Trade balance widens further on the back of surging new imports July 12, 2011 A SURGE in visible imports saw the UK’s trade gap widen from £3.1bn to £4.1bn in May, suggesting that the country could struggle to “rebalance” towards a more export-driven economy. The deficit on trade in goods climbed to £8.5bn in May from £7.6bn in April, well above the average expectations of economists. The trade balance [...]
Migration into OECD states falls July 12, 2011 MIGRATION into wealthy countries fell by seven per cent in 2009, the Organisation of Economic Co-operation and Development (OECD) announced yesterday. It was the second year in a row that migration into OECD countries fell, from just over 4.5m in 2008 to 4.3m in 2009. The change reflected lower demand for workers in OECD countries, [...]
Will Italy need a financial rescue this year, and how would a bailout affect the Eurozone? July 12, 2011 THIS week our Voice of the City poll, run in association with PoliticsHome.com, is asking for your views on contagion in the Eurozone, as the debt crisis hits Italy and ministers in Brussels debate the latest round of potential bailouts, rollover plans and managed defaults. We’re asking members of our panel to give us their views [...]
House prices down 0.5pc in May July 12, 2011 British house prices fell 0.5 per cent on a seasonally-adjusted basis in May, taking house prices down 1.6 per cent on the year, government data showed yesterday. The Department for Communities and Local Government said the average price of a home stood at £203,528.
US business owners’ morale dips July 12, 2011 Confidence among US business owners slipped last month amid expectations of weak sales and a deterioration in business conditions over the next six months, a survey showed yesterday. The National Federation of Independent Business’ optimism index dipped 0.1 point to 90.8 last month from May.
Bank of Indonesia holds its rates July 12, 2011 Indonesia’s central bank held its benchmark overnight policy rate at 6.75 per cent yesterday for a fifth straight month as expected, as policymakers saw inflation under control after June inflation eased to a one-year low. June inflation eased to 5.54 per cent.
Rothschild: IPO practices harm market July 12, 2011 SPECIAL INVESTIGATION: CITY AT WAR THE way that some investment banks allocate stock to investors in new floats has damaged the aftermarket, contributing to the breakdown of Europe’s initial public offering (IPO) market this year, according to independent advisory Rothschild. In response to a letter to investors from Bank of America Merrill Lynch (BoAML) on [...]
Huhne announces £110bn shake-up for UK electricity July 12, 2011 ENERGY secretary Chris Huhne has said more than £110bn is needed to keep Britain’s lights on, in the biggest shake-up of the electricity market since privatisation in 1990. The cash is needed to build the equivalent of 20 large power stations and upgrade the grid, as a quarter of the UK’s generating capacity shuts down [...]
Thomas Cook slumps after profit alert July 12, 2011 THOMAS Cook saw its share price plummet yesterday after it issued a profit warning triggered by unrest in the Middle East and North Africa and belt-tightening in the UK. Europe’s second biggest travel firm said full-year profits will be £60m lower than previously expected – triggering a share price drop of almost a third. The [...]
Standard Chartered warns on bank ringfencing plans July 12, 2011 GOVERNMENT-COMMISSIONED plans to force banks to “ring-fence” their retail and investment arms have been blasted for putting the economy at risk. Standard Chartered, the emerging-markets focused bank, said the central plank of the Independent Commission on Banking (ICB) review “would not address the causes of the crisis or improve financial stability”. “These proposals, coupled with [...]
