UK mood grim as household finances suffer May 17, 2012 THE DOWNTURN in consumer confidence continued this month, according to survey data published yesterday, as falling house prices and deteriorating household finances hit the economy, while consumers are pessimistic that the government is doing anything to help. YouGov’s household economic activity tracker (HEAT) index fell from 96 to 94 in May, continuing the downturn which [...]
US jobless data fuels fears over economy May 17, 2012 US MANUFACTURING output fell unexpectedly in May while recent falls in unemployment ground to a halt last week, official data showed yesterday, adding to worries of an economic slowdown. Meanwhile Treasury secretary Tim Geithner said the country should avoid “severe, immediate austerity” if it wants to keep growing. Geithner called for a “balanced approach to [...]
Japan grows in first quarter May 17, 2012 JAPAN’S economy rebounded sharply in the first quarter, official data showed yesterday. GDP expanded by one per cent in the three-month period, far outstripping the Eurozone, which registered no growth, and the US, which saw growth of just over 0.5 per cent. That compares with a two per cent decline in Japan in the same [...]
Businesses call for spaceport May 17, 2012 INVESTING in a spaceport should form a key part of the UK’s infrastructure strategy, a leading business group said today, as it would help Britain take the lead in a major emerging industry. “A spaceport would be a key piece of infrastructure for the sector operating as a hub for space tourism, research and development,” [...]
Rents climb again in April May 17, 2012 LONDON’S rental prices outstripped the UK average again in April, industry data showed yesterday, while arrears also increased last month. Rents rose 0.5 per cent in the month to an average of £709 in England and Wales, LSL property services reported, taking the annual rise to 2.4 per cent. However London’s rents rose 0.7 per [...]
WHO’S SWITCHING JOBS May 17, 2012 Covington & Burling The international law firm has appointed David Lorello as a partner in its London office. He is a US lawyer and will work in the firm’s anti-corruption and trade control practice. Lorello earned his law degree from Columbia University. Mariana Capital Markets Manvir Nijhar has joined the recently-formed equity derivatives brokerage as [...]
BEST of the BROKERS May 17, 2012 AFRICAN BARRICK GOLD Goldman Sachs has upgraded the FTSE 250 miner to “neutral”, despite saying it is poorly positioned compared to underperformance of peer companies. Goldman yesterday released a note saying that it nonetheless sees a “median upside relative to our mining coverage” and is hence edging up its rating of African Barrick Gold. BABCOCK [...]
Fourth straight dip for the FTSE May 17, 2012 BRITAIN’S top share index closed below 5,400 for the first time this year yesterday, extending its falls to a fourth straight session as jitters over turmoil in the Eurozone dominated the market backdrop. Weaker banks were the biggest drag on sentiment, reflecting exposure to Eurozone debt as worries about Spanish banks and the country’s increasing [...]
Data disappoints as stocks drop May 17, 2012 US stocks hit a four-month low yesterday as rising Spanish bond yields increased investor anxiety over that country’s banks and another round of weak data undermined hopes for US economic recovery. Growing worries over developments in the Eurozone and lackluster economic data pushed the S&P’s losing streak to five consecutive days. The index, which closed [...]
Vedanta profit rise fuelled by Cairn takeover May 17, 2012 MINER Vedanta yesterday reported a rise in profits – attributing the lift to its acquisition of Cairn India. The company said that the outlook for commodity markets was positive despite losses in its aluminium business. Vedanta said that its profit had risen 13 per cent in the year to March to $4bn (£2.5bn) mainly fuelled [...]
