Dixons shed jobs in Spain exit April 14, 2011 Electrical goods retailer Dixons is closing its 34 loss-making stores in Spain shedding around 1,200 jobs. The British group, which said last month it was looking at exiting Spain as it issued a profit warning, said it made the decision to close its PC City stores in the country as a result of a continued [...]
Shock upturn in US jobless benefit claims April 14, 2011 CLAIMS for unemployment benefits in the US unexpectedly shot up last week, official data showed yesterday. New claims have been on a downward path for around two years, but jumped by 27,000 in the week ending 9 April to total 412,000. Applications for state benefit typically increase at the beginning of a new quarter, as [...]
ECB sticks with its hawkish sentiment April 14, 2011 TENSIONS in the Middle East could lead to upward pressure on inflation in the Eurozone and affect economic growth, research from the European Central Bank (ECB) showed yesterday. “Risks to the medium-term outlook for price developments remain on the upside,” reads the ECB’s April bulletin. “They relate to higher than assumed increases in energy prices, [...]
China’s reserves pass $3 trillion April 14, 2011 CHINA’S foreign exchange reserves, the world’s biggest, hurtled past the $3 trillion (£1.8 trillion) mark in March, up 24.4 per cent over the last year, its central bank said yesterday. The reserves rose by $197bn (£120.6bn) in the first-quarter of 2011 and have now nearly tripled Japan’s holdings, the world’s second-biggest official currency reserves. Heavy [...]
German figures show growth April 14, 2011 Berlin yesterday hiked its official German growth forecast for 2011 from 2.3 to 2.6 per cent, citing soaring consumer spending as the main reason behind the expansion. German authorities said that the average households’ disposable income should rise by 3.3 per cent this year and next.
Japan worries dampen economy April 14, 2011 Japan’s earthquake and tsunami last month continue to hit the country’s economy as Japanese business confidence plunged in April, the Reuters Tankan survey showed yesterday. The manufacturing and service-sector sentiment indices tumbled to negative territory for the first time since last year, as the percentage of pessimistic respondents outnumbered the optimistic ones.
Swiss investor confidence booms April 14, 2011 Swiss shareholder sentiment reached its highest peak in eight months in April, as the ZEW index, an indicator of economic sentiment based on analysts’ opinions, jumped to 8.8 from minus 13.5 last month, hinting the country’s economy, which has been boosting output and hiring, will maintain its growth momentum.
Canadian factory sales slide April 14, 2011 Canadian factory sales fell 1.5 per cent in February after a 4.4 per cent gain in January, the biggest slide in 18 months and way above market expectations of a 0.2 per cent dip. Exports were badly affected by the strong Canadian dollar, but analysts remain confident that overall first-quarter growth will be robust.
Singapore enjoys GDP boost April 14, 2011 Singapore’s economy continues to grow, according to figures released yesterday by the Ministry of Trade and Industry that revealed a GDP rise of 8.5 per cent in the first-quarter of 2011. The increase marked a rise of 23.5 per cent compared to the previous quarter, led primarily by the manufacturing, services and construction sectors. Singapore’s [...]
Credit Suisse slams attack on coco plan April 14, 2011 CREDIT Suisse hit back at an activist investor that called for a rethink of the bank’s strategy on contingent convertible or “coco” bail-in capital yesterday. Swiss shareholder Ethos Foundation, an influential voice among institutional investors, said it opposed the bank’s decision to issue billions of francs of contingent convertible capital to support its trading. But [...]
