Rogue trader Jerome Kerviel loses appeal October 24, 2012 Former Societe Generale trader Jerome Kerviel this afternoon lost his appeal against a three-year prison sentence for a rogue trading scandal that lost the bank €4.9bn (£3.05bn). A Paris court ruled that the ex-trader was responsible for the loss, and that he must repay the bank the billions that he lost. “Jerome Kerviel was the [...]
Improved Chinese manufacturing doesn’t steady FTSE 100 October 24, 2012 The blue chip index fell beneath 5,800 this morning, despite signs from China that a recovery in the world’s second-largest economy was gathering pace. Energy and engineering firms shouldered the brunt of the losses. Ophir Energy fell 5.68 per cent in early deals, while FTSE 250 oil and gas group Salamander dropped 5.37 per cent. [...]
Chinese manufacturing shows signs of slow recovery October 24, 2012 The Chinese manufacturing sector showed small signs of recovery, according to a survey of purchasing managers today. The HSBC Flash Manufacturing Purchasing Managers Index moved up to 49.1 in October, a three month high, although it is still below the 50-point mark that signifies growth. The flash PMI is the first indicator of real economic [...]
US growth slows at InterContinental Hotels October 24, 2012 InterContinental Hotels Group this morning posted slowing revenue in its US operations, largely due to a shift in when public holidays fell over the third quarter. Revenue per available room (RevPAR) grew at 4.6 per cent for the three months to September, driven by a four per cent increase in room rates, a slightly “softer” [...]
Argos launches turnaround plan October 24, 2012 Home Retail Group said this morning it will reposition its Argos division from a catalogue-led business to one that is digitally led, as it posted a 37 per cent slump in pre-tax profit. The group said around 75 Argos stores will close or be relocated over the next five years as part of the strategy, [...]
Facebook cashes in on mobile October 23, 2012 FACEBOOK showed signs of putting its many troubles since May’s botched flotation behind it yesterday, as Mark Zuckerberg’s company beat expectations and displayed impressive growth in selling adverts on mobile phones. The social network’s earnings release last night showed that Facebook’s turnover had risen to $1.26bn (£790m) in the third quarter of the year, up [...]
Apple’s iPad mini fails to impress investors October 23, 2012 APPLE yesterday unveiled the much-anticipated iPad mini in a bid to protect its lead in the tablet market against threats from Amazon, Google, and Microsoft. The company also announced an updated, fourth-generation iPad just seven months after the previous version was unveiled, along with a host of updates to its computer lineup. However, Wall Street [...]
Easy money cannot last forever, warns Bank of England chief King October 23, 2012 LOW INTEREST rates and money printing may fail to help the UK in the long run, as the loose policies act to postpone a very necessary readjustment of the economy, Bank of England governor Sir Mervyn King said last night. He told a business audience in Cardiff that his record low interest rates might have [...]
Why Mervyn King’s defence of the politics of QE fell short October 23, 2012 MY biggest worry about quantitative easing (QE) is that it has blurred the distinction between monetary and fiscal policy. The Bank of England is financing a substantial share of the government’s expenditure – and the majority of its budget deficit – by buying gilts using freshly-minted money. There was a time when the monetisation of [...]
Incomes are 13pc below pre-crisis high, ONS says October 23, 2012 PEOPLE in the UK are even worse off than the economy’s slump in GDP suggests, according to official data published yesterday that aims to measure our economic wellbeing. Net national income (NNI) per person – an alternative measure to GDP – has crashed by 13.2 per cent since its peak in early 2008, the Office [...]
