China economic growth slows October 18, 2011 China’s economic expansion slowed in the third quarter to its weakest pace since early 2009, but core domestic drivers of growth remained robust, suggesting little chance that monetary policy can be relaxed near term. Gross domestic product rose 9.1 per cent in the third quarter from a year earlier, moderating from 9.5 per cent in [...]
CITI BUCKS GLOOM WITH PROFIT HIKE October 17, 2011 CITIGROUP bucked gloomy economic trends to post a surprise jump in profits yesterday. The boost came mostly from a drop in losses from bad loans, which fell by 41 per cent to $4.5bn (£2.86bn) in an unexpectedly bullish sign from US consumers. Chief executive Vikram Pandit declared the results “solid” in a “challenging economic environment” [...]
iPhone 4S sales set a new record October 17, 2011 THE iPhone 4S has become the fastest selling mobile device ever, despite initial scepticism, shifting more than 4m units in just three days. The handset more than doubled the record set by iPhone 4 last year, instantly entering the list of all-time fastest selling gadgets. It is now vying with Microsoft’s Xbox Kinect – which sold [...]
Euro dithering hits US stocks October 17, 2011 A LACK of political action to resolve the Eurozone crisis hit stocks across the pond yesterday, after German finance minister Wolfgang Schaeuble said that EU leaders “won’t have a definitive solution this weekend”. Schauble spoke at London’s Chatham House before a dinner with chancellor George Osborne at Downing Street last night. “The countdown to Cannes [...]
Capitalists: the real revolutionaries October 17, 2011 ONCE again, Apple, the world’s most successful company, has pulled it off: it has sold 1m of its latest iPhone in its first 24 hours, smashing all the records. But this statistic should be of interest to more than tech geeks: it says a lot about how fast economies can evolve, especially in times of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 17, 2011 FINANCIAL TIMES THEFT, FRAUD AND ERROR TAKE £4.9BN TOLL ON SHOPS Shoplifting, employee theft and error have cost UK retailers an estimated £4.9bn in the past year, the highest figure ever recorded, as worsening economic conditions fuel rising levels of crime in the retail sector. In the year to June 30, losses relating to theft, [...]
Moody’s mulls French rating October 17, 2011 Moody’s warned today it may slap a negative outlook on France’s Aaa credit rating in the next three months if the costs for helping to bail out banks and other Eurozone members stretch its budget too much. The warning comes as European Union leaders discuss ways to protect the region’s financial system from an expected [...]
UK warns not to hide fugitives October 17, 2011 British Foreign Secretary William Hague warned Libya’s neighbours yesterday not to shelter Muammar Gaddafi or members of his entourage who have been indicted by the International Criminal Court. “We’ve been very active in reminding other countries in Africa of their responsibilities … to apprehend and to hand over to Libya or the ICC any of [...]
IBM lifts full year forecast as profits rise October 17, 2011 IBM, the computer services giant, reported a rise in third quarter profits and raised its full year guidance yesterday, helped by steady corporate spending and continued growth in emerging markets. IBM said its full year operating earnings would be at least $13.35 (£8.47) per share, up 10 cents from its previous forecast of $13.25 per [...]
British Gas chief warns hike in energy prices will continue October 17, 2011 HOUSEHOLD energy bills will continue to rise despite government measures, industry bosses warned yesterday as government ministers met the “Big Six” energy companies for talks. Phil Bentley, the managing director of British Gas said that prices in the longer term would keep increasing because of the rising cost of gas on the international market and [...]
