C&W set to buy Bahamas telecom firm December 2, 2010 CABLE & Wireless Communications (CWC) said yesterday it had signed an agreement with the government of the Bahamas to acquire a 51 per cent controlling interest in the Bahamas Telecommunications Company (BTC) for $210m (£135m). The deal will be completed in the first quarter of 2011. State-owned BTC is the exclusive mobile operator in the [...]
Intercontinental Hotels launches its boutique brand in Shanghai December 2, 2010 InterContinental Hotels Group (IHG), the largest hotels group in the world, launched its first upscale boutique brand in Asia in Shanghai yesterday, a nod to the city’s rising prominence as a business and tourism hub. IHG launched Hotel Indigo, a 184-room waterfront property on Shanghai’s picturesque promenade, the Bund. The property, featuring locally sourced materials [...]
African Barrick strikes gold December 2, 2010 African Barrick Gold aims to build an underground operation beneath existing open pits after finding more gold at its North Mara mine in Tanzania. The London-listed FTSE 100 firm declared an initial resource of 370,000 ounces beneath two open pit operations at North Mara, it said in a statement yesterday. The discovery provides “the potential [...]
FED’S $3 TRILLION IN EMERGENCY AID December 1, 2010 Ben Bernanke: Banks and firms used our temporary liquidity facilities 21,000 times during the crisis EUROPEAN banks were some of the biggest beneficiaries of the Federal Reserve’s $3.3 trillion emergency loan programmes during the darkest days of the financial crisis when the US central bank desperately tried to keep the global system functioning. The biggest [...]
UK recovery confounds City experts December 1, 2010 FAR from slowing down, Britain’s recovery is intensifying. Yesterday’s economic data was remarkably good, with the purchasing managers’ index (PMI) suggesting that manufacturing is now growing at its fastest rate since 1994. Manufacturing accounts for under nine per cent of UK employment but remains vital to exports, despite the growth in recent years of financial [...]
Optimism for US recovery December 1, 2010 STEADY growth is being observed in the US, the central bank reported last night. In its latest beige book, the Federal Reserve said the economy “continued to improve, on balance” from early/mid-October to mid-November. Manufacturing activity continued to grow in “almost all” districts, reflecting optimistic results from yesterday’s ISM manufacturing index. The beige book found [...]
US could add to EU fund December 1, 2010 US stocks leapt yesterday on news that America could be ready to support the extension of the European Financial Stability fund by providing extra money to the International Monetary Fund (IMF) The Dow Jones Industrial Average surged 249 points, or 2.27 per cent, to close at 11,255, while the Standard & Poor’s 500-stock index gained [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 1, 2010 FINANCIAL TIMES AUSTRALIA’S GROWTH RATE STALLS IN THIRD QUARTER Australia’s economic growth rate slowed markedly in the third quarter to its weakest level in two years as higher interest rates cut into housing investment and the rise in the Australian dollar hit exports. The 0.2 per cent rise in gross domestic product compared with the [...]
BarCap to cut hundreds of London jobs December 1, 2010 BARCLAYS Capital has confirmed plans to shed hundreds of jobs in its UK office even as the firm continues to hire in growth hotspots in Asia. Both front and back office jobs are set to go as the firm cuts down on costs in line with a fall in revenues this year. BarCap – the [...]
It’s snow joke as more travel chaos is predicted December 1, 2010 SNOW caused chaos around the UK yesterday as road, rail and air services were disrupted. Weather forecasters said temperatures were set to freeze overnight once again marking one of the coldest starts to December in more than 20 years. Gatwick Airport, which was closed today because of the cold snap, said it would be at [...]
