Wall Street closes up after rocky day September 29, 2011 US stocks mostly rose in a volatile session yesterday as stronger-than-expected economic data and German approval of a beefed-up Eurozone crisis fund relieved two of the worst fears hanging over the market. But the Nasdaq was knocked lower by a brutal sell-off in US-listed Chinese stocks on news of a probe into accounting practices and [...]
PROPERTY NEWS September 29, 2011 BUYING NOW CHEAPER THAN RENTING Falling house prices and increasing rental demand has made it cheaper to buy than rent in 45 of the 50 largest towns across Britain. The cost of renting is now 13 per cent higher on average than the cost of owning, according to the latest research from property website Zoopla.co.uk. [...]
Losses soar at Ambrian Capital after write-down September 28, 2011 LOSSES at precious metals specialist Ambrian Capital more than doubled after it made a £2.15m goodwill write-down on its broking business. The impairment charge on Ambrian Partners, a corporate finance and research subsidiary, pushed the group to a £1.18m pre-tax loss for the half-year to 30 June, up 156 per cent on the same period [...]
Rising sun set to shine again September 28, 2011 THERE is a strong argument that Japanese equities are undervalued. Although the macro situation remains bleak, this doesn’t preclude companies from turning a profit – particularly on the back of Chinese demand. A GOOD DEAL Ben Seager Scott of Bestinvest says “Japan is looking like a fairly attractive investment opportunity at the moment, with cheap [...]
Strong dollar should be seen as a warning September 27, 2011 THOUGH yesterday saw a broad market rally, it was a tiny chink of light in an otherwise dark tunnel for the economy. The ongoing Eurozone debt crisis and the seeming inability of anybody involved to take hold of the situation with a credible plan for managing the fallout of an inevitable Greek default has driven [...]
A whirlwind weekend in Hong Kong September 25, 2011 Hong Kong is epic. Everything about the city is exaggerated. The skyline. The escalators. The humidity. Once a busy trading port, it still thrives on exchange, be it financial bonds or dried fish. Being an island, Hong Kong has to work harder than other cities because it can’t reach out into the suburbs for a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2011 FINANCIAL TIMES EU TO SPEED RECAPITALISATION OF 16 BANKS European officials look set to speed up plans to recapitalise the 16 banks that came close to failing last summer’s pan-EU stress tests as part of a co-ordinated effort to reassure the markets about the strength of the 27-nation bloc’s banking sector. A senior French official [...]
Monaco’s calling September 22, 2011 TIMES are tough for property in some parts of the world. Not, however, in Monaco, where investors seeking classic, mature markets feel comfortable. The fact that it’s still one of the most glamorous locations on earth – with some of the world’s best restaurants and casinos (and let’s not forget the marina) – doesn’t hurt, [...]
M&C Saatchi profits surge by a quarter September 21, 2011 ADVERTISING icon M&C Saatchi yesterday hit a 17 month share price high after announcing a surge in first-half profits. The firm saw its pre-tax profit jump almost a quarter to hit £7.7m, with revenues rising 23 per cent to £71.9m. A strong performance in its core UK business, which accounts for 43 per cent of its [...]
Funding pressure as China pulls out of Eurozone forex September 20, 2011 MONEY market strains worsened yesterday after Standard & Poor’s cut Italy’s credit rating and the Bank of China halted foreign exchange swaps with several European banks. Eurozone bank borrowing at the European Central Bank’s weekly tender surged to €201bn, the highest in seven months in a sign of growing stress in the sector. Three-month dollar [...]