Portugal’s debt nearly doubles in cost at sale January 5, 2011 PORTUGAL saw borrowing costs soar at its first debt auction of the year yesterday, with yields on the sale of six-month notes reaching a new record of 3.7 per cent – up by an eye-watering 170 basis points since its last six-month bond auction in September. However, at these rates, demand was higher than previously, [...]
TOP OF THE GAFFES January 5, 2011 IT’S NOT JUST BP: EVEN THE BEST MEDIA SPINNERS CAN’T STOP SOME CHIEF EXECUTIVES FROM CAUSING HAVOC WHEN PUT IN FRONT OF A MICROPHONE 1 Gerald Ratner called Ratners’ jewellery products “total crap” in 1991. His remarks wiped £500m from the value of the firm (later renamed Signet), and “doing a Ratner” became synonymous with [...]
British construction industry contracts in the final month of a prosperous year January 5, 2011 AFTER a booming middle of the year, the UK’s construction industry slightly contracted in the final month of 2010, it was revealed yesterday. Freezing weather conditions were blamed by many constructors for the decline, recorded by the purchasing managers’ index (PMI) compiled by Markit and the Chartered Institute of Purchasing and Supply. The index fell [...]
All that glisters is not gold January 5, 2011 2010 was a rather remarkable year; it was nearly impossible to lose money. Regardless of whether you invested in bonds, equities, or commodities a year ago, you are probably better off now. But the most impressive performances were in the precious metals sector. The price of gold rose by 30 per cent, while silver closed [...]
CITY MOVES | WHO’S SWITCHING JOBS January 5, 2011 Prudential The insurance giant has announced the appointment of Peter Goerke as group human resources director, with effect from the start of March. He will be a member of the executive committee and succeeds Priscilla Vacassin in the job. Goerke comes to the company from Zurich Financial Services Group, where he has worked since 2005 [...]
US jobs data leads FTSE to a strong close January 5, 2011 THE FTSE continued its strong start to 2011 as a late afternoon rally enabled it to stick at levels not seen since 2008. The FTSE 100 closed 29.99 points or 0.5 per cent higher to close at 6,043.86, still ahead of the important 6,000 mark and far above levels seen in the recession. Impressive US [...]
New Year boom sees FTSE lifted over the 6,000 mark January 4, 2011 BRITAIN’S top shares rose sharply yesterday, the first session of 2011, lifted back above the key 6,000 level by heavyweight oil stocks and banks, as solid economic data prompted a return of investor risk appetite. Fresnillo, the Mexican silver miner, jumped 85p to £17.53 on revived talk that billionaire Carlos Slim might be taking a [...]
Snow blamed for German jobs drop January 4, 2011 German unemployment edged up very slightly last month, rising by 3,000 on November. Unemployment had fallen in November and October, as the German recovery continued to build up pace. And employment reached almost 40.5m in November, according to ILO statistics. Economists had expected a further fall in unemployment for December. “The monthly rise in unemployment [...]
FTSE hits 31-month high on first close of 2011 January 4, 2011 LONDON saw a storming start to 2011 as the FTSE moved above the 6,000 level in the year’s first trading session to close at a 31-month high. The FTSE 100 moved up 1.9 per cent or 113.93 points to close at 6,013.87, its highest level since June 2008, buoyed by rises on US and European [...]
Rebound in US factory output boosts outlook January 3, 2011 AMERICAN manufacturing activity jumped to a six-month high in December, after a decline in growth the previous month, it was revealed yesterday. New orders in the sector hit a seven-month high of 60.9, according to the ISM manufacturing index. The headline index figure reached 57, up from 56.6 in November. The results bode well for [...]