Retail sales fail to improve September 16, 2011 NO GROWTH in retail sales by volume was registered in August year-on-year, the Office for National Statistics announced yesterday. Sales fell over the month, losing 0.2 per cent on July’s volumes. Internet sales were up and now account for 9.6 per cent of the market. That compares with 8.1 per cent in July, and 7.1 [...]
China loses competitive edge as its wages climb September 16, 2011 LOW WAGES may have been the foundation of China’s economic boom, but its competitive advantage in the space is disappearing, according to a report from KPMG out yesterday. Other south and south-east Asian countries like Bangladesh and Indonesia are now significantly cheaper locations for manufacturing activities. After years of high growth, wages have increased – [...]
Unhappy States as prices rise September 16, 2011 A MEASURE of financial misery is up in the US, according to figures out yesterday showing unemployment and inflation on the rise. Annual Consumer Price Index (CPI) inflation increased to 3.8 per cent. That figure is added to the unemployment statistics – currently 9.1 per cent – to create the “misery index”, which now stands [...]
Fastest Eurozone jobs gain since 2008 could be halted by weaker economies September 16, 2011 EMPLOYMENT growth accelerated in the Eurozone in the second quarter, Eurostat announced yesterday, but the European Commission (EC) cut its growth forecasts for the rest of 2011. Official figures point to a 0.3 per cent increase in Eurozone employment in the three months from April to June, while the 27 EU nations as a whole [...]
London’s soaring rents boost landlords’ returns September 16, 2011 MONTHLY rents have grown for the seventh month in a row, according to figures out today from LSL Property Services’ buy-to-let index. London’s rents increased by 1.5 per cent on average last month compared with July, hitting new highs of £1,025 per month. That compares with prices of £713 across England and Wales, which went [...]
OECD BOSS CALLS FOR JOBS BOOST September 16, 2011 “High unemployment is the human face of the crisis,” said OECD secretary general Angel Gurria, launching the body’s Employment Outlook 2011 report. Warning that high unemployment could easily become entrenched, he called for governments across the rich world to take action, whilst continuing with their fiscal adjustments: “Hiring subsidies can be a cost effective way [...]
CITY MOVES | WHO’S SWITCHING JOBS September 16, 2011 BlackRock Amra Balic has joined the asset manager as the EMEA head of corporate governance and responsible investment. Balic joins BlackRock from Standard & Poor’s, where she was a director in European Corporate Credit Ratings, responsible for corporate governance into the credit ratings process. Prior to joining S&P’s Corporate Governance Services team in 2000, Balic [...]
BEST OF THE BROKERS September 16, 2011 FENNER Citigroup rates the engineer “buy / high risk” with a target price of 478p. The broker thinks Fenner’s recent end of year statement suggested trading had been ahead of expectations, with strength in both its mining conveyor belt and advance engineering divisions. Citi has upgraded its 2011 earnings per share forecasts by seven per [...]
FTSE extends gains after a bullish note boosts the banks September 16, 2011 BRITAIN’S leading shares rose yesterday after politicians and central bankers moved to shore up market confidence in the debt-ravaged Eurozone, with the FTSE 100 index breaking above an eight-week technical downtrend. The FTSE 100 ended up 2.1 per cent, or 110.52 points, at 5,337.54, extending the rally into a third straight day. Fresh support from [...]
Fourth straight day of wins on Wall St September 16, 2011 INVESTORS pushed US stocks higher for a fourth day yesterday as coordinated central bank action encouraged optimism about dealing with the Eurozone debt crisis and its threat to the global recovery. Major stock indices rose more than one per cent. Shares of financial companies, which have been among the hardest hit by the debt worries, [...]
