House prices to remain below peak until 2024 July 11, 2012 UK house prices may not return to their peak until well into the 2020s, claimed a report from PwC yesterday. House prices reached a peak in 2007 that they may not reach until 2017 in cash terms, and 2024 relative to consumer prices, the report said. Average prices are expected to plateau for the next [...]
Lord Mayor: City must gets its house in order after Libor crisis July 11, 2012 THE LORD Mayor of the City of London last night issued an impassioned plea for the square mile to get its house in order, as the Libor fixing scandal threatens to escalate. Traders guilty of manipulating the inter-bank lending rate should be firmly punished, Lord Mayor David Wootton said, insisting that the reputation of the [...]
US trade deficit narrows as oil prices fall and exports increase July 11, 2012 THE US trade deficit narrowed in May, according to data released yesterday by the Commerce Department. The trade deficit stood at $48.7bn (£31.3bn) in May, compared to the revised April figure of $50.6bn. This came from exports that inched up $0.4bn, to $183.1bn, and imports that shrunk $1.6bn to $233.3bn. Michael Moran at Daiwa capital [...]
Emerging market growth slows due to manufacturing slump July 11, 2012 EMERGING market growth slowed in the second quarter, due to reduced manufacturing growth, according to HSBC’s Emerging Market Index released yesterday. The overall index slipped to 53, from 53.6 – 50 would indicate no change – with slow manufacturing growth working against robust service growth. Murat Ulgen at HSBC said: “The manufacturing sector remains considerably [...]
Bad managers hold back UK GDP recovery July 11, 2012 INCOMPETENT managers are holding back British firms and so stopping the economic recovery, the department for business, innovation and skills (BIS) claimed yesterday, calling on companies to step up their management training programmes. The report found 72 per cent of organisations in England suffer from a deficit of management and leadership skills, with 43 per [...]
CITY MOVES | WHO’S SWITCHING JOBS July 11, 2012 iCon Infrastructure The infrastructure-focused investment firm has appointed Daniel Hales as its director of finance. He most recently worked as group finance controller and director of compliance at RCP Capital Group, the investment firm. Hales has also previously held roles at Goldman Sachs and KPMG. Kleinwort Benson Malcolm Roberts has been appointed managing director of [...]
BEST of the BROKERS July 11, 2012 BALFOUR BEATTY UBS has downgraded the construction company from “buy” to “neutral” and cut the target price from 340p to 310p citing a “less compelling” valuation. The brokerage noted that key comps have de-rated, particularly in the US and said that although Balfour Beatty guided to earnings in line with expectations, “the mix is slightly [...]
Uncertainty over global economy and corporates sees FTSE end flat July 11, 2012 BRITAIN’S top share index ended flat in low volume yesterday, with investors uncertain about the future path for equities due to concerns over global growth and corporate earnings. The FTSE 100 was up 0.41 points, or 0.01 per cent, at 5,664.48, having swung in a 50 point arc during the session, on volume of less [...]
Fifth straight day of decline for the Dow July 11, 2012 THE DOW and the Nasdaq lost ground yesterday as minutes from the Federal Reserve’s June meeting showed policymakers are open to the idea of more economic stimulus, but that conditions might need to worsen first. The S&P 500 ended unchanged, breaking a four-day losing streak, after paring losses into the close. Technology and industrials led [...]
In sickness and in health: An illness won’t ruin your career July 11, 2012 ANTONIO Horta-Osorio has been back as chief executive of Lloyds Bank since January. His absence began in November 2011, and was famously attributed to exhaustion caused by the pressures of his job. His is a reassuring story – a successful executive, overcome by poor health, could reveal it to colleagues and return to his previous [...]
