Number of insolvencies drops from record levels January 10, 2011 CORPORATE insolvencies plummeted by over 17 per cent last year, it was revealed yesterday. The figures show that industry recovered from record high levels of insolvency in 2009. Around 21,000 businesses declared corporate insolvency last year, down from 25,432 in 2009, according to consultants RSM Tenon. “We have seen a record decrease in corporate insolvency [...]
Fed’s Lockhart stands by QE2 January 10, 2011 The American economy’s recovery was partly attributed to the Federal Reserve’s controversial second phase of quantitative easing (QE2) by a top Fed official yesterday. “I won’t claim that all those developments have been the direct result of the monetary policy actions, but I definitely believe policy has contributed to accumulating momentum and a better outlook,” [...]
Bailey: European contagion worry January 10, 2011 The spectre of contagion from European sovereign debt crises was raised by Bank of England official Andrew Bailey yesterday. Concerns have “intensified” over the past 12 months, he said. “So far, the threat has been limited,” he said, citing banks doing “the right thing” by building up capital and refinancing debt. “Stability is the most [...]
THE TIPSTER January 10, 2011 THE share price of Tullow Oil continues to eye the £14 mark, a move that would take the stock to fresh all-time highs. Buoyant crude prices are doubtless helping the sector as a whole but with some recent positive drilling updates having also been seen, the company is certainly starting the new year on the [...]
French industry bounces back January 10, 2011 French industrial production rose by 2.3 per cent in November, compared to the previous month, it was revealed yesterday – considerably exceeding economists’ expectations. Manufacturing output also rebounded from an October drop, showing a 2.2 per cent jump.
Italian public deficit falls slightly January 10, 2011 The Italian government’s deficit fell to 5.1 per cent of GDP in the nine months to September, official data showed yesterday. The figure was 0.4 per cent down compared to the same time period the previous year.
GLOBAL PRICE PRESSURES MUST BE TACKLED, SAYS ECB’S TRICHET January 10, 2011 Inflation in emerging economies must be tackled, the European Central Bank president Jean-Claude Trichet said yesterday. Speaking at a Bank for International Settlements meeting, he said: “This is no time for complacency and the solid anchoring of inflation expectations is important for all of us. We are united in our purpose.” Commodity prices are being [...]
DuPont makes £3.75bn offer for Danisco January 10, 2011 US chemicals group DuPont has said it will buy Danish food ingredients and enzymes firm Danisco for $5.8bn (£3.75bn) to boost its position in the fast-growing food sector. The cash deal would enable DuPont to enter a niche in the chemical industry – food additives – long dominated by smaller rival International Flavors and Fragrances. [...]
iGate buys $1.2bn Patni stake January 10, 2011 US-LISTED software firm iGate, backed by private equity firm Apax Partners, is buying a majority stake in India’s Patni Computer Systems for $1.2bn (£774m), marking one of the largest deals in India’s technology sector. Small and mid-cap IT services firms have been grappling with tepid demand and high attrition rates due to tough competition from [...]
Nunavut raises bid for Baffinland iron January 10, 2011 NUNAVUT Iron Ore said yesterday it would boost its offer for Baffinland Iron Mines to C$1.45 in cash per share, plus one exchange right per common share, aiming to thwart a competing bid by ArcelorMittal. The company, backed by a private equity fund, also extended its offer to 25 January, after signalling it would do [...]
