ARM names new chairman March 21, 2012 CHIP designer ARM Holdings said yesterday it had picked John Buchanan to succeed Doug Dunn as chairman. Buchanan is chairman of artificial knee and hip maker Smith & Nephew, deputy chairman of Vodafone and a senior independent director of BHP Billiton. Dunn, who has been chairman of the Cambridge-based company since 2006, will step down [...]
China worry rocks market March 20, 2012 FRESH concerns about a slowdown in China’s economy yesterday sent a shudder through global markets, including the oil trade, which saw the price of crude drop at its sharpest level in two weeks. China yesterday hiked its retail fuel prices for the second time in six weeks, sparking fears of lower demand from the world’s [...]
FTSE SUFFERS BIGGEST FALL IN TWO WEEKS March 20, 2012 BRITAIN’S top share index suffered its sharpest fall in two weeks yesterday, as concerns over materials demand in top consumer China hit commodities-linked sectors, marring a rally that had been part-driven by hopes for improving global growth. The benchmark FTSE 100 index closed down 69.7 points, or 1.2 per cent, at 5,891.41, having rallied more [...]
CHINA SENDS WALL ST DOWN March 20, 2012 A warning about China’s growth sparked selling in energy and industrial shares yesterday, but the broad market’s losses were contained, a sign of resilience for US stocks. The S&P energy index fell 1.4 per cent and ranked as the worst performer among the S&P 500 sectors. Global mining giant BHP Billiton said it saw signs [...]
AUSSIE DOLLAR CAUGHT IN A TUG-OF-WAR March 20, 2012 FINANCIAL FEATURES WRITER GIVEN its usual position as a proxy for risk and its draw as a high-yielding currency in a sea of near-zero yields, the Aussie dollar ought to be surging against its pairs. A tug-of-war is ongoing between carry trade demand for yield and European economic weakness on the one side and a [...]
CAR TALK March 20, 2012 CITROEN REDUCES COST OF EVS Driving EVs is gradually becoming more affordable. Citroen and Peugeot have slashed the prices of their C-Zero and iOn models so that each car now has an on-the-road price of £26,216 (down from £33,155). The government’s £5,000 plug-in car grant reduces the price to just £21,216. Contract hire rental rates [...]
Miners peg back FTSE as UK inflation dips again March 20, 2012 Miners pegged the FTSE 100 back in early trading as fears that demand from China for metals was falling sapped investor confidence. BHP Billiton, the world’s biggest miner, fell 1.9 per cent after saying it was seeing signs of “flattening” iron ore demand from China. The sector is pinning its hopes on continuing fast growth [...]
CITY MOVES | WHO’S SWITCHING JOBS March 18, 2012 Carey Olsen The leading legal services provider, with offices in London and the Channel Islands, has announced that Elaine Gray is joining its Guernsey litigation and dispute resolution group. Gray is the second senior level appointment to the department in less than a year, following the arrival of contentious trust specialist Michael McAuley in July [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 14, 2012 FINANCIAL TIMES FINANCIAL AUTHORITY URGED TO DROP OPAQUE CHARGES The new Financial Conduct Authority should use its powers to remove opaque banking charges and make it cheaper for new lenders to enter the market, a panel that represents the interests of retail customers has urged. In a paper to be published today, the Financial Services [...]
FTSE slides as miners hit by China’s cut in growth targets March 5, 2012 BRITAIN’S FTSE 100 fell yesterday, as weakness in miners and engineers outstripped strength in defensive stocks after China cut its growth forecasts, while mixed economic data in Europe and the United States dimmed the outlook for global growth. London’s blue chip index shed 36.31 points or 0.6 per cent to 5,874.82, although it held within [...]