What the other papers say this morning September 27, 2012 FINANCIAL TIMES China buys into UK student housing A fund controlled by the Chinese government is set to buy a 40 per cent stake in the UK’s largest developer of student housing as Beijing continues to expand its portfolio of global infrastructure. Gingko Tree Investment, a London-registered Chinese state-owned fund, is understood to be closing [...]
Nike results marred by slowdown in its key Chinese market September 27, 2012 NIKE last night reported first quarter earnings 12 per cent lower than the same period last year as the higher cost of raw materials took its toll on the sportswear giant. For the three months to the end of August, Nike’s net income fell to $567m (£349.2m), or $1.23 per share. That compares with net [...]
FTSE dips on poor European data and weakness in price of copper September 24, 2012 BRITAIN’S top share index fell yesterday, led by miners, as dull European data kept the focus on a gloomy economic outlook, tempering the boost given to markets by recent central bank stimulus moves in Europe and the United States. Germany’s Ifo index of business sentiment fell for a fifth month running, bucking expectations for a [...]
London will find it hard to benefit from Chinese currency ambitions September 23, 2012 IT is meant to be the great new market that will transform the City’s prospects. In April, London hosted the launch of the first renminbi (RMB) bond to be issued outside Chinese sovereign territories. George Osborne hailed it a “significant moment”, as he declared his ambition to see London play a key role in the [...]
M&A in Europe crashes to hit a ten-year low September 20, 2012 EUROPEAN merger and acquisition activity crashed to a 10-year low in the third quarter of the year, as dealmaking across the world fell to its slowest level since the depths of the financial crisis, figures out today show. M&A in Europe has totalled $84.2bn (£52bn) so far in the three months to the end of [...]
FTSE 100 down on weak Chinese data September 20, 2012 The FTSE 100 fell in early trading this morning, as the miners that rose on the blue chip index yesterday fell on weak manufacturing data from China, which spurred concerns about demand for the oil and metals market. Miner Ferrexpo, steelmaker Evraz and Aquarius Platinum led the fallers, down 5.5, 5.37 and 4.92 per cent [...]
How one ticking economic timebomb is being slowly defused September 19, 2012 ONE of the greatest imbalances at the heart of the global economy is that many Western nations have been consuming too much and producing too little. There is nothing wrong with imports. Protectionism is always wrong. But over time imports need to be paid for, either by exports, or from the proceeds of external investments, [...]
Fundamentals much weaker than rallies suggest, claims UBS September 18, 2012 RALLIES in the sovereign credit of Asian and peripheral European countries have been driven by central bank cash, without any improvement in economic fundamentals, UBS strategists claimed in a note yesterday. They warn that Greek default, Spanish banking dysfunction, Chinese growth slowdown, and the US fiscal cliff of spending cuts and tax rises are all [...]
China-Japan conflict hits trade September 18, 2012 THE FIERCE stand-off between China and Japan has taken its toll on the two countries’ trading, after numerous big Japanese firms temporarily closed operations in China yesterday. Yesterday saw a continuation of the widespread violent protests that erupted last week, with attacks on well-known Japanese firms including Toyota and Honda, which drove many, including Panasonic, [...]
Eastern dragon threatens to bite September 17, 2012 IF YOU think that the world’s financial ills have all been resolved, think again. Lingering geopolitical tensions in the east have the potential to shake markets, and could sting traders if they are not positioned appropriately. THE DRAGON ROARS Today marks the anniversary of the invasion of Manchuria, when Japanese forces invaded a northern region [...]