AssetCo chief defeated as it raises £16m March 22, 2011 ASSETCO’s shareholders raised £16m in emergency funding yesterday after a court ruling forced its chief executive to comply with the plan. Shareholders were granted an injunction that required John Shannon, also AssetCo’s largest shareholder, to vote in favour of a plan to place 160m shares at 10p per share, two thirds of its closing share [...]
Fed officials optimistic on growth March 22, 2011 The US recovery is gathering strength, two Federal Reserve officials indicated yesterday. Sandra Pianalto spoke of a “virtuous cycle of growth” in the economy, while Richard Fisher said that the Fed should rule out any quantitative easing beyond June of this year.
Citi to merge shares and pay dividend March 21, 2011 CITIGROUP has joined the American bank stampede to hand capital back to shareholders following the Fed’s decision on Friday to remove its ban on dividend hikes. The bank announced yesterday that it will reinstate a $0.01 quarterly dividend and, in a bid to ditch the stigma of being a “penny stock”, will implement a reverse [...]
Fed ruling sees US banks rush to increase dividends March 20, 2011 US BANK investors are set to benefit from a wave of dividends and share buybacks after the Federal Reserve finally lifted its blanket ban on “increased capital distributions” by financial institutions. American banking stocks were up across the board on Friday after the Fed concluded its review of their capital plans and gave permission for [...]
Upbeat outlook for FedEx as delivery company foresees growth in demand March 17, 2011 FEDEX, the world’s largest cargo airline, forecast improved revenue and margins in the current quarter and beyond, and sees more shipments for reconstruction in Japan. The brightening outlook overshadowed lower earnings for the fiscal third-quarter, ended 28 February, which was slammed by severe winter storms and spiking oil prices. The package delivery company said fourth-quarter [...]
Bargain hunters help lift Wall St March 17, 2011 WALL Street rebounded after three days of declines yesterday, but the advance could be temporary as concerns about Japan’s nuclear crisis persisted. The S&P 500 recovered after giving up the year’s gains on Wednesday, but options activity showed traders are increasing hedges against another decline in stocks. “As the headlines come out of Japan, there [...]
US inflation rate picks up speed March 17, 2011 US consumer prices rose at their fastest pace in more than one and a half years in February, driven by higher food and energy prices. The Labour Department said its Consumer Price Index rose 0.5 per cent, the largest gain since June 2009, after increasing 0.4 percent in January. Core CPI – excluding food and [...]
US wholesale prices rise fastest in 18 months March 16, 2011 US producer prices surged in February at their fastest pace in just over 18 months, pointing to a build-up in pipeline inflation pressures from soaring food and energy costs. The US Labor Department says its seasonally-adjusted index for prices paid at the farm and factory gate jumped 1.6 per cent, the largest increase since June [...]
Fed pledges to stick with QE March 15, 2011 AMERICA’S ultra loose monetary policy will continue, the Federal Reserve announced last night, despite admitting to strong inflationary pressures affecting prices. The US recovery is “on a firmer footing” than when it started the year, the Fed said, yet it unanimously voted to continue quantitative easing. Interest rates will stay at “exceptionally low levels,” the [...]
Fed update helps to limit Wall St’s losses March 15, 2011 US stocks fell one per cent but ended far from session lows yesterday on the Federal Reserve’s more upbeat economic view and growing sentiment that Japan’s nuclear crisis would only temporarily depress shares. In a second straight day of losses tied to Japan, the S&P 500 fell to within four points of support at 1,257, [...]