Industrial output across EU sees an upswing in August October 13, 2010 INDUSTRIAL output in the 16-member euro area grew by one per cent in August fuelled by an increase in the production of capital goods, official figures revealed yesterday. European statistics agency Eurostat said industrial output in the wider 27-member European Union (EU) also grew by 0.8 per cent. The figures showed the highest rise in [...]
US announces state probe of practices among mortgage firms October 13, 2010 All 50 US states yesterday launched a joint investigation of the mortgage industry, a move some experts fear will cause uncertainty and threaten the recovery of the fragile housing market. The state attorneys general are looking at allegations some banks used shoddy or fraudulent paperwork to remove struggling borrowers from their homes during a foreclosure [...]
ASIA CRANKS UP CURRENCY RHETORIC October 13, 2010 CHINA is trying to avoid a currency war, but issues concerning any specific currency should not be treated as part of an agenda at G20 meetings, a Chinese G20 negotiator said yesterday. Japanese finance minister Yoshihiko Noda (above) said currency devaluation was a key issue for the meeting.
CITY VIEWS: IS THE ECONOMY STRONG ENOUGH TO HANDLE SPENDING CUTS IN THE PUBLIC SECTOR? October 13, 2010 JOHN TAYLOR | TR CONTROL SYSTEMS “I think there is waste, but there’s a danger of cutting too deeply. Many companies rely on contracts from the state, plus there aren’t other jobs for people cut from the public sector.” GAEL MEAGHER | RETAIL CONSULTANT “The country is in deep trouble and the public sector needs [...]
A PAT ON THE BACK FOR YEAR’S BEST ASSET MANAGERS October 13, 2010 TO THE glamorous surroundings of the Banqueting House on Whitehall last night for the annual Financial News asset management awards, where the most successful industry players of the year lined up to collect their respective gongs. Taking the top spot in the European asset management firm of the year category, one of the most coveted [...]
Miners and hopes of more easing in US push London to a five month high October 13, 2010 Strong miners helped drive Britain’s top share index to a more than five-month closing high yesterday, boosted by firmer metals prices and hopes for fresh economic stimulus in the United States. The FTSE 100 index ended up 85.76 points, or 1.5 per cent, at 5,747.35, its highest closing level since April 26, and its biggest [...]
Wall St rises on strong earnings and weak dollar October 13, 2010 US stock indexes hit their highest in five months yesterday as stronger-than-expected earnings and lingering US dollar weakness increased demand for equities. Shares in industrials and materials led the way while commodity prices soared as China’s month-on-month import growth hit a record high. Completing a bullish trifecta, the S&P 500 broke a short-term technical barrier [...]
BAA to sell two airports after losing court ruling October 13, 2010 AIRPORT operator BAA is set to take its battle with the Competition Commission to the Supreme Court, after the regulator won a High Court ruling forcing it to sell off two more airports to satisfy competition concerns in the industry. BAA’s Spanish owner Ferrovial will now have to sell off Stansted and either Glasgow or [...]
Tourism boosts Burberry October 13, 2010 luxury group Burberry expects full-year profit to reach the top half of analysts’ forecasts, after a 21 per cent rise in first-half revenue boosted by strong sales of coats and leather goods in China and Europe. The 154-year-old maker of raincoats and handbags, shortlisted in this year’s CityA.M’s inaugural awards, said its expansion in stronger [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF BURBERRY’S UPDATE? October 13, 2010 MANOJ LADWA | ETX CAPITAL Burberry reported a sparkling set of second quarter figures as demand for its goods continues to buck the general trend. Its decision to take control of its franchised stores in China could stand it in good stead going forward, as it seeks to capitalise in this area. KATHARINE WYNNE | [...]
