Ryanair expects drag on growth January 22, 2013 Low-cost airline Ryanair expects passenger growth to slow in 2013 as it cuts back on short-distance flights in some markets due to higher airport fees, chief executive Michael O’Leary said yesterday. “I think the growth will be slower this year,” he told Reuters, predicting passenger numbers would increase three to four per cent to up [...]
City Moves | Who’s switching jobs January 22, 2013 Carmignac Gestion Keith Ney has been appointed co-manager of the asset management firm’s European bond fund, working alongside Carlos Galvis. He has worked for Carmignac for eight years, most recently as head of credit. Stenham Asset Management The asset management firm has made two appointments to its investment team. Akshay Krishnan joins as a senior [...]
Best of the brokers January 22, 2013 BARCLAYS Morgan Stanley has an “overweight” rating on the bank and has raised its target from 295p to 386p. It thinks Barclays could soon trade above its book value as focus turns to the prospect of the bank beating its cost of capital. Morgan Stanley expects a return on tangible equity of 13 per cent [...]
FTSE hits the brakes on 2013 rally as banks and miners lose ground January 22, 2013 BRITAIN’S leading share index eased a touch yesterday, stalling after a recent push up to its highest level in four-and-a-half years, weighed by falls in financials and mining stocks. Banks were the biggest sector fallers, knocking over four points off the FTSE 100, with traders citing profit-taking after recent gains, and caution over a report [...]
S&P 500 hits fresh five year closing high January 22, 2013 US bank and commodity shares led the Standard & Poor’s 500 to a fresh five-year closing high yesterday on hopes that the global economy continues to mend. The Dow Jones industrial average also ended at a five-year high. The market also gained on signals that Republican leaders in the US House of Representatives aim today [...]
Cameron’s EU balancing act makes treaty renegotiation unavoidable January 22, 2013 IT’S months later than planned, but David Cameron will finally deliver his much-anticipated speech on Europe today. We first expected him to speak last autumn. Then an unfortunate clash with the anniversary of the Élysée Treaty prompted a rethink. And crisis in Algeria forced another postponement. But Cameron’s “speech to end all Europe speeches” is [...]
Justification for tax evasion crackdown has worrying shades of Brown January 22, 2013 KEIR Starmer, the director of public prosecutions, has vowed to “ramp up” the number of prosecutions against tax evasion five-fold in two years. He plans to target middle-class earners, citing as examples “lawyers, tax consultants and plumbers” – an intriguing perspective on the British class system. Or perhaps we are all middle-class now. It is, [...]
Crack down on the high cost of living or growth suffers January 22, 2013 THE emergence of competitive economies in the East is a well-known phenomenon. But less understood is the challenge this poses to the West. First, the rising East will squeeze traditional markets (albeit while creating new ones). Secondly, it will turn the terms of trade for primary products against us. We are not powerless, however. Emerging [...]
As global leaders descend on Davos, is the World Economic Forum just a talking shop? January 22, 2013 YES Louise Cooper “To improve the state of the world” is a great objective for a conference. But such lofty ideals fall short of the shmoozefest that is Davos. For the optimists, this year’s title should bring a cold shower of reality – Resilient Dynamism. I had to turn to the dictionary for help. Davos [...]
Letters to the editor January 22, 2013 Debt killed growth [Re: Economic perfect storm: The four trends that killed Western growth, yesterday] The debt supercycle, as Tim Morgan puts it, captured politicians, consumers, and companies in its wake, defying all logic. But only two of those groups have since woken up to its consequences. The latest government deficit figures remain appalling, and it’s entirely [...]
