Weber warns of crisis risk from unregulated groups March 10, 2011 HEDGE funds and other parts of the “shadow banking sector” pose an increasing systemic risk to the financial system, European Central Bank official Axel Weber said yesterday. Likening new regulations like Basel III to coastal defences, Weber said: “With stricter rules for the regular banking sector, there is a clear danger that more and more [...]
China records large trade deficit March 10, 2011 China experienced a $7.3bn (£4.5bn) trade deficit in February, its largest in seven years. It was China’s first trade deficit since March 2010 and largest since February 2004. “The unexpected deficit reflects both distortions around Chinese new year and the impact high commodity prices are having on China’s import bill,” said Mark Williams from Capital [...]
Trade gap widens for America March 10, 2011 The US trade deficit unexpectedly widened to $46.3bn (£28.7bn) in January from a revised $40.3bn in December, as surging costs of oil imports, capital goods, and cars overpowered record exports. Meanwhile, new claims for unemployment benefits increased 26,000 to a seasonally adjusted 397,000, the Labor Department said yesterday.
French industry up, Italian down March 10, 2011 French industrial production rose by one per cent in January, compared to the previous month. “The industrial sector in France did not suffer from a snow effect and continues its recovery,” said ING’s Oscar Bernal. However, industrial production in Italy surprised to the downside, dropping by 1.5 per cent last month, official data showed yesterday.
Inflation still steady in Sweden March 10, 2011 Sweden’s annual inflation rate remained at 2.5 per cent in February, it was revealed yesterday.
Shock fall for German exports March 10, 2011 German exports unexpectedly plummeted one per cent from December to January, official data showed yesterday.
Munich Re in warning over disaster costs March 10, 2011 HEAVY damage claims from an earthquake, floods and a storm this year will put Munich Re’s full-year profit goal at risk if claims do not subside in coming quarters. The world’s biggest reinsurer said yesterday it hoped to keep net profits steady at around €2.4bn (£2.05bn) in 2011, but floods and a storm in Australia, [...]
CITY MOVES | WHO’S SWITCHING JOBS March 10, 2011 City Asset Management Independent discretionary investment manager City Asset Management has appointed Chris Green, formerly of Optimal Wealth Management, to its financial services team as a financial wealth planner. The appointment is part of City Asset Management’s ongoing expansion. Green brings more than 20 years’ experience as a pension and investment specialist to the role. [...]
Derwent eyes redevelopment March 10, 2011 LONDON landlord Derwent Property reported a 16 per cent rise in its portfolio to £2.4bn yesterday, with acquisitions and redevelopment on the agenda after £76m of West End purchases this week. Pre-tax profits rose to £356.4m compared to a loss in 2009 of £34.9m. “We’ve got enough to keep us busy with developments, but we [...]
Catlin forecasts quake losses March 10, 2011 INSURER Catlin yesterday said losses related to February’s New?Zealand earthquake would total around $125m (£78m). The group said it would be months before the total amount of insured damage from the 6.3 magnitude earthquake could be assessed with precision. The catastrophe killed more than 150 people and caused considerable and significant structural damage to both [...]
