Expand beyond developed countries June 23, 2010 WITH growth in advanced economies forecast to be sclerotic for the near future, investors should look to capitalise on the more dynamic prospects of emerging markets (EM). The International Monetary Fund is forecasting that developed economies will shrink overall by 3.12 per cent this year versus developing economies’ growth of 6.14 per cent. One of [...]
BP faces suit from NY fund June 23, 2010 NEW York state’s pension fund plans to sue BP to recover losses from the drop in the company’s stock price following the worst oil spill in US history, state comptroller Thomas DiNapoli said yesterday. DiNapoli, the sole trustee of the $132.6bn (£88.6bn) state pension fund, has hired law firm Cohen Milstein Sellers & Toll to [...]
Obama appeals drill ruling, as judge reveals oil shares June 23, 2010 US PRESIDENT Barack Obama is lining up a legal team to fight for his six-month ban on deepwater drilling in the Gulf of Mexico as the US faces one of the worst environmental disasters in history. On Tuesday, US district judge Martin Feldman overturned Obama’s moratorium on drilling deeper than 500 feet in the Gulf [...]
Dudley to head Gulf spill team as accident sees oil flow increase June 23, 2010 BP chief executive Tony Hayward yesterday handed over the day-to-day running of the firm’s clean up of the Gulf of Mexico oil spill disaster to managing director Bob Dudley, BP said. Dudley will become president and chief executive of BP’s newly-formed Gulf Coast Restoration Organisation “effective immediately”. But as Dudley took the reins oil gushed [...]
THE TIPSTER June 23, 2010 TARGET A UK STOCKS RALLY ON THE FTSE 250 YESTERDAY’S sell-off could be another opportunity for investors to add to long positions of more UK-centric stocks. Following a Budget that was beneficial for UK companies, expect to see further gains, particularly given the announcement of a gradual reduction in corporation tax to 24 per cent [...]
CITY VIEWS: DO YOU THINK BP WILL SURVIVE THE SPILL? June 23, 2010 NIRAJ MISTRY | POLARISOFT “The stock price has dropped so dramatically that it could become an investment opportunity for another oil company. On the flip side, BP is a massive company and I can’t see it disappearing into the sunset. I do think the biggest concern is what will happen to the UK pension funds?” [...]
Shop sales fall again June 23, 2010 RETAILERS have suffered another decline in sales in June as high street spending flagged for the second month in a row, according to the CBI. But the decline was slower than expected and firms are hopeful that spending will pick up in July thanks to a boost from the World Cup. A net five per [...]
LISTED PRODUCT NEWS June 23, 2010 AMUNDI LAUNCHES SEVEN NEW ETFS Exchange-traded fund (ETF) provider Amundi has launched seven new fixed income ETFs on the Paris stock exchange, of which four are the first of their kind. One ETF will replicate the performance of the EuroMTS ex-AAA government index, which is composed of debt securities issued by the Eurozone states with [...]
May mortgage lending rises June 23, 2010 MORTGAGE approvals rose in May to 36,709 to their highest level so far this year but they were still far below the 27-month high of 45,758 hit last December, fresh monthly data from the British Bankers’ Association (BBA) revealed yesterday. Net mortgage lending picked up to £2.6bn in May from a nine-year low of £1.8bn [...]
Demand for new US homes sinks to its lowest level in over 40 years June 23, 2010 SALES of new US homes dropped a record 32.7 per cent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries over a slowing economic recovery. Single-family home sales tumbled to a 300,000 unit annual Rate, the lowest level since the series [...]
