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 [...]
Gieves & Hawkes sold for £60m April 11, 2012 SAVILE ROW tailor Gieves & Hawkes, which dressed Prince William for his engagement announcement and wedding last year, is being acquired by its Hong Kong licensee Trinity in a deal totalling £60m. The suit maker, which was founded at 1 Savile Row in 1771, makes both military and business suits, and has dressed Winston Churchill, [...]
India and Brazil pick up pace as exports boost output growth April 11, 2012 EMERGING economies expanded strongly in the first quarter, and have plenty of monetary and fiscal “ammunition” to bolster growth should it falter – in stark contrast to European economies, a report by HSBC argued yesterday. Manufacturing production accelerated in India and Brazil, and grew at a slightly slower pace in Russia, the study found, though [...]
FTSE loses almost all its 2012 gains on renewed fears for the Eurozone April 10, 2012 BRITAIN’S top share index plunged yesterday to surrender almost all its remaining 2012 gains, led by falls in risk-sensitive miners, oils, and banking stocks after last Friday’s weak US jobs data undermined global economic expectations. The FTSE 100 index closed down 128.12 points, or 2.2 per cent, at 5,595.55, its second biggest percentage fall of [...]