What the other papers say this morning January 14, 2013 FINANCIAL TIMES Junk-bond prices point to bulls return The junk-bond market is sending a bullish signal for the global economy in 2013, with investors in US high-yield securities earning higher returns so far this year than those who have bought investment-grade debt. High-yield bonds are an acute barometer of risk appetite and rises in their [...]
Toyota retakes crown from GM as Detroit motor show kicks off January 14, 2013 GENERAL Motors reported a 2.9 per cent rise in global sales yesterday as the Detroit motor show opened its doors. GM, which launched a new version of its Chevy Corvette sports car at the industry show, said global sales totalled more than 9.28m vehicles, up from just over 9m in 2011. But it was not [...]
CWC enters new age with $750m Macau sell-off January 13, 2013 THE BOSS of Cable & Wireless Communications (CWC) hailed a “landmark day” for his company yesterday as the telecoms firm said it had sold its last asset in Asia. CWC said it had reached a deal with the Chinese state-owned operator Citic to sell its 51 per cent stake in CTM, its business in Macau, [...]
What the other papers say this morning January 10, 2013 FINANCIAL TIMES Herbalife hits back at ‘myths’ Herbalife, the nutritional supplement company accused of being a pyramid scheme by short seller Bill Ackman, yesterday lashed out at his Pershing Square hedge fund. Mr Ackman, whose hedge fund has sold short almost a fifth of Herbalife’s stock, in December claimed that the company was operating with [...]
Apple says no cheap iPhone January 10, 2013 A SENIOR Apple executive has shot down suggestions that the company is looking to build a cheaper version of the iPhone, saying Apple would be unwilling to sacrifice its high profit margins to gain greater market share. “Despite the popularity of cheap smartphones [in China], this will never be the future of Apple’s products,” marketing [...]
Luxury cars still selling fast in new markets January 10, 2013 BMW and Audi both posted record-breaking annual sales yesterday as demand for high-end marques in emerging markets continued to drive growth. Germany’s BMW reported sales of 1.845m vehicles in the year, a rise of 10.6 per cent. All three of its brands – BMW, Mini and Rolls-Royce – delivered increases during the year. Rolls-Royce enjoyed [...]
China trade boost adds to hope that the slowdown has ended January 10, 2013 CHINESE export growth rocketed to a seven-month high in December, adding to evidence the world’s second biggest economy had turned a corner. Exports were 14.1 per cent higher in December than the same month in 2011, easily surpassing analyst expectations that the measure would show four per cent growth. This growth drove the Asian giant’s [...]
Profit-taking cannot halt FTSE as it hits highest close since May 2008 January 10, 2013 BRITAIN’S top share index closed above the 6,100 resistance level for the first time since 22 May 2008, yesterday, recovering from a late wobble after a choppy trading session. The FTSE 100 index was up 2.86 points, or 0.1 per cent, at 6,101,51, having seen some late profit-taking erased in the closing auction, but the [...]
Chinese exports rebound in December January 10, 2013 Chinese export growth rebounded in December to a seven-month high, adding to optimism that the world’s second-largest economy is heading for a recovery. Data this morning showed that the value of China’s exports rose by 14.1 per cent last month compared with the previous month, which was way beyond analysts’ expectations. Imports grew by six [...]
Funding threat to $10bn HSBC insurance sale January 8, 2013 THE SALE of HSBC’s stake in a major Chinese insurer could be at risk of collapsing, it emerged yesterday, as the bank funding the purchaser could pull out of the deal. Thai conglomerate Charoen Pophand (CP) Group is part way through acquiring HSBC’s 15.6 per cent stake in Chinese insurer Ping An for $9.4bn (£5.96bn). [...]