Petra Diamonds chief predicts buoyant demand from China February 20, 2014 THE CHIEF executive of Petra Diamonds yesterday shrugged off concerns of a growth slowdown in China to predict increased demand for diamonds from the world’s second largest economy, as the FTSE 250-quoted miner unveiled solid first-half results. “Growth is being redirected from high levels of infrastructure spend to a consumer-type economy,” Johan Dippenaar told City [...]
How free markets are making solar energy feasible without subsidies February 20, 2014 IT MAY be a clean form of energy, but solar has become a dirty word in some circles. Given expensive subsidies and feed-in-tariffs, solar (like other renewables) has looked like yet another uncompetitive distraction. It’s little surprise that countries like Germany, which have made the greatest commitments to renewables, also have the highest domestic energy [...]
What you need to know before the open February 20, 2014 Europe is expected to open lower this morning, after disappointing Chinese manufacturing data and yesterday’s release of the latest Federal Open Market Committee minutes. The minutes showed a further taper of $10bn is likely in March. The Chinese HSBC purchasing managers’ index has come in at 48.3, considerably below expectations of 49.4. Corporate news Centrica [...]
Asian markets slide as Chinese manufacturing disappoints February 20, 2014 Asian stocks are falling in the wake of the preliminary China purchasing managers' index (PMI) from HSBC/Markit for February, which fell to a seven-month low of 48.3. The index continued to slide from January's reading of 49.5, as employment declined at the most rapid rate seen in the past five years. A slowdown in the [...]
Peugeot signs rescue package with Dongfeng February 19, 2014 FRENCH car group PSA Peugeot Citreon has sealed a €3bn (£2.5bn) rescue deal with Chinese group Dongfeng, which the firm hopes will steady its finances and open up expansion in Asian markets. Dongfeng and the French state will each pay €800m for 14 per cent of the carmaker to match the Peugeot family’s reduced holding. [...]
Upwardly mobile technology February 19, 2014 Melissa York talks you through what to expect from the big-hitters at this year’s MOBILE WORLD CONGRESS THE TECH world will gather on Monday in eager anticipation as some of the biggest players in portable technology unveil their latest creations at the GSMA Mobile World Congress (MWC) 2014. The four-day conference in Barcelona, currently in [...]
Asian markets calm as Japan boosts bank lending February 19, 2014 Asian markets have so far been indecisive as investors continue to await developments regarding Chinese interest rates. The People's Bank of China (PBOC) is attempting to drive up the cost of money to encourage companies to deleverage and reduce shadow banking activity. However, there remain concerns that tightening may hurt economic growth over the short [...]
Cautious China sucks liquidity from markets February 18, 2014 CHINA’S central bank yesterday sucked liquidity from the markets in a surprise move which underlines the authorities’ fears about the rate of credit growth. It withdrew 48bn yuan (£4.7bn) from the money markets with two-week repurchase agreements (repos), after data showed a surge in credit volumes late last week. The aim is for banks and [...]
London Report: Third straight day of gains sees FTSE erase 2014 losses February 18, 2014 BRITAIN’S top equity index erased its losses for the year as it rose for a third straight session yesterday, boosted by BHP Billiton and telecoms giant BT. Shares in global mining firm Billiton rose 1.9 per cent after first-half profit beat forecasts and it hinted at a share buyback in August, despite a cautious outlook [...]
What you need to know before the open – 18/02 February 18, 2014 European equities are expected higher today, with investors banking on affirming economic sentiment data, in the form of Germany’s ZEW survey. Also in focus is UK inflation data at 9.30 this morning. In Asia, Tokyo stocks jumped 3.1 per cent – their best session since August – after the Bank of Japan confirmed it’s keeping [...]