Tesco relief as US tycoon takes on Fresh & Easy September 10, 2013 TESCO has finally put an end to its ambitious bid to crack the US market after agreeing yesterday to sell its Fresh & Easy business to American billionaire Ron Burkle. The supermarket giant is expected to take a £150m hit on the divestment to Buckle’s investment vehicle Yucaipa, which will take on 150 [...]
Industrial boost in China bucks world trends September 10, 2013 INDUSTRY in China performed unexpectedly well in August, with the highest growth rates in nearly a year and a half revealed yesterday. The Chinese economy has appeared to be more resistant to the effects of the looming tightening of US monetary policy, with less adverse reaction than other emerging markets in recent months. Production was [...]
London Report: EasyJet carries FTSE close to a one month high September 10, 2013 THE UK’S main share index rose to its highest level in nearly a month yesterday, bolstered by the outlines of an international compromise to avert a US strike on Syria, while budget airline EasyJet also dragged the FTSE higher. There was also strength in the resources sector after an upbeat report from miner Glencore Xstrata [...]
Glencore Xstrata leads index on better than expected synergies September 10, 2013 Glencore Xstrata shares are leading the FTSE 100 this morning on news that the miner is gaining better than expected synergies from its recent merger (release). At least $2 billion of synergies estimated for 2014, materially exceeding the initial merger guidance of $500 million;$450 million to come from marketing synergies as forecast, $175 million from [...]
Hopes that Chinese economy is stabilising as inflation steadies September 9, 2013 MUTED inflation data yesterday added to a run of August figures suggesting the protracted slowdown in China’s economy may be bottoming out, helped by targeted support measures and signs of improved export demand. A steady consumer inflation rate also gives the People’s Bank of China some room to manoeuvre in response to any shock that [...]
London Report: BG slump and concerns over Syria hit FTSE September 9, 2013 BRITAIN’S top share index fell from three-week highs yesterday, with a warning of lower output from energy major BG and simmering concerns about Syria outweighing strong Chinese data. BG dropped 5.1 per cent – its biggest one-day fall in nearly a year – after saying delays at projects in Egypt and Norway would reduce its [...]
Daily FX: Analyst picks September 9, 2013 CURRENCY STRATEGISTCHRIS VECCHIO My pick: Long dollar-yenExpertise: Fundamental and technical analysisAverage time frame of trades: A few hours to a few weeks US non-farm payrolls disappointed on Friday but dollar-yen closed the week above ¥98.80, the condition necessary to enter a long position. I took ¥99.10 at the close on Friday; and the news that [...]
Before the open – 09/09 September 9, 2013 We're expecting the FTSE to open a little higher as momentum from Asian markets carries on into Monday's session. That comes after some stronger Asian data this weekend, as Chinese exports grew by 7.2 per cent in August, beating expectations of a six per cent rise. Japan's Nikkei closed up 2.48 per cent on the [...]
Scrap the licence fee – and drag British TV into 21st century September 8, 2013 THERE is a simple solution to the scandal that is currently engulfing the BBC, centering around the size and scope of payoffs to former staff and the implication that public money was squandered. The answer is to reform the way the BBC is funded, and to allow it to spend its own money hiring and [...]
Firms steering clear of deals in newer markets September 8, 2013 COMPANIES have shied away from making takeover bids in emerging markets so far this year, as part of the wider slump in global mergers and acquisitions, research published today suggests. The number of bids for targets in high-growth economies from firms in developed nations fell 23 per cent on the same period a year ago [...]