London Report: Low commodity prices drag on mining shares February 18, 2013 BRITAIN’S top share index fell yesterday, with the mining sector hit by low commodity prices and a resurgence in industrial unrest. However, the index remained above the key support level of 6,300, keeping it around five-year highs. The mining sector was the main drag on the FTSE 100, losing 0.9 per cent after copper fell [...]
Uncertainty threatens China growth February 18, 2013 CHINA is back at work after a week-long vacation for the Lunar New Year. Around the holiday, many Chinese, eager to learn more about the year ahead, visit a feng shui master to see if the new year will bring good fortune. Veteran Beijing-based soothsayer Chen Shuaifu, who regularly advises Chinese companies, predicted the Year [...]
RHETORIC RARELY SHIFTS CURRENCIES February 18, 2013 DURING the first Obama administration, Treasury secretary Tim Geithner took as many opportunities as possible to bleat about China refusing to devalue its currency – the yuan or the renminbi – against the dollar. The US and other countries were nursing gargantuan trade deficits with China. Clearly, the Chinese economic star was then in the [...]
Chinese buyers poised to step up search for London property February 14, 2013 CHINESE investors’ appetite for London property is expected to increase this year after the Chinese government relaxed rules on offshore investment. Savills said the recent relaxation on the investment of insurance proceeds by the Chinese Insurance Regulatory Commission could result in up to £10bn of new inward investment into London. Research published by the property [...]
Oil prices ride a wave of recent global optimism February 11, 2013 FOR a long time, oil prices have been dominated by supply shocks, as one major oil producer after another has gone through a period of unrest. But while the Middle Eastern oil producers are still a long way from an oasis of calm, it is now expected demand-side improvements, rather than supply worries, that are [...]
The Debate: Could escalating tensions between Japan and China bring about serious economic damage? February 10, 2013 YES Nicholas Consonery In the near term, China and Japan are unlikely to negotiate a return to stability. A continued push by Beijing to weaken Japan’s administrative control over the disputed islands sustains the risk of an accident; but military confrontation is unlikely given Japan’s alliance with the US. However, risks surrounding the Japan/China relationship [...]
Burberry board change as chief of finance quits February 7, 2013 BURBERRY finance chief Stacey Cartwright is to step down from the luxury group in a management shake-up that will also see the creation of a chief operating officer role. Cartwright, a widely respected industry figure who has been at the fashion house for nine years, is to leave in July “to pursue other interests”, Burberry [...]
FTSE weighed by banks and luxury goods February 7, 2013 THE FTSE 100 fell sharply yesterday as traders took profits on an index that has outperformed Europe this year, with banks leading losses after comments by key policymakers. The FTSE 100 closed down 66.92 points, or 1.1 per cent, at 6,228.42, lagging major European peers. The index has been the stand-out performer in Europe since [...]
Volvo stalls as demand slump reduces output February 6, 2013 TRUCK maker Volvo yesterday warned of a rough start to 2013 after weak demand in its main markets left its factories running at half speed and pushed it into a much heavier than expected earnings fall in the fourth quarter. Sweden’s Volvo, which only weeks ago laid claim to having dethroned German Daimler as the [...]
We don’t need to fear a Chinese slowdown – it’s real capitalism in action February 5, 2013 IT HAS suddenly become fashionable to be concerned about a slowdown in China’s growth rate. It’s not a matter of a short-run cyclical downturn, with normal service resumed shortly. It is a worry that there will be a permanent slowdown by the end of this decade. Instead of annual growth rates around 10 per cent [...]