China manufacturing declines for the 11th consecutive month September 20, 2012 MANUFACTURING output in China shrunk at the fastest rate in 10 months, as the sector was hit by numerous worldwide headwinds, a survey revealed yesterday. The Chinese manufacturing industry continued to slump in September, the purchasing managers’ index business survey showed, though at a slower rate than in August. But the output sub-index hit a [...]
Japan’s trade feels effects of world economy’s problems September 20, 2012 JAPANESE trade dived in August, data revealed yesterday, driven by a collapse in trade with its biggest trading partner, China. Both exports and imports slid in August, the Japanese ministry of finance revealed, as worldwide trade contracted. But it was trade with its most important partner, China, which had the biggest impact – imports from [...]
Volcker hits out at Fed-bashing September 20, 2012 ■ Former Federal Reserve chairman Paul Volcker believes it is a “troublesome time” for the US central bank as it becomes increasingly mired in political debates. In an interview with Reuters, Volcker said the Federal Reserve itself has not become politicised, but he warned that Fed-bashing from critics in Congress could diminish confidence in the [...]
Obama leads Romney in polls September 20, 2012 ■ President Barack Obama maintains a lead of five percentage points over Republican Mitt Romney as he solidifies his advantage in the US presidential race, according to a Reuters/Ipsos poll released yesterday. Obama leads Romney among likely voters by a margin of 48 percent to 43 per cent, the daily online tracking poll showed. Obama [...]
Kocherlakota calls for rate cut September 20, 2012 ■ Promising to keep rates low until unemployment falls could help bring joblessness down, top federal reserve official Narayana Kocherlakota told business leaders yesterday. Fed officials expect unemployment to fall to somewhere between 5.2 per cent and six per cent in the long-run – that is the next five to six years. But Kocherlakota said [...]
Capital Shopping Centres to tap bond market for £300m in cash September 20, 2012 CAPITAL Shopping Centres (CSC), the UK’s largest shopping centre owner, has become the latest listed property firm to turn to the market for cash after it launched a £300m bond issue yesterday. The owner of malls including the Trafford Centre in Manchester and Lakeside in Essex, is offering £300m of senior, unsecured convertible bonds due [...]
Imperial price hikes help to boost revenue September 20, 2012 PRICE rises improved Imperial Tobacco’s full-year revenue and offset a dip in volumes, the world’s fourth-largest cigarette group said yesterday, as it suffered weakness in recession-hit countries. The Bristol-based group, which sells over 340bn cigarettes annually of brands including Davidoff, Gauloises, JPS and West, said today revenue would rise around four per cent for its [...]
What did you make of Imperial’s trading update? September 20, 2012 DAMIAN MCNEELA | PANMURE GORDON Imperial’s in line trading statement should come as a relief, given the degree of nervousness ahead of the statement. The shares continue to trade at 15 per cent discount to its international peer group which given the firm’s cash generation is undeserved. We repeat our “buy” recommendation. MARTIN DEBOO | [...]
Virgin Media in talks to run 4G mobile internet September 20, 2012 VIRGIN MEDIA is in the running to become the UK’s second mobile operator to offer 4G mobile internet, with the company in talks with Orange and T-Mobile owner EE to use EE’s network to offer the service. City A.M. understands Virgin Media – which already runs a “virtual” mobile network using EE infrastructure – is [...]
Enticing rich smokers to light up won’t be enough in the long run September 20, 2012 SPARK up a celebratory cigar – Imperial Tobacco has managed to offset the shift towards cheaper brands in recession-hit countries by upping prices elsewhere. The firm has taken a gamble that richer customers – already resigned to paying steep taxes to fulfill their nicotine craving – won’t balk at an extra premium on their favourite brands. [...]
