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 [...]
Centrica pulls out of UK new nuclear plans February 4, 2013 BRITISH GAS owner Centrica yesterday pulled out of plans to build up to four new nuclear power stations in collaboration with EDF, blaming rising costs and the construction timetable slipping. Centrica has spent around £200m on the project, which will be written off in this year’s results. EDF is in discussions with a number of [...]
Crisis in the Eurozone is brewing up security problems for years ahead February 3, 2013 IN HIS speech on Britain’s relationship with the EU, David Cameron reminded us that European politics is still characterised by a competition for influence in pursuit of the national interest. There is, of course, no longer a military dimension to that contest. A common European market and common institutions have weakened the link between economics, [...]
Britain needs action on visa restrictions to stay open to international business February 3, 2013 THE defining characteristic of London’s success in recent times is its international outlook. New census data vividly demonstrates this fact, by showing that more than 100 different languages are now spoken in virtually every London borough. Skilled individuals from across the globe choose to call the capital home. This pool of talent is, in turn, [...]
China manufacturing indicates muted recovery February 1, 2013 China’s giant manufacturing sector continued its modest recovery in January, according to official data out this morning, although growth slowed over the month. China’s official purchasing managers’ survey (PMI) released this morning showed that factory output at the world’s second-largest economy rose in January, but at a slower pace than the month previously. The index [...]