US growth to accelerate yet Europe still vulnerable January 25, 2011 EUROPE needs to strengthen its financial rescue fund to reduce the risk of renewed global instability, the International Monetary Fund (IMF) said yesterday. But US tax cuts and buoyant emerging economies are helping propel the recovery elsewhere, the IMF said in its world economic outlook, published at the start of the summit in Davos. The [...]
Obama to freeze US spend January 25, 2011 US ECONOMY US PRESIDENT Barak Obama yesterday endorsed a five-year freeze on discretionary government spending to help bridge the yawning US budget deficit. The call, made as part of his State of the Union address, excluded spending on security, medical aid or social security – but included all other domestic spending. The US is approaching [...]
Hero calls for long-term plans January 25, 2011 THE US pilot who safely landed a plane carrying 155 passengers on the Hudson River yesterday urged political and business leaders in Davos to look beyond short-term results to deliver long-term benefits. Chesley Sullenberger III, former US Airways pilot, was speaking at the World Economic Forum as chief executive of Safety Reliability Methods. His sessions [...]
events January 25, 2011 DAVOS: WEDNESDAY 26 JAN The World Economic Forum Annual Meeting 2011 runs until Sunday 30 January. Davos is one hour ahead. All times are given here in UK time. Today’s morning programme begins at 8.00 – 9.15, with update sessions for delegates. “World Economic Brainstorming” takes place from 9.30 – 11.00. There are further updates [...]
The game’s not over for the West, and Dambisa Moyo wants us to win January 25, 2011 IMAGINE if the top Premiership team, instead of honing its football skills, became obsessed by the performance of another, lower-ranking but fast-improving side. Distracted from practice, heads craned over their shoulders to gawp at the new phenomenon, the players’ advantage would dwindle not so much from the growing skill of the newcomers but from their [...]
European stocks drop as UK and Spain falter January 25, 2011 EUROPEAN shares fell yesterday, as confidence in Britain was shaken by an unexpected drop in fourth-quarter UK growth figures and with Spanish banks down on concerns new capital requirement rules may not be tough enough. Britain’s economy unexpectedly shrank 0.5 per cent in the last three months of last year, the first quarterly drop since [...]
Shock GDP contraction pulls FTSE and sterling downward January 25, 2011 RETAILERS were hit as Britain’s top share index fell yesterday after a shock 0.5-per cent contraction in UK GDP in the last three months of 2010. The FTSE 100 closed was down 26.14 points, or 0.4 per cent, at 5,917.71, having risen 0.8 per cent on Monday. Figures from the Office of National Statistics showed [...]
Wall Street finishes flat after late buying January 25, 2011 US stocks erased losses in a late flurry of buying to end little changed yesterday as overall optimism about earnings offset disappointing results from blue chips 3M and Johnson & Johnson. About 70 per cent of S&P companies so far have beaten estimates, but worries about inflation cutting into profits have caused investors to jump [...]
Sterling’s rally ends as GDP figures disappoint January 25, 2011 THE British economy has lost a lot of momentum. Last quarter it seemed to be roaring along like a Jaguar, growing by 0.7 per cent. Now, more like an old Rover, it seems to have stalled in the snow. Yesterday’s GDP statistics for the fourth quarter of 2010 revealed a fall in output of 0.5 [...]
DOLLAR-YEN COMES OUT OF THE SHADE January 25, 2011 DIRECTOR OF CURRENCY RESEARCH, GFT AFTER DROPPING to a low of ¥80.93 at the end of last year – a move that induced more than a few heart palpitations among policy makers in Tokyo – dollar-yen has steadily climbed higher in January as the American economy has shown clear signs of improvement. Today’s federal open market [...]
