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 [...]
JOBS of the WEEK July 11, 2012 PRIVATE EQUITY MANAGING DIRECTOR SINGAPORE $150k+ pa A highly reputable private equity house is looking for an experienced managing director for its Indonesia-focused fund. Applicants must have at least 10 years’ experience in the sector. http://www.cityamcareers.com/job/19887 UNDERWRITING MANAGER SOUTH EAST £75k-£110k pa A word-leading insurer requires an underwriter to develop a portfolio of business within [...]
Goldman Sachs: A host of medals might make up for Olympic costs July 11, 2012 HISTORICALLY, the financial reward of hosting the Olympics has been mixed: the 1972 Munich Olympics and the 1976 Montreal Olympics made significant losses, while the Games held in Los Angeles (1984), Barcelona (1992) and Atlanta (1996) each made a profit. Moreover, if you fully account for all of the costs related to the hosting of [...]
Sclerotic jobs figures put the economy off-limits for Obama’s campaign July 11, 2012 THE US economy is still stumbling, creating a severe problem for President Barack Obama’s hopes for re-election in November. In June, the private sector created an abysmal 80,000 new jobs. Unemployment remains high at 8.2 per cent, and there’s little prospect of it dropping any time soon. With 117 days to election day, America’s ongoing [...]
