It’s austerity all right – but not of the kind we actually need May 14, 2012 IT has long been a theme of this column that the government and its critics alike have exaggerated the extent of the government’s belt-tightening. The coalition is doing this to try and reassure the bond markets while seeking to minimise the hit to the public sector; the opposition because it wants to blame the recession [...]
Here’s the real Plan B for Britain: We need a competition revolution May 14, 2012 NO ONE can dispute that the UK economy needs more growth. It seems that the coalition’s essential austerity measures are not enough. But despite its cheerleaders, the usual Plan B, based on debt-financed infrastructure spending, won’t make any difference to growth – while denting confidence. One such plan suggested £30bn in spending. Over three years, [...]
Mass lay-offs push HSBC cost savings to $2bn May 8, 2012 HSBC beat expectations after cracking down on its cost base in the first quarter of this year, laying off thousands to bring its overall job cuts to 14,000 while keeping its revenues steady. Excluding the effect of an accounting loss on its debt, the bank’s underlying pre-tax profits rose from $5.5bn in early 2011 to [...]
Exillon gets boost as fuel output increases May 8, 2012 OIL explorer Exillon yesterday reported a 55 per cent jump in production for the three months to the end of April alongside above-average selling prices for its fuel. Production at the FTSE 250-listed firm averaged 11,448 barrels per day compared with 7,386 bpd in the equivalent period last year. In April, Exillon hit an all-time [...]
US buyout firm Apollo lifted by capital markets May 8, 2012 SHARES in Apollo Global jumped yesterday after it boosted the listed buyout sector with a rise in first-quarter profits. The US private equity house, run by billionaire Leon Black, posted a 22.7 per cent rise in economic net income (ENI) to $462m (£286m). The performance of Apollo is eagerly watched following its $565m initial public [...]
FTSE closes above 5,800 mark after good US data boosts world outlook May 1, 2012 B RITAIN’S top share index jumped more than one per cent yesterday after stronger-than-expected US manufacturing data gave a lift to global growth hopes, pulling commodity stocks higher. Banks were also in demand as investor risk appetite returned. Shares of Lloyds rallied more than eight per cent after the part state-owned lender reported a £288m [...]
A recession made in Downing Street – but not caused by cuts April 26, 2012 IS this a recession made in Downing Street? In part, yes. Obviously, Gordon Brown is the main culprit. It will take years to recover from his mismanagement of fiscal, monetary, tax and regulatory policies, as well as from the global, cheap money bubble. But George Osborne can no longer escape blame either. His desire to [...]
A recession made in Downing Street – but not caused by cuts April 25, 2012 IS this a recession made in Downing Street? In part, yes. Obviously, Gordon Brown is the main culprit. It will take years to recover from his mismanagement of fiscal, monetary, tax and regulatory policies, as well as from the global, cheap money bubble. But George Osborne can no longer escape blame either. His desire to [...]
Scientific progress and emerging markets give us all hope April 19, 2012 I AM as guilty as anybody of excessive gloominess. To be fair, I have an excuse: the government is floundering; Abu Qatada is making a mockery of Britain; the UK economy is stagnant; unemployment is elevated; taxes are rising; the nanny state is gaining ground; the Eurozone faces years of misery and eventual collapse; China [...]
Cove bids back on after tax spat April 10, 2012 Bids for oil and gas company Cove Energy are set to recommence after authorities in Mozambique cleared up uncertainties over tax. Cove, whose major operations are in Mozambique, put itself up for sale in January, attracting suitors including Royal Dutch Shell and Thailand’s PTT Exploration. But the process stalled after Mozambique said any deal would [...]