Rio Tinto blow as copper and iron production disappoints April 17, 2012 RIO Tinto yesterday reported worse-than-expected falls in iron ore, copper and coal production in the first quarter after it was hit by bad weather. The world’s second biggest producer of iron ore said output dropped 11 per cent in the March quarter from the previous three months, with cyclones hampering production and shipments in the [...]
THE TIPSTER Cable pulling higher April 17, 2012 The pound is trading near critical levels against the US dollar. Cable has rallied strongly since mid-January and has continually found support on a sharply-rising trend line. It is now managing to hold above both its 50 and 100-day moving averages around the $1.5835/40 area. However, the pound is now nudging up against resistance at [...]
Goldman reduces stake in ICBC through share sale to Temasek April 16, 2012 SINGAPORE state investor Temasek bought $2.3bn (£1.4bn) worth of ICBC’s Hong Kong-listed shares from seller Goldman Sachs yesterday, piling into three of China’s top four banks and raising its bet on the world’s second-biggest economy. Temasek was burned by its financial industry exposure in 2008, hit by stakes in large European and US banks that [...]
Nokia hits new low as Moody’s slashes rating April 16, 2012 RATING agency Moody’s dealt a fresh ratings blow to Nokia yesterday, dragging its shares to their lowest level in 15 years and reflecting the Finnish handset maker’s struggle to compete with Apple and Samsung. Moody’s cut Nokia’s long-term credit rating to Baa3, one level above speculative grade, sending the battered shares to a historic low [...]
Miners fuel FTSE gains April 16, 2012 The FTSE 100 was in positive territory in early trading with resilient miners lifting the index despite fears over slowing growth in China Investors were more upbeat after markets were also buffeted last week by fears over Eurozone debt, with eyes focusing on Spain and Italy. However sentiment toward banking stocks remained tepid this morning [...]
China closer to free float for renminbi April 15, 2012 CHINA will today take a major step towards integrating its currency into the world economy, allowing the renminbi to fluctuate more directly in line with supply and demand. From today, the renminbi is free to move up or down by up to one per cent per day – double the 0.5 per cent band formerly [...]
No China crisis for Ashmore as assets swell April 12, 2012 EMERGING markets fund manager Ashmore has shrugged off fears of a slowdown in China as it yesterday posted a boost of more than nine per cent to its assets in its third quarter. Finance director Graeme Dell told City A.M. there could be pitfalls in Chinese growth – factory output fell there last month – [...]
Miners lead FTSE higher on hopes of strong economic growth in China April 12, 2012 BRITAIN’S top share index hit a one-week closing high yesterday as mining stocks jumped on market talk that China, the world’s biggest metals consumer, could report strong economic growth numbers today. Economists polled by Reuters in March forecast that China’s GDP expanded 8.3 per cent in the first quarter of 2012 versus a year earlier. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2012 FINANCIAL TIMES Aviva considers plans for sale of US division Aviva is considering plans to sell its life assurance business in the US in a move analysts estimate could raise at least £1bn and mark an exit from one of the UK-listed group’s core markets. Andrew Moss, chief executive, told investment managers at a recent [...]
A Spice Girls revival is more likely than a Nokia one April 11, 2012 CAST your mind back to 1997. Tony Blair’s New Labour had won a landslide election, Britannia was cool and Channel 5 was going to save the television industry. For some, it is a Spice Girls song that best evokes the era or, for those with better taste, a Radiohead tune. For me, it has to [...]