UK economy continues to accelerate – but dangers loom large September 3, 2013 ECONOMISTS can be divided into two groups: the overly optimistic, and the overly pessimistic. Even less helpfully, they keep changing category, in tandem with the economic cycle. Few saw the recession coming and were subsequently forced to slash their forecasts; most underestimated the depth and duration of the crisis; and today most are being caught [...]
US firms report strong summer as taper looms September 3, 2013 BUOYANT figures from the US manufacturing and construction sectors released yesterday have added to the case for a reduction in the Fed’s QE programme soon. Both Markit and ISM’s purchasing managers’ indexes (PMI) for manufacturing in August showed the sector in growth. Markit’s headline figure was 53.1, slightly lower than in July, while ISM’s was [...]
Builders signal August boost for construction September 3, 2013 THE CONSTRUCTION sector grew at its fastest rate since September 2007 this August, surging after a feeble start to the year, according to a survey of professionals. The purchasing managers’ index (PMI) for construction, collated by Markit and the Chartered Institute of Purchasing and Supply, output is rising at the fastest rate since before the [...]
Obama wins backing over Syria attacks September 3, 2013 PRESIDENT Obama last night won the support of key Republicans as he looks to build support for tactical strikes on Syria over the alleged used of chemical weapons by President al-Assad. Eric Cantor, who leads the Republican party in the House of Representatives, gave his backing to the President, while John Boehner, the speaker of the [...]
Louis Vuitton owner concedes defeat in French luxury battle September 3, 2013 LUXURY goods giant LVMH, which owns Louis Vuitton and Moet Hennessy, has admitted that it will not appeal a French fine after a long-running and heated dispute with rival firm Hermes. In July, French market watchdog the AMF fined LVMH €8m (£6.76m) for failing to properly disclose its stake-building in rival Hermes before 2010. LVMH [...]
Credit Agricole exits Bankinter September 3, 2013 FRENCH lender Credit Agricole last night announced plans to sell its 7.6 per cent stake in Spain’s Bankinter. Credit Agricole was burned badly in the financial crisis and has been selling off and closing down business units and investments outside its core markets. Its profits soared earlier this year after it sold Greek unit Emporiki, [...]
Bridgepoint in €585m deal September 3, 2013 PRET a Manger owner Bridgepoint yesterday beat off stiff competition to buy AHT Cooling, which supplies fridges and freezes to supermarkets including Lidl and Aldi. The private equity firm will pay €585m to Quadriga Capital and Partners group to takeover the Austrian-based company. City A.M. understands the deal is backed by about €280m of senior [...]
What the other papers say this morning – 04 September 2013 September 3, 2013 FINANCIAL TIMES City grandee countersues ENRC Sir Paul Judge, the City grandee and former board member of ENRC, is counter-suing the miner for alleged libel in the latest twist in the legal battle between the parties. Judge alleges that a press release published by ENRC in July stating that it was suing him for alleged [...]
Microsoft’s big move into the mobile space September 3, 2013 MICROSOFT’S €5.33bn (£4.5bn) purchase of Nokia’s mobile devices business marks the US computer giant’s first steps into building smartphones to complement its mobile operating system. The deal gives Microsoft control of Nokia’s Lumia smartphone devices, which currently control four per cent of the global smartphone market, and low cost Asha feature phones. “Bringing these great [...]
Bottom Line: Smartphones have left this pair lagging September 3, 2013 IT’S EASY to see why firms with so much in common are joining forces – both Nokia and Microsoft were the future once. Yesterday, a 30 per cent bump from the good news left Nokia shares trading around €4, a long way from the glory days of May 2000, when they topped €64 each. Microsoft [...]
