US uncertainty takes toll on FTSE despite blue chip gains January 6, 2011 BRITAIN’S top share index was pushed down to close lower yesterday, after uncertainty on the outlook for the US economy from weak retail sales and jobs data dented commodity prices and hit mining and energy stocks. Gains in retailer Marks & Spencer, British Airways and technology firm ARM Holdings ensured losses were relatively muted, however. [...]
China to buy €6bn Spanish debt January 6, 2011 CHINESE vice premier Li Keqiang has said his country is willing to buy about €6bn (£5.1bn) of Spain’s public debt. Li said at a meeting that China was willing to buy as much Spanish public debt as its Greek and Portuguese debt holdings combined. They said that added up to about €6bn in Spanish government [...]
BP sees stock rise after US spill report January 6, 2011 SHARES IN BP rose yesterday morning following the early release of a US panel’s findings into the Deepwater Horizon disaster, which pinned blame on both the oil giant and its partners. An excerpt from the report criticised the oil industry for systemic risks and cost-cutting, but also pointed to failures by contractors Transocean and Halliburton. [...]
Soft retail sales hit investor confidence January 6, 2011 US stocks slipped yesterday as soft retail sales and a sharp rise in the dollar left investors edgy a day before December’s US employment report. Given a rise of about eight per cent in the S&P 500 since the start of December, investors could be looking for an excuse to sell stocks if the jobs [...]
Snow to blame as top US retail results miss targets January 6, 2011 A FLURRY of US retail results released yesterday failed to meet market projections, despite gains in same-store sales for several companies. After heavy snowfall hit the Eastern seaboard just after Christmas, some companies blamed the blizzard for their shortfall, with retailers ranging from department store operator Macy’s and discounter Target to teen clothing store American [...]
Investors views: what’s hot this year January 6, 2011 2010 was a big year for entrepreneurs and small business. The success of the popular BBC television show Dragons’ Den combined with Prime Minister David Cameron’s call on Britain’s “doers and grafters” to save us from recession, which pushed the work of entrepreneurs up the news agenda. But however good your business model you are [...]
British Land snaps up Plymouth mall January 6, 2011 CARPHONE WAREHOUSE co-founder David Ross started to dismantle his property empire yesterday with the £240m sale of the Drake Circus shopping centre in Plymouth. Ross’ firm Kandahar sold the mall to British Land at a net initial yield of six per cent, the buyer said in a statement yesterday. Kandahar hired property consultants Jones Lang [...]
Obama’s chief of staff is JP Morgan’s Daley January 6, 2011 PRESIDENT Barack Obama yesterday said he had chosen JP Morgan Chase executive William Daley to be his new White House chief of staff, retooling his team with a politically savvy businessman at the helm. “He possesses a deep understanding of how jobs are created and how to grow our economy,” Obama said. Daley is head [...]
At last: Some good news for Bob Dudley January 6, 2011 THIS isn’t the end, but it is certainly the beginning of the end. Counterintuitively, the spill commission’s report is good news for BP, the best it’s had in some time. It censures BP, that is to be expected. But it also singles out Transocean and Halliburton for blame. The authorities – only too keen to [...]
Winter freeze hits UK services sector January 6, 2011 SNOW and adverse weather during December were blamed for a contraction in Britain’s services sector, yesterday. The country’s largest sector experienced its first decline for 20 months, stalling the recovery. Yet economists hope business activity will pick up this month – assuming there is no return to arctic conditions. “It is worth noting that in [...]
