Pound jumps as City A.M. reveals more momentum behind rise in interest rates February 2, 2011 STERLING jumped to a three-month high against the dollar yesterday, after markets reacted to hawkish comments from Bank of England rate setters Andrew Sentance and Charles Bean. In an exclusive interview in City A.M. yesterday, Sentance suggested that the Bank’s monetary policy committee (MPC) was getting closer to a rise in interest rates as inflation [...]
Mines closed as Cyclone Yasi tears into NE Australia February 2, 2011 CYCLONE Yasi slammed into the north east coast of Australia last night, hitting the city of Cairns at about midnight, causing mass devastation and the closure of coal mines and a huge copper refinery in the area. Copper prices jumped to a record high of nearly $10,000 (£6,171) a tonne yesterday, fuelled by tight supplies [...]
Wealthy to increase spending February 2, 2011 High earners are determined to spend their way out of recession, a report by HSBC suggests. Spending by people earning over £100,000 per annum is expected to increase by 7.8 per cent this year. Overall spending for this group will increase to £87,380. Spending on one-off purchases will fall by 25 per cent for the [...]
Cost pressures up in Eurozone February 2, 2011 Producer prices across the Eurozone rose by 0.8 per cent in December, compared to November. The rise was above expectations, and increased the year-on-year inflation rate to 5.3 per cent.
Jobs boost in America February 2, 2011 Private sector employment increased by 187,000 in the US last month, according to a survey released yesterday. The ADP measure, described as “the least worst of the monthly payrolls indicators” by ING’s Rob Carnell, also showed a strong rise of 247,000 the previous month.
Most pensioner jobs are part time February 2, 2011 Two thirds of employed pensioners are only working part time, the Office for National Statistics revealed yesterday.
MPs: Europe power grab could hurt UK February 2, 2011 THE “sheer scale and pace” of regulatory change in Europe could damage Britain’s financial services industry, a group of influential MPs will warn today. In a report on financial regulation, the Treasury select committee said it was “concerned” about the “ambitious legislative programme taking place at the European level”. The MPs dismissed claims from Michel [...]
FACT CHECKER February 2, 2011 THE CLAIM: THE COALITION GOVERNMENT IS CUTTING PUBLIC SPENDING THIS YEAR BY JUST £2BN LESS THAN LABOUR PLANNED TO AS the coalition gets ready to swing the axe on public services, it is busy reminding voters that Labour also planned to make big cuts if it won the election. George Osborne (right) claims that Alistair [...]
Martin Wheatley wins top job at new City watchdog CPMA February 2, 2011 WHEN Martin Wheatley announced his departure from the Hong Kong Securities and Futures Commission (SFC) he received an ominous send-off. Locals, angered by his ultimate responsibility for regulating loss-making Lehman mini-bonds, gathered outside the watchdog’s offices to play traditional Chinese funeral music while they burned pictures of Wheatley. It appears their prediction of his demise [...]
Row erupts after Pfizer axes UK jobs February 2, 2011 A POLITICAL row erupted yesterday following US drug giant Pfizer’s decision to close its primary British research centre, in a embarrassing twist for the coalition government. Prime Minister David Cameron promised last month to boost investment in pharmaceuticals with a raft of policies including a tax break on profits derived from patents. Yet yesterday he [...]
