SAT NAV BOSS SUSPENDED FOR STUPID JIBE January 18, 2011 BERRY Smutny, the chief executive of OHB Technology, which has a £475m contract building 14 Galileo satellite navigation systems, is the latest to fall victim to embarrassing comments in US diplomatic cables circulated by Wikileaks. The boss of the German company was suspended yesterday after allegedly calling the project a “stupid idea” and “a waste [...]
FINEST FEAST IS BEST WAY TO BLOW BONUS January 18, 2011 A ONCE in a lifetime event raising money for three war veterans’ charities held a glamorous promotional evening last night, with some of the best chefs in the country promising to lay on one of the finest feasts the City has ever seen. The evening, dubbed Square Mile Salute, will be held at the legendary [...]
Meggitt buys parts maker for $685m January 18, 2011 AEROSPACE engineer Meggitt is to buy Pacific Scientific Aerospace (PSA), which manufactures fire extinguishers and aircraft parts, for $685m (£431m) in cash, it said yesterday. Dorset-based Meggitt will use a 69.8m share placement, equivalent to about 10 per cent of total share capital, to raise about £255m to fund the deal. The remaining £176m will [...]
Saudi Arabia accused of oil output increase January 18, 2011 THE International Energy Agency (IEA) said yesterday that OPEC leader Saudi Arabia had stealthily boosted output to cool an oil price rally, while OPEC accused the agency of providing inconsistent oil price views. Tensions between oil exporter group OPEC and the agency, representing industrialised consumers, have risen as Western countries put pressure on the Saudis [...]
London house prices avoid national drop January 18, 2011 HOUSE prices fell for the third consecutive month in November, official data showed yesterday. However, in London prices actually rose by 0.9 per cent compared to October with the average house price standing at £340,013, the Department for Communities and Local Government (DCLG) reported. Across the UK as a whole, prices dropped by 0.1 per [...]
Rising inflation smashes through CEE price targets January 18, 2011 INFLATION targets are being overshot throughout central and eastern Europe (CEE), mirroring price worries in the UK and elsewhere. While consumer price index (CPI) inflation remains low compared to the long term average, the CEE average has increased every month since June last year, rising from 3.6 per cent in June to 5.5 per cent [...]
New York factory output surges January 18, 2011 New York could be set to replicate the economic recoveries in Germany and the UK with a boom in manufacturing, according to data released yesterday. The US Empire State manufacturing index jumped from 9.9 to 11.9 for this month. Yet the most positive data came in new orders, which shot up to 12.4 from 2.0. [...]
German survey expects rate hike January 18, 2011 Confidence among German investors has soared to its highest rate since July, according to the Zew survey results released yesterday. The index rose to 15.4, from 4.3 in December. And half of all surveyed investors expect a Eurozone interest rate hike within six months. Last week the European Central Bank opted to keep rates at [...]
IEA statement sees oil prices drop January 18, 2011 Brent oil dropped back yesterday after the International Energy Agency (IEA) said that OPEC members were in fact quietly increasing output, despite OPEC representatives insisting the market was already amply supplied. On Monday oil almost hit $100 (£62.50) a barrel. But yesterday afternoon, following the IEA report, prices dropped to $96.80 (£60.50).
Thai exports market picks up January 18, 2011 Thailand’s exports grew 18.8 per cent last month, compared to the previous year, according to data revealed yesterday. The rise was above the expectations of economists. The pick-up is in line with conditions in other parts of the region such as South Korea and Taiwan, said Rahul Bajoria of Barclays Capital.
