UK housing market in moderate pick up March 1, 2011 SIGNS of life emerged from the UK’s ailing housing market yesterday, with mortgage approvals edging upwards and house prices recording an unexpected rise. Approvals rebounded by seven per cent from December’s slump, to number 45,723 in January, according to the Bank of England. Meanwhile, the Nationwide house price index was up 0.3 per cent in [...]
European car registrations rise March 1, 2011 Eurozone car registration rose 3.2 per cent in February boosted by France and Italy which recorded a jump in the annual automobile rate of 3.9 to 13.9 per cent and 3.5 to 5.0 per cent respectively. Germany’s new car registrations rose 17 per cent during the past month and Spain registered the strongest increase since [...]
Mergers and acquisitions tumble March 1, 2011 The value of acquisitions in the UK by British companies plummeted to £10.1bn in 2010, compared with £12.2bn registered in 2009. Expenditure on acquisitions in the UK by foreign companies fell to £9.8bn from £12.1bn. Net transactions abroad by UK companies were at their lowest value since 1987 at £2.2bn.
Canada holds interest rates low March 1, 2011 The Bank of Canada is set to keep its benchmark one per cent interest rate unchanged, despite the recovery “proceeding slightly faster than expected.” According to ING’s Rob Carnell: “The general tone did not suggest any return to raising rates at the next meeting.”
Ongoing growth in Scandinavia March 1, 2011 Sweden’s GDP grew by 1.2 per cent in the fourth-quarter of 2010, delivering 7.3 per cent annualised growth. Meanwhile, its manufacturing PMI fell by 0.6 to 60.9 last month. The index is now 5.1 points below its peak in May last year. In direct contrast, Norway’s PMI rose for the second month in a row, [...]
HEDGE FUND TYCOON TRIFON NATSIS IS SAFE AS HOUSES March 1, 2011 GOOD news for hedge fund tycoon Trifon Natsis, co-founder of Brevan Howard Asset Management, as The Capitalist can reveal his planning application for major improvements to his Hampstead home has been recommended for approval by Camden Council. The planning officer dealing with the application has recommended the scheme receives the go-ahead in an internal report, [...]
GKN profits jump on car sales growth March 1, 2011 ENGINEERING group GKN quadrupled its profit to £363m last year, the firm said yesterday, on the back of strong sales of car and plane parts. The FTSE 100-listed firm, which makes engines and frames for Airbus and Boeing, said total sales rose 20 per cent to £5.08bn. “The aerospace market has remained subdued although civil [...]
Silver boom boosts Fresnillo March 1, 2011 MEXICAN silver miner Fresnillo was yesterday the latest firm to post bumper gains from the commodities boom, more than doubling its pre-tax profit to $1bn (£615m). The firm said the price charged for its gold and silver rose 27 and 40 per cent respectively during the year, on production up 33.4 and 1.7 per cent [...]
Xchanging warns of hard road after earnings dip March 1, 2011 OUTSOURCING firm Xchanging failed to hit expectations as it warned the year ahead would be a period of transition. The Cambridge-based firm reported a 0.8 per cent decline in 2010 adjusted operating profit to £55.5m, down 0.4 per cent on the previous year. It also reported a statutory operating loss of £55.6m after one-off exceptional [...]
Sell-off creates opportunity to get exposure to surge in car sales March 1, 2011 INVESTORS in GKN voted with their feet yesterday. Pre-tax profit from continuing operations might have quadrupled to £363m, but in the event it wasn’t good enough. The shares closed down by four per cent at 201.50p. We think the reaction is likely overdone. For most analysts, the results were either bang on or better than [...]
