US GDP growth slows but inflation soars April 28, 2011 US economic growth slowed more than expected in the first quarter as higher food and petrol prices hit consumer spending and sent a key inflation measure rising at its fastest pace in two-and-a-half years. Growth in US GDP braked to a 1.8 per cent annual rate after a 3.1 per cent fourth quarter pace, the [...]
AB Foods hit as costs take toll on profit April 27, 2011 PRIMARK owner AB Foods yesterday saw its shares tumble as it warned that its full-year profit would be dented by soaring costs. The company said it expected full-year profits to be similar to those last year, as it announced its half-year results. It had previously expected annual earnings to rise. Profit for the six months [...]
Premier Foods sales slide as ingredient prices rise April 27, 2011 BRITAIN’S biggest food manufacturer Premier Foods reported a 3.1 per cent decline in first-quarter sales yesterday and said the consumer environment had become more difficult. The maker of Branston pickle, Bisto gravy and Hovis bread said its performance reflected the impact of a weak January and February following strong consumer purchases in December. Premier Foods, [...]
McDonald’s profit up – but costs rise April 21, 2011 McDonald’s reported a higher-than-expected quarterly profit as the world’s largest restaurant company posted March sales that topped analyst expectations. But the company’s profit margin took a hit because of rising food and paper costs, and it increased its inflation forecasts. It said it now expects food costs to rise between 4 and 4.5 per cent [...]
MEMO TO KING: DON’T IGNORE THE BIG PICTURE April 19, 2011 TIMES are tough in the public sector – and nowhere more so than at the Bank of England, where staff are feeling the effects of a pay freeze until 2013. To raise morale as the cuts hit home, The Capitalist hears the Bank of England has introduced a Better Place to Work scheme, an ongoing [...]
Huge jump in Canadian inflation April 19, 2011 Canada’s annual inflation rate shot up in March to its highest level since September 2008 and above the central bank’s target range, official data showed yesterday. The consumer price index soared by 1.1 per cent last month, to an annualised 3.3 per cent. Food and energy were the main drivers behind the spike, with core [...]
Shock upturn in US jobless benefit claims April 14, 2011 CLAIMS for unemployment benefits in the US unexpectedly shot up last week, official data showed yesterday. New claims have been on a downward path for around two years, but jumped by 27,000 in the week ending 9 April to total 412,000. Applications for state benefit typically increase at the beginning of a new quarter, as [...]
Defensive sectors support US market April 14, 2011 STOCKS that outperform in a weak economy helped buoy the Dow and S&P 500 yesterday as concerns about faltering growth and inflation prompted investors to seek out less volatile names. Energy shares also rallied as US crude gained more than one per cent. The S&P 500 fell almost one per cent early but found support [...]
Barclays warns that inflation could soar past five per cent April 13, 2011 INFLATION could still rise above five per cent this year, economists at Barclays claimed yesterday. The announcement surprised analysts after consumer price inflation sank to four per cent in March, from 4.4 per cent the previous month. However, strong upwards pressures in food and energy costs will drive inflation to a peak of 5.1 per [...]
French inflation climbs upwards April 13, 2011 Inflation in France climbed to a 32-month high of 2.2 per cent in March, according to the harmonised index of consumer prices (HICP). The HICP was up 0.9 per cent from February due to strong price increases in clothing (eight per cent), energy (2.4 per cent) and food (0.9 per cent), the national statistics institute [...]