AB Inbev helped by Brazil sales November 3, 2010 Anheuser-Busch InBev yesterday reported a rise in third quarter profit, as a strong performance in emerging markets offset weakness in the US and Europe. The company, which brews Budweiser and Stella, said it expects the fourth-quarter of this year to be stronger than the third-quarter. Volumes in emerging markets such as Brazil and China rose [...]
BestBuy launches UK website November 3, 2010 US electricals retailer Best Buy today launches a website for customers in the UK. The launch follows its opening of five stores across the UK, including a Croydon branch last month. BestBuy is new to the UK market but seeking to take on the likes of Dixons in the battle for sales of electrical goods [...]
BOOKS NEWS November 3, 2010 bond books go live today Ian Fleming’s estate has announced that the Bond books are going to published digitally in the UK for the first time, but through Ian Fleming Publications – which has owned the rights since the author died in 1964 – rather than through current print publisher Penguin. The 14 007 titles [...]
Shadow MPC doves reverse pro-QE stance November 3, 2010 STRONG third-quarter GDP growth has persuaded a majority of City A.M.’s shadow Monetary Policy Committee (MPC) that rates should be kept on hold this month, with further quantitative easing (QE) staved off for now. The Bank of England MPC will meet today to decide whether to resume QE or raise interest rates from 0.5 per [...]
OECD downgrades US growth for next year but says Europe remains on target November 3, 2010 THE Organisation for Economic Cooperation and Development (OECD) has significantly downgraded its growth projections for the US in 2011, but predicts that the Euro area will meet its June forecasts. The OECD’s economic outlook for October claims that the US will grow 1.75-2.25 per cent next year, revised downwards from the 3.2 per cent it [...]
Positive PMI boosts sterling November 3, 2010 STRONGER-than-expected figures on the UK service sector yesterday caused the pound to rise to its highest level against the dollar and the euro for nine months and reduced the chances that the Bank of England will opt to engage in a second round of quantitative easing to boost the economy. The purchasing managers’ index (PMI), [...]
US private sector creates 43,000 new jobs in October November 3, 2010 US firms created more jobs than anticipated in October marginally helping to boost optimism about the job market before the publication of the government’s employment report on Friday. Private employers created 43,000 more jobs last month compared with a revised loss of 2,000 jobs in September, according to payrolls processor ADP Employer Services. Since February [...]
US car sales strengthen as recovery picks up speed November 3, 2010 US automakers General Motors, Ford and Chrysler yesterday reported strong increases in US sales in October as the industry rebounds from a deep slump. GM, the nation’s largest automaker, said it sold 183,759 vehicles in the United States in October, up 3.5 per cent from a year ago. Ford, the second-biggest automaker and the only [...]
Algo traders hit by tough new Fed rules November 3, 2010 High-frequency traders will no longer be able to gain unfettered or “naked” access to public markets under a rule adopted by the US Securities and Exchange Commission. The SEC voted unanimously yesterday to require brokerages to have rules in place to protect against potential mishaps from unlicensed traders when brokerages rent out their access to [...]
CITY MOVES | WHO’S SWITCHING JOBS November 3, 2010 Exotix The frontier markets investment banking boutique has appointed Gabriel Sterne as a senior economist, covering Eastern Europe, CIS, Central Asia and the Middle East. Sterne joined Exotix in July from the Bank of England, where he was most recently been a senior manager in the modelling and systemic risk analysis division. He was also [...]
