IFS blames zombie companies for devouring UK productivity January 31, 2013 MISALLOCATED capital, tied up in zombie firms, rather than funding new projects, is reducing the UK’s productivity, according to a prominent think-tank. Capital has not been able to move from low-productivity to high-productivity projects, the Institute for Fiscal Studies (IFS) said this morning, slowing down the speed of the capital adjustment required to ramp up [...]
Germany sees employment rise despite crisis across Eurozone January 31, 2013 GERMAN employment soared in December, despite the devastating repercussions of the Eurozone crisis. Official statistical body Destatis yesterday revealed that 291,000 more German residents were in employment in December 2012 than during the same month a year before, bringing the total to 41.8m. Unemployment declined 77,000 as well, bringing the total to 2.25m, or 5.3 [...]
Ranks of jobless in US expand but personal income improves January 31, 2013 NEW US unemployment insurance claims climbed in the penultimate week of January, according to Department of Labor data out yesterday. But just a month before, in December, personal incomes were still rising, according to a separate release from the Bureau of Economic Analysis (BEA). Personal income climbed 2.6 per cent, or $352.4bn (£222.1bn), between November [...]
Value of Spanish homes drops 15.2pc as recession takes a toll January 31, 2013 EURO area house prices sunk over the 12 months to the third quarter last year, as the bloc’s economic travails took their toll. Prices were down 2.5 per cent between July and September, Eurostat revealed yesterday, compared to the same period a year before. In the wider EU, prices were down 1.9 per cent over [...]
Japan industrial production up but China trade woes still felt January 31, 2013 JAPANESE industrial production jumped in December, but remains sharply down on the year after a territorial dispute with China hit trade between companies in the two countries. Output climbed 2.5 per cent in the last month of 2012, according to statistics released by the Japanese ministry of economy, trade and industry yesterday, the fastest expansion [...]
China may be set for correction January 31, 2013 China and other capital expenditure-driven economies may face a downturn when poor investments come home to roost, Standard & Poor’s warned yesterday. “What we found is that China has the highest risk of an economic correction because of low investment productivity over recent years,” said S&P credit analyst Terry Chan. The ratings behemoth said China [...]
Global finance chiefs less gloomy January 31, 2013 Finance professionals across the world were more upbeat about the global economy’s prospects by the fourth quarter of last year, according to data out yesterday. Thirty per cent of respondents to a poll carried out by two accountancy bodies said the world was on its way to recovery, up one percentage point. But the optimists [...]
UK construction plunges further January 31, 2013 Building activity in the UK fell yet further in January, according to numbers released this morning. Glenigan’s index for the sector was a full 18 per cent lower in January 2013 than in the same month a year earlier, driven down by collapsing infrastructure starts – down 44 per cent over the year. The only [...]
Tough odds for Rank Group as profits decline January 31, 2013 CASINO operator Rank’s luck was mixed during the second half of last year, as good online and casino performances were overshadowed by difficulties at its Mecca bingo halls and Blue Square sports betting business. Operating profits at its Grosvenor casinos rose by a third and its Mecca bingo business saw digital revenues overtake those from [...]
Angela Spindler named as the new chief executive at N Brown January 31, 2013 CATALOGUE and online fashion retailer N Brown has hired Original Factory Shop chief executive Angela Spindler to succeed its outgoing boss Alan White. The company, which targets older and larger shoppers with brands such as Simply Be and Jacamo, said Spindler will join the firm before July to ensure a smooth succession. White will retire [...]
