Jobless claims in US rise again February 17, 2011 Unemployment claims in the US rose more than expected last week, official figures revealed yesterday. Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 410,000, the Labor Department said, partially reversing the prior weeks hefty decline. “We see this move as a continued unwind of the weather-related distortions to the previous weeks [...]
Norwegian growth disappoints February 17, 2011 Norway’s mainland GDP grew by 0.3 per cent in the final three months of 2010, it was revealed yesterday. The results were considerably below the forecasts of economists, yet driven down partly by revisions to data for previous periods. Growth for the third quarter was changed from 0.9 per cent to 1.1 per cent. The [...]
Property firms pay to retain youth February 17, 2011 Property companies are vying to attract and keep hold of young talent, the Royal Institution of Chartered Surveyors (RICS) said yesterday. Young people in the property sector are receiving significant salary hikes, according to a RICS survey of the sector. Employees aged 18-22 in receipt of a pay rise reported an average increase of 21.2 [...]
Nestle helped by emerging market boom February 17, 2011 NESTLE, the world’s biggest food maker, said strong demand in emerging markets would help it offset a steep rise in input costs in 2011 after it beat sales forecasts for 2010. The maker of Nescafe coffee and Gerber baby food said it was well placed to cope with rising commodity prices by making cost savings [...]
ABB promises $1bn cost cuts February 17, 2011 SWISS engineering company ABB has unveiled a further $1bn (£610m) of cost savings as it continues to cope with price pressures from increasingly competitive emerging market players and falling Asian orders. ABB’s new planned savings of more than $1bn build on deep cost cuts made during the recession. The firm said yesterday that price pressures [...]
Qantas predicts growth in profits as travel revives February 17, 2011 AUSTRALIA’S Qantas Airways signalled a return to growth after the worst downturn in aviation history, as recovering corporate travel and higher ticket prices offset soaring fuel prices and the cost of grounding its fleet of A380 aircraft. Qantas shares posted their biggest one-day gain in almost two years, rising 5.4 per cent as investors shrugged [...]
AkzoNobel dismisses takeover talk as it offsets rising costs with price hikes February 17, 2011 AKZONOBEL has said it is optimistic it can raise prices and cut costs to offset higher oil-based raw materials prices in 2011, while dismissing talk the Dutch chemical group could be a takeover target. Speculation about a potential leveraged buyout of the world’s largest paint maker surfaced last week, helping to lift AkzoNobel’s stock to [...]
Reed Elsevier revenue flat but expects sales upturn February 17, 2011 ANGLO-DUTCH publisher Reed Elsevier expects a gradual recovery in sales and profit margins, after flat sales and a small dip in operating profit last year. The company, which publishes scientific and academic information and runs the world’s biggest exhibitions business, said increased spending on product development and sales and marketing had been largely offset by [...]
HONDA RECALLS 700,000 VEHICLES February 17, 2011 HONDA is recalling nearly 700,000 Fit, Freed and City compact cars around the world because of a defective spring part that may cause the engine to stall. No accidents have been reported related to the problem. The company also said it may buy back more shares by the end of the business year next month [...]
Lenovo tops analyst forecasts February 17, 2011 Lenovo Group beat estimates with a 25 per cent jump in third-quarter net profit, its strongest result in more than two years, but a slowdown in its key home China market could affect its 2011 outlook. Economic uncertainty in mature markets such as the US and Europe might also offset the positive impact it gets [...]
