Lending to households and firms was flat in January March 1, 2010 LENDING to firms and households showed little sign of picking up in January from historically weak levels, in spite of a year of quantitative easing, Bank of England data showed yesterday. The Bank’s preferred measure of broad money growth M4, which excludes activity between intermediate financial institutions, stagnated in January. The annualised quarterly rate of [...]
US consumer spending jumps by more than expected as manufacturing grows March 1, 2010 US consumer spending increased slightly faster than expected in January while the US manufacturing sector grew, adding credence to the view that the economic recovery is in full swing. The Commerce Department said yesterday that spending rose 0.5 per cent, increasing for a fourth straight month, after advancing by an upwardly-revised 0.3 per cent in [...]
European car sales rise in February despite caution March 1, 2010 Car sales rose sharply in France, Italy and Spain in February as scrappage schemes lifted business, but European carmakers are set to face tougher times ahead as governments phase out incentives. Scrapping programmes, which encourage new car purchases by paying cash bonuses when old models are traded in for new ones, limited the fall in [...]
Daimler in China joint venture March 1, 2010 Daimler plans to develop electric cars for China with battery maker BYD, underscoring the German carmaker’s dependence on outside companies to gain share in the market for zero-emission vehicles. Daimler’s alliance continues a trend among European carmakers, which have scrambled to strike alliances with battery makers as a way of expanding into electric and zero [...]
Japan drugmaker in US bid March 1, 2010 Astellas Pharma launched a $3.5bn (£2.3bn) hostile bid for OSI Pharmaceuticals to gain access to the blockbuster Tarceva cancer drug, in the latest move by a Japanese drugmaker to make inroads in the US. OSI shares surged 51.8 per cent to $56.20, well above Astellas’ $52-per-share offer as analysts expected a higher price or even [...]
Spain presents recovery plan March 1, 2010 The Spanish government yesterday presented plans it will negotiate with political parties over the next two months as part of a wider plan to promote economic growth and job creation. The plans include a proposal to provide loans of up to €200,000 (£180,964) to help small and medium-sized firms, which form the backbone of the [...]
Diageo raises Chinese stake March 1, 2010 DIAGEO yesterday said it could spend at least £624m to take over China’s fourth-largest spirits group Sichuan Shui Jing Fang and add Chinese white spirits to its portfolio of top brands. With half of China’s alcohol consumption accounted for by white spirits, Diageo, the world’s largest spirits group, is keen to expand into this category [...]
Fed begins search for Kohn successor March 1, 2010 US President Barack Obama will nominate a replacement for Federal Reserve vice chairman Donald Kohn, who is stepping down from his post, in time for confirmation before Kohn’s term ends on 23 June. “We are not naming a successor today but we do plan to announce a nominee in time for confirmation before the end [...]
Woodroffe to open Yotel in New York City March 1, 2010 YOTEL, the hotel chain set up by Yo! Shushi founder Simon Woodroffe, yesterday announced it is opening for business in New York. The hotelier will next year launch a property with 669 rooms of 170 sq ft each, marking the first time the Yotel chain has ventured outside its existing international airprot locations. The group [...]
Doha trade deal could hurt US March 1, 2010 The US yesterday defended its position in the eight-year-old Doha round of world trade talks, saying it could not agree to a weak deal because that would damage the World Trade Organization. “We remain convinced that a Doha success can be achieved if all major economies are willing to come to the negotiating table,” the [...]
