IMF WARNS OF TEPID AMERICAN RECOVERY July 3, 2012 THE International Monetary Fund (IMF) yesterday cut its US growth forecast to two per cent expansion this year (from 2.1 per cent) and 2.25 per cent next year (from 2.4 per cent). Its head, Christine Lagarde, warned that another “fiscal cliff” may sap the recovery.
US factory orders and car sales up while retail sales growth slows July 3, 2012 American factory orders jumped above expectations in May, according to data released by the Commerce Department yesterday. New orders for manufactured goods climbed 0.7 per cent, well above the consensus forecast of 0.2 per cent. This came as car sales climbed to an annualised rate of 14.5m, based on generous incentives and a slide in [...]
Producer price deflation in euro area shows slumping production July 3, 2012 Eurozone industrial producer prices edged down compared to April, though they were up on May last year. Eurostat data shows a 0.5 per cent fall in the producer price index this month for the Eurozone, with a 0.7 per cent fall for the entire EU. In April prices had inched up 0.1 per cent in [...]
Chairman and chief executive of N Brown exit July 3, 2012 N BROWN announced yesterday that both its long-standing chairman, Lord Alliance of Manchester and chief executive Alan White will be retiring from the catalogue and online shopping group. Lord Alliance, the Liberal Democrat peer and the founder of textile company Coats, said the retailer “had come a long way” since he bought the Manchester-based mail [...]
St Modwen says net asset value lifted by housebuilder demand July 3, 2012 REGENERATION SPECIALIST St Modwen yesterday said that a strong appetite for new homes, particularly in London and the South East, helped lift its net asset value (NAV) in the first half of the year. Chief executive Bill Oliver said despite the on-going challenges in the economy it had delivered “a strong set of first half [...]
Vodafone gets green light for CWW deal July 3, 2012 VODAFONE yesterday won approval from the European Commission for its £1bn takeover of Cable & Wireless Worldwide. Five weeks after the deal was submitted to Brussels for approval, the Commission ruled that the merger of the companies would not lead to any antitrust issues. “The Commission concluded that the transaction would raise no competition concerns, as [...]
ANALYST VIEWS | WHAT DO YOU MAKE OF ST MODWEN’S PERFORMANCE? July 3, 2012 KEITH CRAWFORD PEEL HUNT The result was supported by planning gains on residential land, as achieved in prior years. With the shares still trading on a significant 33 per cent prospective NAV discount, despite a long series of positive newsflow, we reiterate our “buy” recommendation on expectations of outperformance. CONOR FINN LIBERUM CAPITAL An encouraging [...]
Czech brewer Budvar victorious in battle over Budweiser name July 3, 2012 A BOHEMIAN brewer located in the original town of Budweiser beer yesterday won a case to be allowed to continue using the brand name in the UK. The Czech company, Budejovicky Budvar, has been fighting off a legal challenge by global brewing giant Anheuser-Busch InBev, which produces the more well-known Budweiser – a beer that [...]
Rexam cans personal care arm and returns cash to investors July 3, 2012 BRITISH drinks can maker Rexam yesterday said it had agreed to sell its underperforming personal care business in two parts for $709m (£451.9m) in cash and return about £370m of the proceeds to investors. Private equity firm Sun Capital Partners had agreed to buy the cosmetics, toiletries and household care division for $459m, Rexam said, while [...]
Persimmon in house sale lift July 3, 2012 HOUSEBUILDER Persimmon said yesterday it had made an excellent start to its new strategic plan by completing more new homes, attracting more viewers and selling them for a higher fee, giving it confidence for the full year. The group followed other property developers by saying that market conditions had been relatively stable despite sentiment being [...]
