Rebound in US factory output boosts outlook January 3, 2011 AMERICAN manufacturing activity jumped to a six-month high in December, after a decline in growth the previous month, it was revealed yesterday. New orders in the sector hit a seven-month high of 60.9, according to the ISM manufacturing index. The headline index figure reached 57, up from 56.6 in November. The results bode well for [...]
Porsche legal victory sees shares soar January 3, 2011 SHARES in German car manufacturer Porsche soared yesterday after a US judge dismissed a lawsuit seeking more than $2bn (£1.3bn) in damages, clearing the way for a merger with Volkswagen. Shares rose by 12 per cent, while Volkswagen gained 3.2 per cent. The judge dismissed claims by hedge funds Elliott Associates and Black Diamond of [...]
BofA pays out $2.8bn to ease mortgage row January 3, 2011 BANK of America shares soared yesterday on news it had agreed to pay Fannie Mae and Freddie Mac $2.8bn (£1.8bn) to settle claims it sold the mortgage companies bad home loans. Bank of America shares rose 6.37 per cent to $14.19 on the New York Stock Exchange. The deal triggered hopes that other banks may [...]
Fare hike hits commuters January 3, 2011 COMMUTERS returning to work following the Christmas break have been hit with a fare hike of up to 13 per cent on annual rail season tickets. Rail passengers in London and the South East are facing increases as high as 12.8 per cent on some high-speed lines. Yearly tickets will increase across the country by [...]
Goldman Sachs returns to the top of 2010 M&A league January 3, 2011 GOLDMAN Sachs was the top global mergers and acquisitions advisor last year, retaking the position from rival Morgan Stanley, which derailed its multiyear grip on the ranking in 2009. Investment banks Goldman Sachs and Morgan Stanley were neck-and-neck in the M&A stakes throughout the year, according to Thomson Reuters data, ahead of rivals JP Morgan, [...]
Six new rural areas go to superfast January 3, 2011 BT has revealed the next rural communities to be upgraded to its superfast broadband network. After a public vote BT announced Baschurch, Shropshire; Blewbury, Oxfordshire; Caxton, Cambridgeshire; Innerleithen, Scottish Borders; Madingley, Cambridgeshire and Whitchurch, Hampshire will be next to be fitted with BT’s Infinity fibre optic broadband. BT unveiled a £132m rollout in Cornwall in [...]
Analysts say FTSE could hit 7,000 in 2011 January 3, 2011 ANALYSTS are predicting that the FTSE 100 could reach 7,000 points in the next year, with the record high likely to come sooner into 2011 rather than later. With 65 per cent of the FTSE’s revenue coming from overseas, it is in a strong position to gain from global economic growth, regardless of a more [...]
Copper prices jump to new record high January 3, 2011 Copper futures rose to record levels on the first day of the year’s trading, yesterday. Prices rallied to almost $4.50 (£2.90) a pound on the Comex in New York. Last year saw a 33 per cent increase in copper prices, including a 16 per cent jump last month. Continued demand from China is partly causing [...]
Kraft in Indian tax evasion probe over its takeover of Cadbury January 3, 2011 FOOD giant Kraft could face tax evasion charges over its takeover of Cadbury India. The Indian Finance Ministry has ordered an eight-week probe into the takeover, which was part of Kraft’s $19.6bn acquisition of Cadbury in February last year. The US firm will be desperate to avoid a protracted legal battle like the one that [...]
JJB Sports to ask for £50m January 3, 2011 TROUBLED retailer JJB Sports is expected to try and raise a further £50m from shareholders, according to reports over the weekend. The company has already tapped investors for £31.5m and asked its lender Bank of Scotland to waive imminent covenant tests on a £25m loan. Shareholders including the Bill & Melinda Gates Foundation, Invesco Perpetual [...]
