JOBS May 11, 2011 BNY Mellon BNY Mellon has appointed Arthur Certosimo as chief executive of global markets to lead the bank’s foreign exchange, capital markets and derivatives trading businesses worldwide. Certosimo, currently chief executive of alternative, broker-dealer and Treasury services, will succeed Richard Mahoney, who will retire at the end of June. Brian Ruane, currently head of alternative [...]
BEST OF THE BROKERS May 11, 2011 RECKITT BENCKISER Goldman Sachs rates the consumer goods producer “buy” but has taken the firm off its “conviction buy” list, and has cut its 12-month target price by 160p to £41.70. The broker thinks the firm contains an increased execution risk following a change in management, though recent quarterly results were encouraging. Goldman is still [...]
FTSE 100 sinks below 6,000 as banks and miners tumble May 11, 2011 COMMODITY and banking stocks dragged the FTSE 100 back below the 6,000 level yesterday, with these sectors pressured by Greece’s debt problems and uncertainty over global economic growth. London’s blue chip index closed down 42.89 points, or 0.7 per cent, at 5,976.00, having hit a one-week closing high on Tuesday. Atif Latif, director of trading [...]
Commodities lead Wall Street down May 11, 2011 US stocks almost erased a three-day rally yesterday as energy and commodity shares sank, feeding worries over the market’s ability to stay on an upward path. The second major breakdown in commodities in a week fuelled selling in other risky assets, including stocks. A stronger dollar and data showing a rise in US fuel supplies [...]
US trade gap worsened by high oil prices May 11, 2011 AMERICAN exports set a record in March, buoyed by the weak dollar and strengthening global demand, it was revealed yesterday. Yet the country’s trade gap widened further, as oil prices pushed up the import bill by almost five per cent. The US trade deficit grew to $48.2bn (£29.2bn), its widest level since June 2010. “The [...]
Higher inflation in China sparks fear of rate hikes May 11, 2011 BRENT crude slipped yesterday, partly due to higher than expected inflation in China, the world’s second-largest oil user. Chinese consumer price inflation slipped in April, yet came in above expectations at 5.3 per cent – rekindling concern that Beijing’s efforts to cool the economy would erode energy demand. China’s soaring trade surplus, reaching $11.4bn (£6.97bn) [...]
Eurozone chiefs warn over fresh price pressures May 11, 2011 INFLATION pressures in the Eurozone are continuing to build, European Central Bank (ECB) officials said yesterday. The pace of inflation in the 17-country bloc climbed to 2.8 per cent last month, the highest since late 2008. Price pressures in the Eurozone’s powerhouse economy, Germany, came in at 2.7 per cent for April in the pan-European [...]
Climb the career ladder faster in a growing business May 11, 2011 IT SEEMS like people are becoming successful faster these days. The Forbes list of young CEO billionaires is enough to make most of us feel we should be getting richer, quicker. But how do these young whipper-snappers get there so fast? Iain Martin, the 43 year-old chief executive of the fast growing Moonpig.com (see rankings [...]
