Factory data gives boost to US stocks August 20, 2009 US stocks rose for a third straight session yesterday with financial stocks leading gains after US manufacturing data and a rebound in Chinese stocks reassured investors. The Dow and the S&P 500, which suffered their worst day in about seven weeks on Monday, got a lift from signs of improvement in US Mid-Atlantic manufacturing and [...]
Rio profits plunge but optimism holds August 20, 2009 RIO TINTO, the world’s second-largest miner, yesterday blamed the collapse in metal prices for plummeting pre-tax profits, but was cautiously confident about the future. London and Sydney-listed Rio reported first-half pre-tax profit was 56 per cent lower than the same period in 2008, at $4.3bn (£2.6bn). But the miner said that it had eased its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 20, 2009 FINANCIAL TIMES UNIVERSAL MUSIC LICENSES SINATRA RIGHTSUniversal Music has secured the international rights to 38 albums recorded by Frank Sinatra, heralding an acceleration of plans to commercialise the entertainer’s estate on the eve of the 40th anniversary of the release of My Way. GAP PROFITS SLIP IN SECOND QUARTERGap, the US specialty clothing retailer, said [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 20, 2009 FINANCIAL TIMES UNIVERSAL MUSIC LICENSES SINATRA RIGHTSUniversal Music has secured the international rights to 38 albums recorded by Frank Sinatra, heralding an acceleration of plans to commercialise the entertainer’s estate on the eve of the 40th anniversary of the release of My Way. GAP PROFITS SLIP IN SECOND QUARTERGap, the US specialty clothing retailer, said [...]
AUSTRALIA WILL NOT RAISE RATES August 18, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT OVER the past several months, the Australian dollar has been the most appealing currency for the recovery trade. Unlike its G20 counterparts, the Australian economy barely felt the blows of the global recession, registering only one negative quarter of growth before rebounding in the second quarter to record a [...]
Poor Japanese data hits US stocks August 17, 2009 US stocks suffered their worst loss in seven weeks yesterday as weak data from Japan and a disappointing outlook from retailer Lowe’s dampened hopes about the economy’s growth. Japan’s gross domestic product showed its economy pulled out of recession in the second quarter, but at a slower pace than expected, prompting a sell-off in major [...]
World markets tumble due to fears over economic recovery August 17, 2009 GLOBAL markets stumbled yesterday, prompting fears that the recent stock market rally could be over. In London, the FTSE 100 shed 68.96 points, or 1.5 per cent, closing at 4,645.01. Across the Atlantic, the Dow Jones Industrial Average also shed 186 points, or two per cent. Sterling fell against the dollar while the price of [...]
Bears forecast another slump in the market August 16, 2009 FOR the past two months, the bulls have been back in force, pushing the markets higher than anybody had thought possible. But last week, some of the City’s biggest bears struck back, predicting a second slump in global equities between now and the end of the year. While many analysts have thought that the most [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 13, 2009 FINANCIAL TIMES YANZHOU DIGS DEEP IN BID FOR FELIXChina’s largest takeover bid for an Australian company was formally launched yesterday when Yanzhou Coal Mining made a recommended cash offer for Felix Resources worth just over A$3.5bn (£1.78bn). The offer is pitched at A$16.95 a share, valuing Felix at A$3.33bn, but shareholders will also receive A$1 [...]
Facebook tries to climb the great firewall of China August 13, 2009 WHEN a screenshot of Facebook Lite was leaked earlier this week, the blogosphere went crazy, proving that Web 2.0 scribblers have a silly season too. Most bloggers were convinced the slimmed-down version of the social network was an attempt to take on Twitter, something Facebook emphatically denies. Instead, it forms part of the firm’s attempt [...]