Letters to the Editor – 15/04 – Jobs miracle, Airport debate, Best of Twitter April 14, 2014 Jobs miracle [Re: The recovery is being driven by a revolution in the jobs market, yesterday] Have you considered that the reason for the rise in self-employed consultants is the tax system? With a good accountant, moving from PAYE to self-employment, for effectively the same job, can reduce your liability. I find it increasingly difficult [...]
Confessions of a shopaholic: Debt-struck Glencore splashes out on Caracal Energy April 14, 2014 Miner trader Glencore Xstrata has today agreed to buy Chad-focused oil company Caracal Energy for around $1.3bn (£780m), usurping a potential deal between Caracal and Canada’s TransGlobe Energy. City A.M. understands that the FTSE 100 firm will fund the acquisition with some of the proceeds from the (upwards of) $6.25bn sale of Peruvian copper mine [...]
What you need to know before the open April 14, 2014 Rising tensions in Ukraine are expected to hit European equities this morning. The Ukrainian government has begun a full-scale anti-terrorist operation, following the arrival of pro-Russian forces in several towns in eastern Ukraine. Russia has asked for a dialogue to be initiated, calling for Kiev not to use force. The rouble's currently down almost one [...]
Glencore sells Peruvian copper project Las Bambas for £3.7bn April 14, 2014 GLENCORE Xstrata yesterday confirmed the long-awaited sale of its Peruvian copper mine Las Bambas to a consortium for $6.25bn (£3.73bn), as demanded by the Chinese antitrust regulator last year in return for merger approval. China Minmetals-backed Australian resource company MMG owns a 62.5 per cent stake in the consortium, with Chinese firms Guoxin International Investment [...]
What the other papers say this morning – 11 April 2014 April 10, 2014 FINANCIAL TIMES Banks urged to act over Heartbleed A US regulator has warned that cyber criminals could be impersonating bank services or stealing users’ online banking passwords after the “Heartbleed” bug, called one of the most significant breaches of internet security ever, was discovered in the software used to secure two-thirds of the web. The [...]
Asian markets shrug off poor Chinese exports April 10, 2014 Asian markets have tempered their earlier optimism as China's latest trade data showed imports and exports under-performing market expectations. In March, export growth came in at -6.6 per cent, significantly weaker than Bloomberg's median forecast of 4.8 per cent. However, markets were reassured that the poor figures were partly attributable to distortions caused by over-invoicing [...]
Asian markets make gains but Japan is left behind April 9, 2014 Asian markets are on the up after a more bullish day on Wall Street. A strengthening global economy and China's move away from a more restrictive credit policy all contributed to a rise in confidence. Positive jobs data from the US combined with Chinese stimulus efforts to head off a slowdown in growth have also [...]
How Britain can unlock private capital for infrastructure April 8, 2014 WALK into China’s state planning agency in Beijing and you can pick up a 40-page guide to potential investment opportunities in the UK. That may seem like a small thing in itself, but it's yet another smart move by a commercially-savvy Treasury team bent on banging the drum for inward investment. Chinese investors have never [...]
Asian markets remain subdued as Bank of Japan holds firm April 8, 2014 Asian markets are holding steady after the Bank of Japan maintained its stance on monetary policy and disappointed some investors with a refusal to hike purchases of risk assets. Japan's current account balance showed a surplus for the first time in five months in February, this was attributed to strengthening exports and an increase in [...]
How QE has harmed the economy April 7, 2014 LET ME begin with a confession. I admire former Fed chair Ben Bernanke for undertaking quantitative easing (QE) back in 2008. It was a brave decision, which involved taking a bold step across an unknown monetary horizon. It was also the right decision for the time, as it prevented the money supply from collapsing – [...]