China tightens monetary policy July 6, 2011 China’s central bank increased interest rates for the third time this year yesterday, making clear that taming inflation is a top priority even as the economy slows gently. Benchmark one-year lending rates will be raised 0.25 per cent to 6.56 per cent, and benchmark one-year deposit rates will be raised 0.25 per cent to 3.5 [...]
Profitability boost for UK firms July 6, 2011 British non-financial companies’ profitability rose to its highest since the fourth quarter of 2008 in the first three months of 2011, official data showed yesterday. The Office for National Statistics said that the net rate of return for private non-financial companies rose to 12.7 per cent from 12.5 per cent in the last three months [...]
Services slowdown in the US July 6, 2011 The pace of growth in America’s service sector remained sluggish in June and new orders fell, but employment held steady last month, according to an industry report released yesterday. The Institute for Supply Management stated that its services index has fallen from 54.6 in May to 53.3 last month, where a reading above 50 indicates [...]
CITY MOVES | WHO’S SWITCHING JOBS July 6, 2011 Brooks Macdonald Asset Management The independent private client investment manager with £2.8bn of funds under management has appointed Richard Harley as an intermediary sales manager. Harley previously worked for Hornbuckle Mitchell, where he specialised in SIPP, SSAS and retirement options; prior to that, he worked for Friends Provident as an adviser and AXA Sun Life [...]
BEST OF THE BROKERS July 6, 2011 ASSOCIATED BRITISH FOODS Deutsche Bank rates the food-to-fashion conglomerate as a “hold” and raises its target price from 950p to 1,050p, seeing extremely favourable dynamics in European sugar as likely to keep prices high and generate a major windfall for the group. The broker upgrades its 2011-12 earnings per share forecast by £70m or around [...]
FTSE breaks eight day streak on jitters over China and Euro July 6, 2011 THE FTSE 100’s eight-day winning streak came to a halt yesterday as worries over debt contagion in Europe and the demand outlook in China hit banking and commodity stocks. The top share index closed 21.11 points or 0.4 per cent lower at 6,002.92, having risen more than six per cent in the previous eight sessions [...]
Rally in transport stocks lifts hopes July 6, 2011 TRANSPORTATION stocks were among the standouts in another flat session for US equities yesterday, and the sector’s rally could be cause for optimism ahead. However, the Nasdaq rose for its seventh straight day, extending its rally to 6.8 per cent. The Dow Jones Transportation Average rose 1.2 per cent and hit a new closing high [...]
Three steps to get cover from summer holiday blues July 6, 2011 1 GET COVERAGE “It is essential that holidaymakers have adequate travel insurance in place before jetting off on their holidays,” says Bob Atkinson of moneysupermarket.com. He adds: “Travel insurance offers holidaymakers the peace of mind that they are covered for lost or stolen possessions, holiday cancellations, personal liability and a range of other costly possibilities.” [...]
Hot money flows burn Brazil’s trade July 6, 2011 WITH US interest rates being kept artificially low, hot money flows are hitting emerging market economies hard. With the US overnight rate currently being held around zero, the Bric countries in particular are being hit as investors try to get the highest short-term interest rates possible. But now Brazil is really starting to hurt, as [...]
From zero to bestseller July 6, 2011 SANCTUS was an instant hit when it came out in April. Waterstones shopfronts were full of it, it quickly climbed the bestseller list and the author is tipped as the next (but much more talented) Dan Brown. Yet before he wrote Sanctus – which is the first in a trilogy commissioned by Harper Collins – [...]
