The screws are tightening, but it’s not torture yet February 8, 2011 CHINESE interest rate rises are, it seems, rather like coffee. The effect gets smaller with each extra dose. When the People’s Bank of China (PBoC) first announced an interest rate increase in mid-October last year, the trade-weighted dollar strengthened 1.7 per cent. The second rate rise, announced on Christmas day, produced a smaller reaction, but [...]
The world lists in New York February 8, 2011 America is home to many of the world’s biggest companies. However, as mentioned above, NYSE Euronext has a truly global reach. Leading business from Asia, Latin America and Europe choose the exchange for their primary or secondary listings. And this includes many of the UK’s largest blue chip businesses. The top five UK companies listed [...]
Forget gold, here’s the copper rush February 6, 2011 CRACK open your piggy bank and empty your penny jar. Do it now and do it fast. Forget about the gold rush; it is all about the copper rush now. The price of the metal is going through the roof, hitting $10,000 a tonne. This sort of price action means the two pence piece in [...]
ETFs – what they are and how to use them February 3, 2011 THIS page usually deals with listed exchange-traded products (ETPs) in great depth. Last week, for example, we covered the ins and outs of leveraged exchange-traded funds (ETFs) – which offer all the exposure of an ordinary ETF, except doubled up. But while the UK market for ETFs has expanded dramatically over the last few years, [...]
Glaxo looks to repurchase up to £2bn shares February 3, 2011 GLAXOSMITHKLINE (GSK) posted a £476m loss for the final three months of 2010, after a $3.5bn (£2.2bn) legal charge over marketing practices. The results compared with a profit of £2.25bn in the final quarter of 2009, but chief executive Andrew Witty remained upbeat, announcing GSK’s intention to buy back up to £2bn in shares. The [...]
Another big year for China starts today February 2, 2011 TODAY is the first day of the Chinese year of the rabbit. And rather like rabbits, the world’s statesmen are caught in the glare of China’s ascent. Economists are falling over each other to predict when China’s nominal GDP will overtake America’s, while foreign policy wonks are weighing the implications. Goldman Sachs reckons it could [...]
Martin Wheatley wins top job at new City watchdog CPMA February 2, 2011 WHEN Martin Wheatley announced his departure from the Hong Kong Securities and Futures Commission (SFC) he received an ominous send-off. Locals, angered by his ultimate responsibility for regulating loss-making Lehman mini-bonds, gathered outside the watchdog’s offices to play traditional Chinese funeral music while they burned pictures of Wheatley. It appears their prediction of his demise [...]
Panasonic will cut costs as earnings fall in third quarter February 2, 2011 PANASONIC is planning further cost cuts to compete with South Korean rivals including Samsung, after stiff price competition in televisions and a stronger yen hurt its quarterly profit. Panasonic reported an operating profit of 95.36bn yen (£700m) for October to December, lagging an average forecast of 109.1bn yen. The maker of Viera TVs and Lumix [...]
What the other papers say this morning January 31, 2011 FINANCIAL TIMES WARNING AS BRIBERY LAW DELAYED British companies have been warned that they could be put on an export “blacklist” by the Organisation for Economic Co-operation and Development if the government continues to delay tough new anti-corruption laws. The warning came after Ken Clarke, the justice secretary, signalled on Monday that the implementation of [...]
CITY MOVES | WHO’S SWITCHING JOBS January 31, 2011 HSBC HSBC today announces the appointment of Richard Jablonowski as managing director and head of investment counsellors to its private banking division. Based in London, he will report to Daniel Ellis, managing director and head of the investment group at HSBC private bank. Jablonowski joins from Merrill Lynch Global Wealth Management where he spent 11 [...]