Who’s switching jobs December 3, 2012 Insparo Asset Management Glenda Levin has been appointed head of marketing at the asset management firm. She joins from Pioneer Alternative Investments, where she was head of equity strategy for fund of funds. Levin has also held senior roles at Equitable Life and UBS. Barclays Hayley Rees has been appointed head of the bank’s infrastructure [...]
Best of the Brokers December 3, 2012 ASHTEAD Bank of America begins coverage of the industrial equipment hire firm with a “buy” rating and target price of 460p. Ashtead “will continue to grow revenue rapidly,” the analysis advises. CENTRICA Citi has upgraded the owner of British Gas to “buy” with a target price of 360p. “This current valuation does not reflect the [...]
FTSE lifted by mining stocks but gains eroded by US economic data December 3, 2012 BRITAIN’S top shares posted modest gains yesterday, helped by strength in heavyweight mining stocks after data showed China’s manufactur-ing sector expanded for the first time in over a year. But strong earlier gains were eroded in the afternoon after disappointing US manufacturing data raised concerns over the health of the world’s biggest economy just as [...]
US stocks sour after lacklustre factory figures December 3, 2012 US stocks struggled to extend the previous week’s gains, dropping on Monday as disappointing US factory numbers dampened optimism about China’s economic growth. The declines broke a three-day streak of gains for the S&P 500, keeping it shy of its 50-day moving average of about 1,420, a level that the index has been below since [...]
We need a new fiscal rule to rid the UK of its unsustainable debt levels December 3, 2012 IN A month’s time, millions of Britons will make a New Year’s resolution to lose weight. Over the next year, nearly 80 per cent of them will find this commitment too difficult and abandon it. UK governments of all colours have found it just as difficult to keep their fiscal promises over the last decade. [...]
Sluggish growth makes further cuts to spending more essential than ever December 3, 2012 SLOWER than expected growth will result in George Osborne missing his fiscal targets. In March, the Office for Budget Responsibility forecast 0.8 per cent growth in 2012, 2 per cent in 2013, 2.7 per cent in 2014 and 3 per cent in 2015. Now, the average of independent forecasters suggests 0.1, 1.2, 1.8 and 2.2 [...]
The company tax debate must focus on realistic reform December 3, 2012 THE Public Account Committee’s (PAC) ongoing criticism of large multinationals for their corporation tax payments is an ill-considered departure from a more sensible debate. Multinational companies, like Starbucks and Google, are by definition different to domestic businesses (like John Lewis or Morrisons). This is especially true of internet retailers like Amazon. Under the current law, [...]
After the turbulence of recent years, has the Eurozone finally managed to turn the corner? December 3, 2012 YES Ian Stewart The process of adjustment in peripheral Europe is starting to deliver results. The pace of change varies hugely, but some of the key indicators are moving in the right direction. Greece reduced its fiscal deficit before interest payments by a hefty 13 per cent of GDP between 2009 and 2012. Spanish and [...]
Rapid responses December 3, 2012 Capital gains [Re: Osborne must now face up to his fiscal failings, yesterday] As the chief executive of a UK-based small-to-medium sized business (SMB), I urge George Osborne to lay out a clear plan that would support business over the long term, and therefore kick start Britain’s economy. SMBs account for the vast majority of private [...]
Flood-hit UK to face record wheat prices December 3, 2012 CROP failures in Britain and globally are pushing grain prices to record highs. Floods in the UK have forced it to depend on foreign grain imports. The country is expected to import more than 2m tons of wheat in the 2012-2013 season – a 30 year high. But prices have also been driven up by [...]
