Don’t cry for me, Argentina: I’ve found Malbec paradise May 8, 2011 THE new Argentina is deeply seductive – its famous beef and increasingly famous wine are celebrated in restaurants from New York to Beirut. Its natural beauty, from the Andes to the plains of Patagonia; its sparkling heat, beautiful people and stunning horses lure travellers the world over. And Buenos Aires, the gorgeous, cosmopolitan crown on [...]
Malaysia hikes its interest rates May 5, 2011 Malaysia’s central bank ended its rate-hike pause yesterday, raising its key policy rate by 0.25 per cent to three per cent, and ordered banks to set aside more money in reserves to fight inflation stoked by rising oil and food prices. The Bank raised the Statutory Reserve Requirement – the amount of cash reserves banks [...]
Commodities drag on FTSE but high street names rally May 4, 2011 COMMODITY stocks pulled Britain’s top share index lower yesterday, ending the FTSE 100’s recent rally as disappointing US manufacturing data spoiled investors’ appetite for risk. The FTSE 100 closed down 98.81 points, or 1.6 per cent, at 5,984.07, with the FTSE volatility index up 11.4 per cent, hitting a near five-week high. The FTSE 100 [...]
Inflation growing in the OECD as food prices bite May 3, 2011 FOOD prices are posing greater inflationary pressures throughout the developed world, the Organisation for Economic Co-operation (OECD) revealed yesterday. And food inflation in UK shops was up to 4.7 per cent last month, according to a separate survey conducted by the British Retail Consortium (BRC). Overall shop price inflation edged up to 2.5 per cent, [...]
Earnings successes still marred by inflation May 2, 2011 THE past week has seen global equity markets, especially in the US, boosted by better than expected corporate earnings. Investors moved further back into equities, betting once again that sovereign debt, nuclear troubles in Japan and higher commodity prices won’t turn out to be sufficient headwinds to blow corporates off course. In Britain, the impact [...]
THE TIPSTER May 2, 2011 THE FOMC announcements and Bernanke’s speech on monetary policy last week ensured that the dollar took a hammering and that spot gold traded at an almighty $1,533 per ounce. As long as the interest rates remain low and inflation pressures remain, it may become difficult for shorters to find the right time to enter the [...]
US GDP growth slows but inflation soars April 28, 2011 US economic growth slowed more than expected in the first quarter as higher food and petrol prices hit consumer spending and sent a key inflation measure rising at its fastest pace in two-and-a-half years. Growth in US GDP braked to a 1.8 per cent annual rate after a 3.1 per cent fourth quarter pace, the [...]
AB Foods hit as costs take toll on profit April 27, 2011 PRIMARK owner AB Foods yesterday saw its shares tumble as it warned that its full-year profit would be dented by soaring costs. The company said it expected full-year profits to be similar to those last year, as it announced its half-year results. It had previously expected annual earnings to rise. Profit for the six months [...]
Premier Foods sales slide as ingredient prices rise April 27, 2011 BRITAIN’S biggest food manufacturer Premier Foods reported a 3.1 per cent decline in first-quarter sales yesterday and said the consumer environment had become more difficult. The maker of Branston pickle, Bisto gravy and Hovis bread said its performance reflected the impact of a weak January and February following strong consumer purchases in December. Premier Foods, [...]
McDonald’s profit up – but costs rise April 21, 2011 McDonald’s reported a higher-than-expected quarterly profit as the world’s largest restaurant company posted March sales that topped analyst expectations. But the company’s profit margin took a hit because of rising food and paper costs, and it increased its inflation forecasts. It said it now expects food costs to rise between 4 and 4.5 per cent [...]