Portugese public deficit drops January 11, 2011 Portugal, the latest Eurozone member in the market’s firing line, yesterday continued to fend off market and peer pressure to seek an EU-IMF bailout. Prime Minister Jose Socrates said his country had beaten its goal for reducing the 2010 budget deficit and did not need outside help. Socrates said that Portugal’s public deficit for 2010 [...]
French business sentiment up January 11, 2011 French industrial and services confidence continued to increase in December, survey data released by the Bank of France showed yesterday. The industrial confidence index climbed to 108 in December from 107 recorded in November. The central bank said industrial activity increased slightly in December and it is expected to rise further in the coming months. [...]
US to recover faster in 2011 January 11, 2011 The American recovery should grow “slightly more rapidly” this year than last, according to senior Federal Reserve member Narayana Kocherlakota. However, he warned that the impact of the recession is still being felt and unemployment is likely to stay above eight per cent. Kocherlakota was speaking yesterday at a meeting in Wisconsin.
FED’S PLOSSER REVEALS SPLITS OVER QE2 January 11, 2011 THE recent upturn in the American recovery is unlikley to have been helped by the Federal Reserve’s second phase of quantitative easing (QE2), a leading Fed official said yesterday. Philadelphia Fed President Charles Plosser said it “stretches things” to argue that QE2 has impacted “the real economy.” Yet on Monday his Fed colleague Dennis Lockhart [...]
CSR in $67.5m Broadcomm settlement January 11, 2011 CHIPMAKER CSR said yesterday it had settled its legal battle over technology patents with US rival Broadcom, boosting the Bluetooth and Wi-Fi specialist’s shares. CSR said it would pay $67.5m (£43.2m) to Broadcom over the next five years, the majority of which would be offset by a reduction in legal costs of at least $50m, [...]
Changing the face of retail investment January 11, 2011 ON 1 JANUARY, 2013, the Financial Service Authority’s new rules on retail investment products come into effect – the Retail Distribution Review (RDR). Hector Sants, chief executive officer of the FSA, argues that badly sold investments cost consumers between £400m and £600m per year. The review is expected to cost around £1.5bn over five years [...]
Intel will pay $1.5bn in agreement with Nvidia over chip licensing for PCs January 11, 2011 INTEL will pay graphics chip designer Nvidia $1.5bn (£0.96m) to license its technology, settling a legal dispute and smoothing the way for better competition in PC processors. The agreement was a major victory for Nvidia, sending its shares up more than four per cent after hours in recognition of the value of its high-end graphics [...]
Facebook co-founders poke Zuckerberg again in battle for more compensation January 11, 2011 CAMERON and Tyler Winklevoss found a sceptical audience yesterday as they tried to persuade a US appeals court to let them out of a $65m settlement over the founding of online social network Facebook. Zuckerberg did not attend. The Winklevoss twins, along with Divya Narendra, started a company called ConnectU while they were students at [...]
Hedge funds facing the axe January 11, 2011 POORLY performing London-listed hedge funds face the axe in coming months as shareholders prepare to vote on whether to close them down. Up to 11 funds, nearly half of the 28 listed, face a continuation vote as their share prices have traded at “persistently wide” discounts to net asset value, Numis analysts said yesterday. And [...]
TOP RISES AND FALLERS January 11, 2011 BANKS, miners and energy firms did well yesterday as fears about European sovereign debt receded once more and as many brokerages and banks upgraded their recommendations. ARM holdings won the day, however, on the back of takeover rumours. Smith & Nephew, Marks & Spencers and Capital Shopping Centres all fell back. ARM holdings – 6.99 per cent Rumours [...]
