China’s manufacturing hits the rocks as slump knocks exports August 23, 2012 CHINA’S factories have been hit again this month, with new export business declining sharply, according to a purchasing managers’ index business survey released by HSBC and Markit yesterday. The early “flash” figure dived to a nine-month low of 47.8 for the August survey, as China’s apparently inexorable boom comes up against problems. The number is [...]
Us factory growth inches upwards August 23, 2012 MANUFACTURING growth in the US edged up this month, providing a modest boost to President Barack Obama, although labour market data released yesterday was mixed. Markit’s purchasing managers’ index (PMI) moved to 51.9 from 51.4 last month, yet seasonally adjusted initial unemployment claims rose 4,000 to 372,000. And house prices edged up 0.7 per cent [...]
Sainsbury’s teams up with Rovi to join internet movie market August 23, 2012 J SAINSBURY has become the latest player to enter the on-demand film streaming market, teaming up with US technology firm Rovi to launch an online rental service to rival Sky’s Now TV, Netflix and Lovefilm. The supermarket, which also started a music download service earlier in the year, says it will offer films on a [...]
STV profits up on new deals August 23, 2012 SCOTTISH broadcaster STV was boosted by its production and digital arms in the first half of the year, the company said yesterday, as it posted an eight per cent rise in pre-tax profits to £7m on £47.6m turnover. STV also announced a tie-up with ITV – which will see it pay a flat fee for [...]
Public funding of trains falls August 23, 2012 The taxpayer propped up Britain’s rail network to the tune of £3.9bn last year, though this has dropped slightly from £3.96bn a year ago and is down from a peak of £6.3bn in 2006, the Office of Rail Regulation revealed yesterday. However, some train operating companies handed back part of their grants, meaning the state [...]
JPMorgan accused hires lawyer August 23, 2012 The trader at the centre of the criminal investigation surrounding JPMorgan’s $5.8bn trading loss has hired a lawyer in Paris, sources said yesterday. Bruno Iksil, a French citizen and a former London-based trader in JPMorgan Chase & Co’s chief investment office, is under scrutiny for trades he made in an illiquid market for credit products [...]
Fed Bank sells last AIG assets August 23, 2012 The Federal Reserve Bank of New York has sold its remaining assets of insurer American International Group (AIG), the bank said yesterday. It sold securities for a gain of $6.6bn (£4.2bn).
City Moves | Who’s switching Jobs August 23, 2012 Montagu Evans The property consultancy firm has appointed Jonathan Manley as a partner in its professional services team. He has over 20 years’ experience in the industry, and was previously a partner at King Sturge, and a director at Jones Lang La Salle. In his new role, Manley will focus on expanding Montagu Evans’s market [...]
BEST of the BROKERS August 23, 2012 BRITISH LAND Jefferies has downgraded a whole pack of retail estate investment trusts, stating that they “are no longer excessively cheap”. British Land is moved from “Buy” to “Hold” despite the target price being held at 552p. “Low vacancy rate and broadly rack-rented portfolio combine to constrain organic earnings growth,” it said. ELEKTA UBS has [...]
FTSE buoyed by hopes of global stimulus August 23, 2012 BRITAIN’S top share index inched higher yesterday, steadying after sharp falls in the previous session, underpinned by a recovery among heavyweight miners on expectations of fresh global stimulus measures from central banks. Mining stocks tracked firmer copper prices, which were up over 1 per cent at a one-month high as the demand picture for metals [...]
