Chinese trade gap shrinks giving it ammunition in battle with the G20 February 14, 2011 CHINA’S trade surplus fell to its lowest in nine months in January after imports surged, supporting the government’s case ahead of a G20 meeting that it is doing enough to spur domestic demand without speeding up currency appreciation. The trade surplus shrank to $6.5bn (£4.1bn) from $13.1bn in December, well short of forecasts for a [...]
Retailers plead over Budget February 14, 2011 Shop owners have called for a “retail friendly” Budget next month, after new data showed a spike in the number of empty shops. Figures from the Local Data Company, published today, show shop vacancy rates climbed to 14.5 per cent at the end of 2010, compared to 12 per cent a year earlier. The British Retail Consortium [...]
Eurozone industry dips February 14, 2011 Industrial production in the Eurozone area fell by 0.1 per cent in December, according to official statistics. Economists blamed the decline in the 16 countries that use the single currency on heavy snow during the month, which was particularly bad in Euro-powerhouse Germany. The figure, which follows strong increases in the previous two months, is [...]
Indian inflation eases February 14, 2011 The Indian government expects headline inflation to ease to seven per cent by the end of March, finance minister Pranab Mukherjee said yesterday, matching other economic forecasts. The wholesale price index, India’s main inflation gauge, marginally eased to 8.23 per cent in January but the central bank will likely keep tightening monetary policy because price [...]
Credibility low as UK dents IAG profit February 14, 2011 INSURANCE Australia Group (IAG), the nation’s top home and car insurer, warned its first-half net profit will more than halve and cut its full-year insurance margin outlook as its UK operations struggled and weather claims mounted. The warning caused IAG shares to fall as much as 5.3 per cent to A$3.58 in early trading, the [...]
Rusal predicts 2011 growth in China and rebound in US February 14, 2011 RUSSIA’S United Company Rusal, the world’s largest aluminium producer, said yesterday it sees steady output growth in 2011, driven by strong demand from China and a rebound in North America. Hong Kong and Paris-listed Rusal said aluminium production was expected to grow two per cent in 2011, roughly steady with last year’s three per cent [...]
EFG-Hermes plays down stake in its subsidiary held by Gamal Mubarak February 14, 2011 EGYPTIAN investment bank EFG-Hermes has said that Gamal Mubarak’s stake in the bank was limited to an 18 per cent holding in a subsidiary, EFG Private Equity. Last week opposition Wafd newspaper said Gamal, son of ousted President Hosni Mubarak, had extensive holdings in the investment bank through foreign investment funds. “EFG-Hermes Financial Group Holding [...]
LEIGHTON PROFITS HIT BY FLOODS February 14, 2011 LEIGHTON Holdings, Australia’s biggest contractor, reported a 25 per cent fall in first-half profit and cut its full-year forecast by six per cent due to recent Australian floods, which affected its work on the Brisbane Airport Link
Thales warns of operating loss February 14, 2011 French defence group Thales yesterday warned of an operating loss for 2010 which it blamed on charges and provisions exceeding €700m (£589m) related to several contracts, including one in Denmark. The group said it would make an operating loss of close to €100m for 2010. Previously it forecast an operating margin of three to four [...]
Nexans forsees rise in sales February 14, 2011 Nexans, the world’s biggest cable maker, expects its sales to rise and operating margin improve this year, the company said yesterday, as it sees a pick-up in trading and manages to pass on higher metal prices. Sales last year rose 22.5 per cent to €6.18bn (£5.2bn), with organic growth at 0.4 per cent. At constant [...]
