BULLISH BUFFETT February 27, 2011 IN an upbeat annual letter released by Berkshire Hathaway chairman and chief executive Warren Buffett over the weekend, the “Sage of Omaha” pledged record capital spending in the year ahead. The legendary investor reiterated his confidence in the US economy and predicted the housing market would recover “within a year or so”.
HSBC set for $20bn profit February 27, 2011 HSBC is due to report its highest profit since before the financial crisis this morning, with analysts predicting earnings of more than $20bn (£12.4bn). But all eyes will be on HSBC’s staff pay-outs, thanks to strong hints from the bank that it will unveil aggregate salaries and bonuses for several hundred of its top employees, [...]
Chinese Premier Wen says fighting inflation is priority February 27, 2011 FIGHTING inflation is a priority for China and the government must ward off threats to social stability stemming from rapid price increases, Premier Wen Jiabao said yesterday. Wen’s comments ahead of China’s annual parliament session from 5 March showed the sensitivity among ruling Communist Party leaders to public grumbling about rising real estate and food [...]
Standard Chartered due to post gains though cost pressures loom February 27, 2011 STANDARD Chartered is expected to post an annual pre-tax profit of more than $6bn (£3.7bn) on Wednesday, a 15 per cent increase on 2009, though ballooning costs are also forecast. Analysts expect revenues to rise by more than four per cent to £9.8bn, though the bank warned in December that cost growth is set to [...]
Virus hits LSE website after trading glitch February 27, 2011 THE LONDON Stock Exchange (LSE) last night said it hoped for a week of glitch free trading following last week’s high profile closure. Although it could not promise there would be no problems, it pointed to the successful reinstatement of its trading system on Friday afternoon. A spokesperson said: “The problem was fixed and the [...]
Finding safe havens among oil market worries February 27, 2011 THE oil price is all that matters to markets right now, making many assets difficult to value. So much is unknown about the state of North African and Middle Eastern geopolitics. How long will the violence last? What follows the violence? What type of leadership will be installed? How long will it take for that [...]
Petrol prices take political centre stage February 27, 2011 ED Balls yesterday called on the government to limit the impact of surging fuel prices by abolishing the recent rise in VAT on petrol. The shadow chancellor said the move would save 3p a litre, helping squeezed middle-income families to avoid a “cost of living crisis”. He said: “In Britain [petrol prices] have gone up [...]
Miliband to warn on inflation February 27, 2011 LABOUR leader Ed Miliband will today warn of a “cost of living crisis” for middle-earners, who he claims will be hit the hardest by looming inflation. Miliband will argue in a speech this morning that a mix of rising prices, spending cuts and benefit changes will make life difficult for middle-income families. In an effort [...]
Mandelson tells Labour to consider Lib Dem union February 27, 2011 LORD Mandelson has warned Labour leader Ed Miliband not to rule out the possibility of working with the Liberal Democrats in future. The former business secretary said it was “important” to keep the door open for working with Nick Clegg’s party in future. The Lib Dems had snubbed Labour’s approaches following last May’s general election, [...]
Consultation on high speed rail link is opened February 27, 2011 TRANSPORT secretary Philip Hammond will today launch a five month consultation on the HS2 high speed rail project that could link London and Birmingham. Ministers say the 250mph link, which will cost around £2bn a year for at least the next decade, will generate £2 for every £1 invested. It is hoped the link can [...]
