Chinese manufacturing tumbles March 22, 2012 Factory activity in China shrank for a fifth month in March, aggravating fears of a slowdown in the world’s second-largest economy. Initial results from Markit and HSBC’s manufacturing purchasing managers’ index (PMI) slowed to 48.1 from 49.6, representing a further fall in the sector as any score under 50 represents contraction. Losses in mainland Chinese [...]
Fears of slowdown in China see miners and FTSE tumble March 22, 2012 BRITAIN’S top share index fell yesterday, heading for its biggest weekly loss so far this year as signs of slower growth in China, the world’s second-largest economy, weighed on cyclical stocks. Heavyweight mining shares fell 3.2 per cent after data showed industrial activity in China, the world’s largest consumer of metals, shrank for a fifth [...]
Jaguar seals China venture March 21, 2012 TATA-OWNED Jaguar Land Rover (JLR) has signed a joint venture that paves the way for the firm to manufacture and sell luxury vehicles in China, the world’s largest car market. JLR and Chinese manufacturer Chery Automobile are seeking regulatory approval for the venture, worth around 17.5bn yuan (£1.8bn), they said in a statement yesterday. The [...]
Morgan Stanley seals $300m deal for stake in Chinese chemicals firm March 21, 2012 THE Asian private equity arm of Morgan Stanley has invested $300m (£189.4m) in a Chinese chemical firm which is plotting an expansion into the West. The bank will take a minority stake in Tianhe Chemicals Group, which has a dominant market share in lubricant oil additives in China and is the fifth largest globally in [...]
Company car rate hiked to raise £1.6bn March 21, 2012 CHANCELLOR George Osborne unveiled a hike in company car tax rates yesterday in a move he claimed will raise an extra £1.6bn in revenues over the next five years. The plan to clobber companies with fleet cars for more tax came just minutes after Prime Minister David Cameron had identified a booming car industry as [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 20, 2012 FINANCIAL TIMES CANACCORD AND COLLINS STEWART TO AXE 100 JOBS Nearly 100 staff will be made redundant tomorrow when Canaccord Financial completes its acquisition of Collins Stewart Hawkpoint, as London’s stockbroking industry continues to shed capacity. The Vancouver Group agreed to buy Collins Stewart for £253.5m in December EU DEFIES CARBON TRADE WAR THREAT The [...]
AUSSIE DOLLAR CAUGHT IN A TUG-OF-WAR March 20, 2012 FINANCIAL FEATURES WRITER GIVEN its usual position as a proxy for risk and its draw as a high-yielding currency in a sea of near-zero yields, the Aussie dollar ought to be surging against its pairs. A tug-of-war is ongoing between carry trade demand for yield and European economic weakness on the one side and a [...]
THE TIPSTER March 20, 2012 A BIT of risk aversion set in yesterday causing the euro to suffer some losses. Euro-dollar couldn’t add to the decent gains it has seen so far this week, as a sell off in equity markets, driven by concerns about Portugal, knocked the shine off the single currency. Capital Spreads quotes a price of $1.3200-$1.3201 [...]
D&B shuts Shanghai unit in privacy investigation March 19, 2012 DUN & Bradstreet, a global business information firm, said some of its local employees in China may have violated US anti-bribery laws and has suspended operations at one of its local units pending an inquiry. The company said it is investigating allegations that data collection practices at Shanghai Roadway D&B Marketing Services, which it formed [...]
Dim view of banks puts the brakes on FTSE 100’s rally March 19, 2012 BRITAIN’S top shares eased back from last week’s 2012 highs yesterday, as weakness in banks after recent strong gains overshadowed a late-session recovery from miners, with investors awaiting the next catalyst to drive the market. The benchmark FTSE 100 index closed down 4.47 points, or 0.1 per cent, at 5,961.11. Banks, which spearheaded the FTSE [...]