India’s boom records slowdown May 31, 2011 India’s economy grew by a slower-than-expected 7.8 per cent in the March quarter from a year earlier, government data revealed yesterday. Economists had expected expansion of more than eight per cent.
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2011 Wainbridge The property investment and asset management firm has appointed Graham Langlay-Smith as chief financial officer. Langlay-Smith joins from Credit Suisse, where he was a director of the European team of DLJ Real Estate Capital Partners. Prior to Credit Suisse, Langlay-Smith was chief financial officer of real estate developer TrizecHahn Europe, and has also held [...]
BEST OF THE BROKERS May 31, 2011 ERICSSON UBS rates the telecommunications company a “buy” and has a 12-month target price of $16.04 (£9.72), up from $15.24. The broker has raised its earnings forecasts by four to six per cent for 2012 onwards and has raised its capital expenditure forecasts to around four per cent a year on the back of new [...]
Banks help FTSE to end May on a high but fear still reigns May 31, 2011 BANKS and energy stocks, buoyed by hopes of a second bailout for Greece, helped Britain’s FTSE 100 higher yesterday, but traders remained concerned about buying momentum in the short-term. “Uncertainty for the near term outlook still remains bearish until the markets can pick up positive momentum and clear hurdles to give the bulls a chance [...]
US rallies on hopes of Greek debt plan May 31, 2011 WALL St bulls took the upper hand with a one per cent rally yesterday as hopes for a new plan to deal with Greece’s debt crisis relieved some investor worry, but grim economic data suggested more hurdles ahead as the S&P 500 closed out its worth month since August. Stocks rebounded late in the session, [...]
Belarus devalues its way to hyperinflation May 31, 2011 LAST week, Belarus demonstrated very clearly what happens to a country when it does not address its deficit, does not rein in spending and tries to mask its problems with state intervention. Overnight, the National Bank of Belarus devalued the Belarusian rouble by 56 per cent. The devaluation resulted in an immediate 24 per cent [...]
DOLLAR-YEN IS FOCUSED ON US JOBS NUMBERS May 31, 2011 YESTERDAY, Moody’s threw a bombshell into the currency market by announcing that it could lower Japan’s Aa2 rating in the coming months. Dollar-yen jumped nearly 100 points as a result of the news, rising to a high of ¥81.80. In its note, the ratings agency cited “heightened concern that faltering economic growth prospects and a [...]
Bitcoins are rising fast – but risky too May 31, 2011 RICKARD Falkvinge, the Swedish IT entrepreneur and founder of the first Pirate Party, has announced he is piling all his money into bitcoins, a digital currency that is attracting a lot of online interest. Although the technology is groundbreaking and its security substantial, Falkvinge is nevertheless taking a huge leap of faith. Satoshi Nakamoto, a [...]
THE TIPSTER May 31, 2011 PERIPHERAL Europe, the US budget impasse and escalating tightening measures in China remain the key drivers for commodity currencies and dollar crosses. Swiss franc pairs express these themes very well given Switzerland’s immense external position and strong output. As well as being a safe-haven, Swissie pairs are also benefiting from strong Swiss economic growth. Alpari [...]
Yen faces bleak long-term prospects May 31, 2011 IG INDEX CHRIS BEAUCHAMP The yen suffered a sharp drop on Tuesday following a double-whammy of bleak news for the Japanese economy. It fell initially after a report on April’s factory output showing growth was even lower than forecast, at 1 per cent rather than 2.2 per cent, and then retreated even further after Moody’s [...]
