Boost for US retailers as strong holiday sales offer hope for American recovery December 14, 2010 THE Fed’s second phase of quantitative easing (QE2) came under attack yesterday, after jumps in retail sales, business morale and inflation. Retail sales for November increased by 0.8 per cent, and figures for the previous month were revised upwards to show a 1.7 per cent rise. “Today’s figures suggest that QE2, announced on 3 November, [...]
Inflation rises to six-month high December 14, 2010 Consumer price inflation rose unexpectedly to a six-month high of 3.3 per cent in November, driven by rises in the cost of food and clothing, according to the Office for National Statistics. The figures will disappoint Bank of England policymakers who are concerned that rising commodity prices may aggravate the impact of a rise in [...]
Weir guilty over oil for food December 13, 2010 Engineering firm Weir Group announced yesterday it would plead guilty to two charges of breaching UN sanctions over oil-for-food contracts it was awarded by Saddam Hussein between 2000 and 2002. Weir was formally charged with the offences by the Crown Office in Scotland yesterday and it is expected the case will be heard at the [...]
Mining firms haul FTSE 100 to highest level in five weeks December 13, 2010 Strong miners pushed Britain’s top share index to a five-week closing high on Monday, buoyed by firmer metals prices on strong economic data from China, while sector consolidation moves gave oil services firms a fillip. The FTSE 100 closed up 47.80 points, or 0.8 per cent, at 5,860.75, its highest close since 9 November, albeit [...]
Manufacturer input costs rise December 13, 2010 Manufacturers’ input costs rose slightly faster than expected in November and at the fastest annual rate since July, official data showed, according to the Office for National Statistics (ONS). The ONS said that annual producer input price inflation picked up to nine per cent from 8.2 per cent in October, above economists’ forecasts of a [...]
China hints at rates increase December 12, 2010 CHINA may increase interest rates, after state media yesterday confirmed that more “prudent” monetary controls would replace the previous “appropriately loose” policy. “Strategic economic restructuring will be accelerated and stabilising price levels will be given a more prominent position,” state media reported at the end of yesterday’s Central Economic Work Conference in Beijing. Consumer prices [...]
Shop prices kept in check December 7, 2010 INTENSE competition between retailers in the run up to Christmas is driving down shop price inflation, new figures reveal today. Shop prices are rising at a much slower rate than overall inflation, the Shop Price Index (SPI) showed. For the first time in five months year on year shop price inflation actually fell, down to [...]
Twin imposters triumph and disaster lurking December 5, 2010 So here we are just a few weeks before Christmas and those twin imposters triumph and disaster lurk behind every corner. England lose a brilliant World Cup bid that they could never win, only for the cricket team to comprehensively outplay Australia and take control in the Ashes. On Coronation Street four actors will lose [...]
China declares shift to “prudent” monetary policy December 3, 2010 CHINA will switch to a prudent monetary policy from a moderately loose stance, the Communist Party’s top leaders decided on Friday, a change that could pave the way for more interest rate increases and lending controls. At the same time, the Politburo elected to maintain China’s proactive fiscal policy, an indication that the government wants [...]
…..but high inflation scares China December 1, 2010 HIGH inflation is haunting China’s industrial sector, data from HSBC showed yesterday. Input prices shot up at the fourth fastest rate in the history of the Purchasing Managers Index (PMI). Economists pointed to low supply of goods, and panic buying in the face of further price rises. Prices of cotton, grain, oil and steel all [...]